Fix and Flip / Rehab Loans
Have you ever been curious about how the stars of the HGTV reality show “Flip or Flop” got their start? They did it using fix and flip loans that are also called rehab loans. Fix and flip loans are short-term loans given to real estate investors who want to buy a residential property, renovate it and then sell it for profit. Flippers stand to make a lot of money when everything is done right.
Since so many people watch “Flip or Flop”, almost everyone understands the process of flipping a house. However, a lot of people are not aware of how fix and flip loans work and what they offer. First off, this kind of loan is only used for single-family homes. Rehab loans can’t be given to fix up and resell apartment buildings, for example. These kinds of loans are also time sensitive. We understand the need to lock in capital as soon as possible because we have worked with numerous real estate investors in California. We offer funding in as little as 24 hours along with these other perks:
There are three ways to turn your project into a success once you secure a fix and flip loan. First, we strongly suggest you keep all renovation costs at or below budget. The less you spend on renovations, the more money you can potentially make. Next, your renovations must place your property at the maximum value according to the market. Finally, you need to list and sell the property as fast as you can.
Our Fix and Flip Loan Program
We understand that money is necessary to rehab a house. A typical fix and flip loan from traditional lenders only covers the majority of the cost of the property. But what about the rehab? At Hard Money Lenders California, we take this into consideration. Our loans are based on the total project cost. In fact we’re able fund up to 90% of the purchase and renovation costs. Additionally, we have flexible terms and we offer loans for properties starting at only $25,000. There is no penalty for prepay and no limit on how many properties you can buy with a fix and flip loan from Hard Money Lenders California.
Our Fix and Flip Loans are the Answer when Traditional Programs say No or are not Available
The properties listed under the fix and flip category usually do not meet FHA guidelines. This means that some federal agencies will not give loans for these types of properties. That’s when you need to call us. We usually offer same-day qualification and can likely give you funding within 24 hours.
If you have been wanting to take advantage of the growing fix and flip market in California give us a call!
Hard Money Lenders California