Fix and Flip Loans
Fix and flip loans are short-term, hard money loans designed for real estate investors who want to purchase and renovate properties, then quickly sell them for a profit.
These loans are specifically tailored to finance the acquisition and renovation of distressed or undervalued properties that need improvements before being sold.
Key Features of Fix and Flip Loans
1) Short-Term Financing: Typically, these loans have a term of 6-18 months, which aligns with the time needed to buy, renovate, and sell the property.
2) Loan Amount: The loan amount is often based on the after-repair value (ARV), which is the estimated market value of the property after renovations are completed. Lenders may offer around 70-80% of the ARV.
3) High Interest Rates: Since fix and flip loans are riskier for lenders, they often come with higher interest rates than traditional mortgages, ranging from 8-15%.
Key Features of Fix and Flip Loans
4) Fast Approval: Fix and flip loans generally have quicker approval times than conventional loans, making it easier for investors to move quickly on property deals.
5) Flexible Loan Structure: These loans can cover both thepurchase priceand therenovation costs, depending on the lender. Some lenders offer a line of credit for repairs, while others disburse renovation funds in stages.
6) Collateral: These loans are secured by the property itself, meaning the property is the collateral for the loan.
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