- New for 2018 -
Our Fix & Flip loan packages now include tiers based on borrower's credit.
We still retain the original Fix & Flip product as our "Fix & Flip C" product, requiring no credit, no income, no reserve requirements!
Interest rate 9.99% - 13.99% (Depending On Credit)
4 Points at Closing
Term of 6 - 12 Months
(LTC) is 100%
Fix & Flip Loan Packages
|Fix & Flip A||Fix & Flip B||Fix & Flip C||Fix & Flip Major Rehab|
|All Texas Properties
1-4 Family & Non-Owner Occupied
|25K - 1MM Loan Size|
|LLC Ownership Only|
|Interest Rate: 9.99%||Interest Rate: 11.99%||Interest Rate: 13.99%||Interest Rate: 13.99%|
|700 Credit Score||600 Credit Score||No Credit Required||600 Credit Score|
|75% LTV||70% LTV||70% LTV||70% LTV|
|50% of Rehab Cash on Hand Required||25% of Rehab Cash on Hand Required||No Cash on Hand Required||25% of Rehab Cash on Hand Required|
|30% Maximum Rehab Amount compared to ARV||30% Maximum Rehab Amount compared to ARV||30% Maximum Rehab Amount compared to ARV||No Max Rehab Amount|
|No Down Payment||No Down Payment||No Down Payment||No Down Payment|
Rehab/Flip Loan Application Requirements:
Purchase Contract, Assignments, and Amendments
To accurately calculate our obligations for your loan at closing, we require the Contract, any Assignments, and all Amendments when you first submit your loan application. Any delay in submitting these forms will prevent your application from being approved.
Scope of Work / Repair Estimate
Having a detailed scope of work, including cost of labor and materials, and details on the materials being used (if applicable - framing doesn't require detailed materials list, but flooring on the other hand, should), will assist in calculating the after-repair value. Failing to provide detailed repair estimates will result in a low appraisal, and lower loan amount. If you need assistance in providing a quality Scope of Work, see our example forms.
It is crucial to the application process that high quality, easily-viewable photos are submitted. The biggest tip - you can't provide us too many. The more photos, the better. If the photos you submit are not easy to view, or you don't provide enough, it will effectively stop your application process.
(Actual Photos of an ILS client Rehab/Flip Loan Recipient)
Rehab/Flip Good Faith Estimate
Rehab/Flip Documents Required For Processing
We pride ourselves on being one of the most efficient lenders in the great state of Texas. Get your pre-approval today!
Investor Friendly Lenders
Loan process aside, we understand the challenges you may face when trying to purchase your first or next investment. We want to save you the headache. Our Rehab/Flip loans are approved and processed by seasoned, professional investors. We provide you no hidden fees, simple loan applications, and a reliable team concerned with your long-term success.