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Fix & Flip Loan
A Fix and Flip loan is a specialized financial product tailored for real estate investors who wish to purchase a property with the purpose of renovating it and subsequently selling it for a profit. These loans are typically offered by private lenders like Harbour Lending, and they are asset-based, with primary consideration for the property's value and its potential for generating income.
Who is it for?
A Fix and Flip loan is ideal for astute real estate investors seeking quick and flexible financing for projects with rapid turnaround. This type of loan enables investors to swiftly acquire their next property, expand their real estate ventures, and optimize their returns. We encourage such investors to apply for pre-approval today. We can provide you with a Proof of Funds letter to enhance your next offer and give you a competitive edge in the market, allowing you to act swiftly compared to your peers.
| Terms | |
|---|---|
| Loan Amount | Up to 100% of Cost (Purchase + Renovation) or 70% of ARV |
| Origination Fee | Up to 2-3% of loan amount (payable at closing) |
| Interest Rate | 12.9% interest-only monthly payments |
| Pre-Payment Penalty | None |
| Term | 6-months (1% fee per 3-month extension) |
| Liquidity Requirements | 20% of the loan amount |
| Qualifications & Requirements |
|---|
| 630+ Credit Score |
| Liquidity = 20% Loan Amount on No-Cashflow Assets |
| Two Years Tax Returns |
| Completed Loan Application |
| $575 Processing Fee |
| $60 Wire/Courier Fee |