- April 4, 2019
- Posted by: Michael Meyer
- Category: commercial mortgage
Investor Fix and Flip
We offer several investor mortgage options for our borrowers. Most noteworthy of these options is our investor fix and flip mortgage program. This program is ideal for experienced investors that are looking to close on properties quickly and begin renovation.
Investor Line of Credit
The Fix and Flip Line of Credit allows the borrower/Investor to draw out money as he or she pleases. This is done for the purposes of buying as well as fixing and ultimately flipping the property. Or the property investor may choose to refinance and then rent out the properties! Here is a quick overview of the program:
1. You have to have experience with Flipping properties. Or a borrower must have active rental income within the last 2 years. Borrowers are also required to have a minimum of 50K in liquid reserves (cash, stocks, bonds, retirement)
2. And borrowers can purchase multiple properties with this line of credit. The investor mortgage credit line renews automatically once the property is flipped.
3. In addition, the standard length of this program is 9 months. And extensions are available for longer!
4. Furthermore, investor mortgage credit lines are from 50K to 2.5MM.
5. Finally, the funding of this program is up to 90% LTV of the rehab and purchase. The program allows for 75% financing of the final rehabbed property.
– Single-family detached residences (SFR).
– 2-4 unit residences.
– Planned Urban Developments (PUD).
– Multi-family of 5-20 units.
– Mixed Use with less than 25% being commercial.
At Northeast Financial we specialize in both residential and commercial financing. Our experienced staff will work with you every step of the way. Even more, we are happy to come out in person and meet with you. The pre-approval process is easy.
Please call us today for a free consultation about your investor fix and flip mortgage needs.
Residential Clients: Click Here For Application