I LOVE fix and flippers! After all, “fix and flippers” restore houses in need of repair. “Fix and Flippers” improve neighborhoods! It’s the business I like best. I’ve been involved one way or the other for more than 25 years.
I will make Fix and Flip loans WITH NO MONEY DOWN as follows:
- 75.00% of the “after repaired value” LESS the estimated repair costs. For example:
- You have a house under contract which we both agree will be worth $500,000 after repairs are made. 75.00% of that is $375,000. If you think that it will cost $50,000 in repairs, then I will lend you $325,000 AND YOU BETTER NOT BE PAYING MORE FOR THAT HOUSE OR YOU’LL LOSE MONEY. In today’s competitive market that is very difficult to do which is the reason the business of buying fixers and such has slowed down significantly the past few years.
- Rates are 10.00% with 2 points for 9 months.
- SORRY, I WILL NOT FINANCE HIGHER PRICED DEALS AS I DON’T KNOW MUCH ABOUT CONSTRUCTION AND SUCH. I WILL HOWEVER CONSIDER LARGER FIX AND FLIPS IF YOU HAVE ADDITIONAL COLLATERAL.