The Lowdown on Fix and Flip Loans...
Deferred Interest Payments
No Appraisal Fee
No Application Fee
No Draw Fees
No lender Point Programs
More Reasons to Consider Friendly Fix and Flip Loans
- We’re a Local & Direct: with over a decade of experience
- Direct Contact with the Underwriter: Monday – Saturday we’re there for you!
- FREE appraisals: We offer Lightning-Fast Pre-Buy appraisals which can help investors avoid a costly mistake
- High Leverage: Borrow based on the After-Repair Value (ARV) of the property, not just the purchase price
- Fast Closings: we can close Lightning-Fast (in as little as 5–10 days) to help you get your deal get ratified
- Lightning-Fast Draws: same day draws on most deals
How Friendly Fix and Flip Loans are Structured:
- Short-Term: Typically, 9 to 12 months; the goal is to renovate and sell the property quickly.
- Fast Funding: Our loans are approved and funded quickly, often verbally in a 5-minute phone conversation followed up by a funding proposal within 24 hours.
- Asset-Based Lending: The approval process is based on the property’s value, although we do look at the borrower’s ability to execute the project.
- Flexible Loan Structure: We can cover up to 90% the purchase price and 100% renovation costs
Friendly Fix and Flip Loan FAQs
Will you extend the loan term if needed?
• We commonly extend loan term if needed
What type of properties do you lend on?
• We lend on all types of residential investment properties. Common types are: Single Family residences, 1–4-unit properties, apartment buildings.
Can I get a hard money loan if I have a low credit score?
• Yes. While we do pull credit your score is not a primary factor in our underwriting. We are more focused on the property’s value. A higher credit score can sometimes lead to better loan terms, lower interest rates or reduced payments.
Is there a limit to the number of deals that I can buy?
• No. Each deal stands on its own.
How much money do I have to put in the deal?
• The down payment for hard money lenders typically ranges from 10% to 40% of the property’s purchase price. We are usually at 20% down payment. The exact amount depends on the project, the borrower’s creditworthiness, experience and the overall property value.
How quickly can you close?
• We can typically close within 10 days, sooner depending on the situation.
What documents do I need to get started?
• A copy of the ratified purchase agreement, email address of the closing agent, a verbal budget amount for the renovation costs and we’re set to go.
Do you order an appraisal?
• We do our appraisals in-house and at no charge to our investors.
Does the loan have a prepayment penalty?
• Because we do not charge lender points, we do ask for a 4-month minimum interest.
Why a HARP Loan?
If you’re underwater on your conforming, conventional mortgage, you may be eligible to refinance without paying down principal, and without having to pay mortgage insurance.
- Fixed Rates
- Adjustable Rate Mortgage (ARM)
- Keep Your Home
- Terms from 5 to 30 Years
Get Your FREE Fix and Flip Loan Quote Now!