Oceanside Fix and Flip Loans
Delancey Street is a premier, and trusted, fix and flip lender. We provide competitive rates on fix and flip loans all over the USA. Fix and flip is a real estate deal where investors purchase a property to sell for a higher purchasing price. The home acquired is usually below market value and may require some minor repairs to make it attractive for those in the market to buy a home. The goal is to increase the market value of the property by making a series of repairs to the home, which will be later resold.
The repairs performed on the home can range from adding new bedroom or a kitchen. The basement or attic could be refinished as a part of the project. Knowing whether or not to replace the roof or redo the landscaping are decisions that are made with the resale value in mind.
The flip refers to the act of selling the property once repairs are made. It can also mean finding a renter for that property. The point of the flip is to generate profit immediately after repairs were made to the property. At the time of closing, the buyer acquires the property, and the investor makes a property.
Fix and flip investing has been around for a whole, but it has become popular through television shows like Flip This House and Flip That House.
If you want to be an investor of fix and flip homes, you need access to access. You don’t have to look further. When working with Delancey Street, your credit, income and job history play no role in determining your eligibility for fix and flip loans.
Why does this matter?
In order to qualify for a traditional financing option, the home needs to meet certain guidelines. If the property does not meet the guidelines, then a loan can’t be issued through Fannie Mae or Freddy Mac. The majority of fix and flip loans are provided by private lenders who specialize in hard money. What exactly are hard money loans? Fix and flip lenders provide loans based on the value of the collateral. The asset is the property. Real estate investors usually understand what it takes to make a property profitable.
Private and hard money lenders start by viewing the property you are interested in acquiring. They will request information on the purchase price. They want to know what repairs you are planning to make to increase the property’s value. If they can see the value and have confidence in you, they will fund the project.
The lending decision is based off the property’s value. The borrower’s credit has not thing to do with the approval process, so you can have bad or no credit and still qualify. You don’t need a job history or proof of income or assets to be considered.
How can they lend to people without credit?
It’s simple. Delancey Street offers private capital, not institutional capital. We don’t conform to traditional guidelines, nor are we affiliated with major banks. As a result we can get creative when it comes to providing funding and financing.
A fix and flip loan is usually for a short amount of time. Most terms are between five and twelve months for fix and flip loans. During the process, fix and flip lenders do not require payments until the term is up. The loan has to be paid off at the end of the term, so you must be sure that the property can be quickly sold off once the mortgage is paid off. Failing to do so will lead to foreclosure and loss of any investment made to the property.
Finding Lenders for Fix and Flip Projects
Delanceystreet.com is a top rated fix and flip lender. Our company has been providing real estate investment loans for many years. As a result of years of experience, we have become one of the top fix and flip lenders in the country. Our goal is to offer fast, accessible hard money loans.
We do everything in our power to help you succeed. When you contact us, we’ll evaluate your project and help you understand what potential pitfalls we see. We work with you at every step. Doing a successful fix and flip requires a lot of efforts, and a lot of different team members working together. We have experts in every major city, ranging from general contractors, to accountants, lawyers, and more. Once you start working with us – you get access to our entire network of experts.