San Bernardino Fix and Flip Loans
You’ve probably heard the slang term Fix and Flip. This is a type of real estate deal whereby someone finances the purchase of a house for the purpose of fixing the home and upping its value on the market. Today’s world calls it the Fix and Flip, and it’s probably why you’re seeking out a loan for your venture. You have your eye on a bargain single family home, believe you can renovate it and repair it so that its value skyrockets, and in the end you’re going to sell that home for a good profit. To do that, you’ll need a San Bernardino Fix and Flip loan.
The loan will cover all stages of your repairs and improvements. Everyone has a different plan for increasing the value of a home. Some people believe that adding rooms onto the house might improve it. An extra bedroom might push it over the top in its real estate market in San Bernardino. Or maybe the bathroom is completely worn out and needs a shiny new reputation. You’ll go about doing that with your loan money, and the idea is that the new bathroom (or bedroom or kitchen) is going to increase the value of the home double or triple the value you bought it at.
In order to flip a house successfully, you’re probably going to need to know people who are willing to work for cheap. Maybe you’re offering them money at the END of the project so that you can get your project through until the end. Or maybe you know a lot about home repairs yourself and know that you can flip a house because of that. Closing a sale with your real estate agent is going to be a sweet venture for you because you’ve done your homework and know how to see things through until the end.
Getting the San Bernardino Fix and Flip Loan You Need
You’re going to need a loan, and fix and flip ventures rarely rely on traditional bank loans. The bank wants you to buy a home that is already fit to live in and good for its market. They’re not in the habit of financing homes that aren’t going to appeal to the average buyer, so you might get turned away. They also look for buyers who have excellent credit and income resources. If you don’t have those two things, the fix and flip loan isn’t going to come from a bank.
A hard money lender is the person you need to talk to. Hard money lenders give you money based on your assets. In this case, the asset is the short-term mortgage of your new fix and flip project. Your lender will take a look at the house you want to flip. They want to know your plan. What’s the price of the home? How are you going to economically repair and improve the home without breaking their piggy bank? Are you going to be able to make a profit at the end? To get them to lend, you need cold, hard data that’s going to show them, “There’s a profit in this project, and I can make it happen with my hard work.”
Since it’s a hard money loan, your loan is based on the property you’re trying to flip, not on your own financial prowess. You can have crummy credit, low income, and everything else, but if you have a terrific fix and flip opportunity, and you can show the hard money lender that this is going to work, then you’re in! A lender like Delancey Street is in the habit of giving people a chance. If you have a great idea for a fix and flip opportunity, we’re going to be there to help you achieve your dream.
Contact us Today
We love to hear from people who dream big. If you’ve got a terrific opportunity for a fix and flip project, just call us and tell us what’s on your mind. We lend to people that other people have turned away. We believe in your venture, and we believe in your power to get the job done. If we look over your fix and flip property in San Bernardino and we like what we see, best bet that we’re taking a chance on you, even if other lenders have turned you away left and right. Call us today to set up a free consultation and tell us what’s on your mind.
We’ll sit down with you, take a look at the property you want to buy, see your game plan for flipping the property, and then we’ll consult with other experts here at Delancey Street and come back to you with a decision. It’s a simple, easy process, but you need to call today.