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What is a Fix and Flip Loan?
If you’re wondering what a fix and flip loan is, you’ve come to the right place. These loans help people who want to engage in the investment of “flipping” a home. This means that someone invests in a cheap home that needs work, and instead of living in that home after they fix it, they “flip” it so that they can make a big profit. The profit always varies, and it certainly can be difficult to pinpoint a good option. You’re not going to want to buy the first home you come across just because it’s cheap. Some homes are cheap because they’re in a bad location, and this can make for a house that isn’t possible to flip for a profit.
The loan itself is there to help you afford the short-term mortgage you’ll need to fund in order to fix the home and flip it as yours. If you do a fix and flip the right way, you’ll talk to a lot of experts along the way and get a lot of advice, especially from knowledgeable investors who know how these things work. It might be your first time flipping a home or the hundredth. There’s always something new to learn about this exciting venture.
Get a Fix and Flip Loan With No Credit Check
Here’s the beautiful thing about a fix and flip hard money loan. You don’t qualify because you’ve got excellent credit (even though it’s fine to have great credit!). You’re going to qualify simply because the lender appreciates your vision for the fix and flip scenario you’ve brought to them. They loan you money based on your idea to flip the home and their belief that you’ll be able to flip the home for a hefty profit. And that’s what flipping a home is all about: Profit! Your hard money lender won’t even perform a credit check before approving your project. They simply want to see what your plan is and how you plan to flip the home to make money.
Interest rates on hard money loans are higher as a result, but since this is a short-term arrangement anyway, this doesn’t spell disaster. It simply means that in order to get the money you need, you’re going to share a bit more of it with your lender. And that’s okay for most people because otherwise they might not have any other way to get the funding they need for their fix and flip profit.
Getting Started with Delancey Street
Delancey Street is a hard money lender that finances the dreams of thousands of people and businesses yearly. We believe in those who get out there in the markets they work in and really shake things up. If you’re creative, have vision, and a lot of home repair and improvement know-how, we know that we’d be a great fit for you. We fund a lot of fix and flip projects during the year, and we see a great many of them succeed. We want to help you be a success story with our company. As your faithful partner, we’ll give you the hard money loan you need to fix and flip your house, and we’ll give you competitive interest rates to boot.
In return for our investment, we’ll of course want to see what you expect your results to be. Have you talked to real estate agents and verified that your improvements will add value to the house? Have you scouted out the neighborhood and made sure that your real estate is in a prime location for flipping the house? How about estimates? Did you get estimates that show you can make a profit if you buy this house, fix it, and then flip it? If you’ve already got a solid game plan behind you, we’re ready to talk to you. A free, no obligation consultation with one of our experts is just what you need to give your project breath in the living, breathing world.
It’s our great honor to have the opportunity to give you the money you need for your project. We’ll of course require an application and need to see documentation and the plans that you have for your project. We’ll sit down with you and really listen to what you have to say, take in everything that you have in mind to bring your vision to life, and we’ll use our own expertise to gauge the likelihood of success that your fix and flip project has in the real estate market here in Fontana. All it takes is one simple phone call to our offices to get the ball rolling. We’ll be standing by and ready to help you achieve all of your dreams in the fix and flip world.