- Quick Close options 1-2 weeks possible.
- Funds for Improvements – Cashout for Investments OK!
- Business Purpose use for Funds OK.
- Bank Turndowns are OK
- Bankruptcy is OK
- No Docs
- 12-24 months No-Prepay
- Owner Occupied is OK – up to 5 yrs Fixed
- Long-term hold loans for good credit & low rates (4%-7%)
- Luxury Loans to $15,000,000
- Interest reserves & Closing costs can be included in the loan if you have the equity for Fix and Flip only.
- Refinance and Purchase loans Available
- No Credit, No Doc, No Verified income for Foreign Nationals, living abroad is OK
- No Tax Returns, Non-Warrantable Condo’s are OK
- 30 yr fixed options are available
- Stated Loans Available
- No Source / Seasoning needed for loan approval
- Cross Collateral structure funding with existing properties in portfolio
- Current Renovation in Progress is OK.
- Construction to Permanent is OK
- Multi-Family, Commercial loans OK
- Nationwide Lending, Case-by-Case Decisions based on complete scenario!
Nationwide Fix and Flip Funding Programs:
NO CREDIT REPORT
NO BACKGROUND CHECK/UPPER COURT SEARCH
CLOSE IN 5 DAYS
ONLY PAY INTEREST ON OUTSTANDING BALANCE
LOWER RATES and MAXIMUM LEVERAGE to NEWBIES
Lender will fund up to 90% of purchase and 100% of rehab with no previous experience up to 75% ARV.
Below are the parameters for the financing program:
90% of Purchase
100% of Rehab
12 month term
Up to 75% ARV and 75% AIV
Min loan of $75,000 / Max loan of $5,000,000
Entity Borrowers Only
525 min Credit Score
NO HARD Credit Pull
NO Experience Required
Option for interest being charged only on funded balance
Option for NO PERSONAL GUARANTEE
East Coast Hard Money Loans
We fund 100% of construction and acquisition up to 65% of the ARV. We can approve the same day and close in 24hrs. Normally we are about 1.167% per month for a 12 month note. The money is 6 points at the table. cash out refi investors and buy/hold/refi
Maryland, Philadelphia, PA, New Jersey, Virginia, Delaware, Washington, DC
Leave Your Loan Scenario Below
Happy New Year!
This year one of my goals is to become an even larger resource for the Fix and Flip & Investor Community. After 16 years of service in this industry, we connect investors to lenders and private funding programs nationwide.
After reviewing these new loan offers and working with dozens of lenders, I compiled this list of lenders to refer to interested parties.
I hope you enjoy!
In September 2017, I received a referral from a Real Estate Agent colleague in San Diego, his friend in Cleveland Ohio needed funding for a property that purchased for cash back in July 2017 for $80,000 cash. They purchased the property to be used for a special needs daycare center (special use)
While using personal funds to finance a total interior remodel, they demo/gutted the inside of the property, with this being their first project, they were not prepared for the unexpected expenses that presented themselves.
Their rehab was north of $60,000.
They purchased the property for cash, so the equity should available, right?
In simple terms, yes – but because of these factors the marketability of a potential loan became more difficult:
- Location of the asset
- Asset type (special use) not just a regular tenant rental, it’s residential used as a business.
- Value of Asset (As-Is value was only $75K) most fix/flip hard money loan minimums are $150k
- Owner/Borrower has 650 Fico, no previous experience flipping homes or land-lording.
- This was a long-term Hold, but lenders who offer long-term financing at reasonable rates will only loan to stable assets, so she needed a two-step solution.
- Gutting the property destroyed the chances of simply cash-out refinancing because the lender immediately required an appraisal inspection!
- Getting a lender to approve the refinance knowing the borrower has no previous history of completing rehabs.
- Getting a lender to approve the loan knowing the borrower has no reserves! They underestimated their rehab, and needed the funds to complete the renovation. How will they repay the loan?
- Developing an exit strategy for the fix/flip loan included adding a co-signor, who also needed to be added to the business LLC.
- We applied in the name of the LLC with a very well-known lender, the rate was higher than we preferred, but the points were reasonable and they provided the requested cash-out to complete the rehab and reserve 12 months’ worth of interest payments so she didn’t have to worry about that. Everything was going smoothly, we had title complete, ARV appraisal came in at $160K!
I immediately fist-pumped, and did my “celebration/money” dance & awaited the imminent closing date!
The following days we had a term sheet with $15,000 cash to close as a condition? This included points, closing costs and reserves requirement! The proposed loan amount was $80,000, so I convinced her that we needed to raise the funds from somewhere!
Her father stepped up earlier in the process to qualify for the exit loan as a co-borrower, he has a 700+ fico score. To qualify for the 7.5% rate with 30 yr. fixed or 7/1 ARM with 30-day refi seasoning, you need to have a solid 660+ Fico. I offered to help them land unsecured funding to deposit to their business account to show reserves, they weren’t happy about paying the fees or the unexpected panic to perform, but reluctantly applied for and received $90k+ in personal unsecured funding from 6 different vendors.
We were ready to close the loan, when the lender suddenly backed out, saying that the DSCR was just short of qualifying?! They didn’t have they act together, it was a gross error from the underwriting team, and my account rep couldn’t get the exception approved.
It was heart-breaking. Three weeks were spent. Now it’s mid-October, in Ohio they are facing the bitter Mid-West snowy winter, and she can’t afford to slow down on the rehab..
She was blessed to have the cards to take care of expenses, however, because the cards came in her dad’s name, it wasn’t easy to convince them to let the cards go! Her parents feared that she would rack up unsecured debt that she couldn’t pay down. Ultimately destroying her father’s credit.
My team and funding partner located her a great loan, they agreed to take the rehab bid we put together, ARV appraisal, title work and loan package, it was already packaged and should’ve been a slam-dunk!
She used the credit card she received to pay a small application fee, and they announced a closing date. Unfortunately, it took about 3 weeks longer to get it done, meanwhile, honestly I’m getting nervous – my client called me with her husband on the line and they were concerned as well.
I reassured her that I knew these guys would close & that her case was very solid!
She explained the situation with the credit cards and her inability to use them.
I coached her on how to explain the importance of intent. The whole reason we are applying for multiple forms of funding is to complete the rehab at any cost!
This is your future business location. And until you complete the rehab, you are losing time & money.
Use the unsecured funds to pay your contractors and buy material, when this refi goes through, pay the lines of credit off! But have faith.
She complained that she felt bad bringing her parents into it and that she wanted to stop altogether! She was very discouraged.
I reminded her why she started! You are trying to provide a better lifestyle for your family and it requires sacrifice and your dad stepped up to help his little girl!
Don’t fail him by quitting in the middle of your plan! Continue to execute.
And she did.
Over the next couple weeks waiting in anticipation she racked up some hefty invoices from her contractor and was prepared to pay them via her unsecured credit when BOOM suddenly “Clear to Close” came across our emails, with loan docs and estimated HUD for review and signing to be completed a few days later.
- The process taught her a lot about financing, she learned how to qualify for fix/flip and buy/hold loans, as well as unsecured funding.
- She had her father add her as an authorized user on all of the trade lines, so now she’ll get her own cards for easy access, she’ll build her credit score through positive history (piggy-backing) and paying all of the lines down again!
- She received $90k unsecured financing in 3 weeks, then $75,000 3-4 weeks later @ 12% for 12 months, she received a lump sum at the table, and she has submitted a couple draws already for reimbursement. You complete the work – submit an invoice after you (take before /after pictures), then the 3rd party company reviews, approves and wires the money to your business account in 24-48 hrs.
- She now has 6 trade lines that added $90k to her ratios, and if she keeps utilization down under 30%-40% it’ll raise her score to 700+ also with another mortgage trade line, she would be soon staring at an 800+ fico score!
- Because we added her dad to the LLC, I’m focused next on helping them create a strong business profile with multiple business lines of credit of $200k-$500k over the next 12 months. These lines will allow them 100% access to borrowing down on the lines without affecting their business credit rating! She can open another daycare center by early 2019, or flip some properties in the area (if they choose).
- Finally, since she’s been working on the property the whole time, she estimates being complete with the Refi by mid-January, immediately applying for the refinance into the 30-yr. fixed. The lender has already reviewed her property details, personal credit and financials and pre-approved them, additionally since the 1st payment isn’t due until January for the current loan, she has a great chance to only make 1-2 payments at 12%.
In the end, my team and I were successful at providing a couple rounds of funding for a well-deserved client. We have a long-term solution in place that she can self-sustain and scale up if preferred.
At Fix and Flippers, we approach each potential deal on a case-by-case basis. It’s helpful to remember that we are very active in the market and possess resources that may not be advertised or previously mentioned.
We help clients with credit repair, credit enhancements, traditional and non-traditional funding, both secured and unsecured. We pair up investors to structure successful joint venture partnerships.
We prefer an on-going working relationship with our clients to offer advice, consulting and resources.
We welcome Brokers and Facilitators to partner with us. You will be protected.
What an amazing year for private funding, hard money, commercial funding, equity funding, business funding, unsecured funding; all kinds of capital for many purposes.
Lenders are stepping up to make loans in ravaged areas in Florida & Texas, as well as nationwide in major urban areas.
Fix and Flippers works with key lending partners to provide the best loan terms and flexible structures so investors have multiple options for leveraging their hard-earned capital.
The climate of private lending has changed because competition has greatly increased, also the influx of 1st-time flippers hungry to get a piece of the pie has produced a perfect storm: lots of inexperienced & unqualified applicants to pre-screen and underwrite – it’s a very expensive operation if you have your underwriters, processors, and assistants burning through hours of documents if they don’t lead to real closes with ROI for the investors involved & for the brokers who bring the business.
This has resulted in more restrictive requirements for approval such as Fico score minimums – from my experience, they question why a successful businessperson who is worthy of a risk of $100k-$1M wouldn’t be able to pay even $1000 to repair and clean up their credit? Also, please don’t mention 2008 or the past economic events – they don’t want to hear that! It’s 2017.. Bottom line – without 650+ fico scores expect high-interest rates (9-12%) and lower LTV’s due to you being a credit risk (80%-85% LTV max)
What mitigates your credit score IF you have a great explanation? (like a recent credit event within the past 2 months caused your score to swan-dive)
Having lots of experience (recent experience) again, don’t mention 2008 or prior…and most lenders may look the other way and consider you a better risk.
What if you don’t have recent experience and your score is not 650+? Then I’d be prepared to bring 15% down-payment, and it doesn’t necessarily need to be seasoned or sourced, but it has to be documented..so have a statement to prove you have it.
Also, I have a great contact that I use for credit repair and authorized user trade lines (I know the account holders) – just ask me for those referrals!
What if you have no experience, and have no down-payment, but have good credit 680+ fico? I’d suggest you apply for my unsecured-credit program to raise up to $250,000 unsecured credit lines/cards in 1-2 weeks to create a 100% financing scenario!
If you are a great candidate – have completed multiple flips and/or rental purchase/acquisitions within the past 24 months, 650+ fico, and 3-6 months of interest reserves in your bank account, I can roll out the red carpet for you in most cases: 90% LTC or 90% purchase, 100% of rehab, luxury spec builds/construction to $2M-$50M, commercial refinances with cash-out or purchase 75%-80%, even small loans from $50k.
Niche Loans: Gap Loans – These are 2nd TD loans that we make behind our 1st TD’s, never others. We will gap great candidates with lots of deal flow that have experience, capital, average to good credit and the deal must be in an urban area and pencil at or under 65% of ARV (after-repaired-value) Lots of our lenders make loans nationwide.
Commercial Financing- 3yr/8yr/ fixed, special pricing this month! Hotel, Apartment, Industrial, Self Storage, Solar Projects, Multi-Family, Office, Warehouse, NNN properties, Shopping Center, Assisted Living, Residential portfolios, Construction Loans, Mobile home Parks, Resort properties. Bridge loans, SBA
We can make QUICK (3-5 day loans) against Free/Clear properties up to 50% LTV, max loan is $50k, the minimum is $5,000!
With my 16th year in real estate, I’d consider myself a massive resource center, and its hard to turn those contacts into a commodity, I hope points & rates won’t keep the best candidates from reaching out! Most of the time, I only give the best deals to people whom I have done business with (broke bread) once we feed each other, I know we have a mutually beneficial relationship.
Let’s finish the year strong and build some alliances!
Greg@FixandFlippers.com – 323-632-3279
We are a high-end construction rehab team consisting of an experienced General Contractor of 20+ years, Real Estate Agent with 10 years experience & Marketing Executive with 15 years experience.
We are in the business of locating, privately funding (through trust deed lenders) luxury rehab projects throughout the Los Angeles area. We are well experienced with all phases of rehab and construction including basic kitchen/bathroom remodels, swimming pools, windows, smooth finish stucco, landscaping and complete demo/scrape/ground-up construction.
We are always in the market for off-market fix/flip candidates that we can either add square footage, repurpose, re-zone, sub-divide or improve for a profit. We’ll look at anything that has upside.
If you are looking for a dependable, fair contractor that’s licensed, bonded & insured to manage your project, or manage your contractors & sub-contractors, contact us! We can also provide the initial SOW (Scope of Work) to your lender and be your experienced contractor to help you qualify for ARV loans!
Right now reinforcing & replacing the fittings in your home can be important if you have an older home, since we live in an earthquake State! We can help with this!
We can provide one-on-one mentoring for 1st-time flippers, women are welcome to contact us!
If you’re interested in becoming a gap partner or trust deed investor, let me know, we constantly have opportunities to fund. We can keep your funds moving.
Here are some projects completed and shows our work..
9222 Bartley Ave Santa Fe Springs, CA 90670
Purchased on 3/21 for $350K,
Sold 9/16 for $500k after investing $50K rehab.
653 Tularosa Dr. Silver Lake, CA 90026
Purchased 3/15/15 for $625K, Invested $250K rehab
Sold for $1,350,000 on Apr 12, 2017
4083 Sea View Ave Los Angeles, CA 90065
Purchased 8/24/16 for $1,150,000 With a rehab budget of $300,000. Currently in construction with 60 days remaining.
Almost Finished- 60 days left
Use the money for ANY purpose you choose.
No Personal Guarantees
No Upfront Costs or Obligation!
$5,000 – $500,000 within hours
Small Business Loans
Fixed Term, fixed payment
Terms from 3-15 months
Business funding not tied to credit
Merchant Cash Advance
Eligibility based on business revenue
Repayment based on cash flow
We work with most credit scores
Fixed monthly payments
Terms from 18-60 months
- High funding Levels
- Longest term options
- Have adequate cash flow
- Payroll solutions
- Pay Tax Bills
- Purchase Inventory
- Have a New Opportunity?
To qualify, your business must have:
$100,000+ in annual revenue
6 months in business
No open bankruptcies
Email me or Complete the Form Below
I’m working with a group of Midwest originating brokers who are helping clients acquire assets and build their nest eggs. This is their program.
A Program designed for Real Estate investors to Acquire, Cash flow,
and Re capitalize on Rental Properties!
As Real Estate Investors know these days; Banks, Lenders and even Private Capital want large down payments to purchase non‐owner occupied investment properties, for the purposes of building a rental portfolio. The secret to building wealth in real estate is building large monthly positive cash flows. In the recent years, that has become increasingly difficult.
So, let’s isolate the biggest problems real estate investors have in growing their portfolio, while explaining how the Private Portfolio Builder Program overcomes these issues:
Growth Capital – Whether it’s a 20% Down Payment or Larger, that’s a lot of capital to put out there to purchase a rental property. Even if the internal rate of return is 20%, it still takes 5 years for a Real Estate Investor to re capitalize their down payment investment.
Lack of access to growth capital puts any business, whether real estate, or selling hamburgers at risk of not being able to grow. A simple rule of thumb is if you are not growing your business, you are losing profitability, due to the increase in COGS and other operating costs that virtually increase every year!
With banks frowning upon Real Estate Investors and their businesses, this is still a tough environment for those that need to have access to capital to grow and thrive, instead of just survive!
Solution ‐ The Private Portfolio Builder Program has partnered with a 2nd Mortgage Lender that will only lend to participants of the program. This 2nd Mortgage Lender has great rates, and has agreed to lend a 2nd Mortgage on any of the Program’s assets. This second mortgage will provide:
- 20% Down Payment required by the 1st Mortgage.
- $15,000 Above the Purchase Price to re capitalize the investor to allow for more Acquisitions within the communities. This is funded through the Community Reinvestment Loan.
- Utilize this program for up to 4 purchases of Multi Family Properties (2-4 units)
Why is this Program so Advantageous to a Real Estate Investor looking for Cash Flow Producing assets?
- The Community Reinvestment Loan allows Participants to Purchase other Rental Assets and Increase Portfolio Holdings through our $15,000 Recap Program.
- This Stabilized Program will ensure long term Success with our Asset Management Strategy.
- Turn-Key and Auto Payments through our development and Voucher Program.
Now, this doesn’t mean that program Participants do not have to put down a down payment or have reserves. The first mortgage still requires the down payment and reserves, so that must be placed into the transaction. What we have done is developed a relationship that will recapitalize your down payment plus $15,000 recapitalization, allowing you to continue to build your portfolio, while capturing the cash flows that our Program’s buildings will offer!
Yes. This program has complexity to it, and does require a two step closing of the purchase 1st Mortgage, and then our Lender’s 2nd mortgage a few days after the closing the 1st. We are not only real estate investors, but we understand banking and private lending very well. This is the only way that this program becomes viable, as people without the knowledge and experience of the Chicago Real Estate Markets along with the banking and financing markets would simply not be able to fund these deals.
Stable Income – It is very important to have the stability of income when you are a real estate investor. This program is designed through a section 8 Voucher Program that is funded and dispersed through the City of Chicago’s low housing Program, ensuring that payments are always received between the 1st and 5th of each month, so there is no more tracking down tenant’s rental payments, therefore protecting your monthly income. How many horror stories have we all heard about tenants that just do not pay their rent, and the eviction process can take months?
Solution – The Private Portfolio Builder Program focuses on subsidizing the assets that are purchased by members. We utilize local management companies that have experience in placing long term section 8 renters and other Chicago Subsidized Housing Programs into units. This ensures that each investment performs monthly, and reduces the turnover rate due to Lower Income Tenants move less frequently. By providing an experienced Maintenance Staff, and an Experienced Management Company, Program Participants benefit by reducing costs, while increasing the monthly rental by 20% more than market rates, and producing a steady subsidized cash flow. Subsidized Tenants are a great way to build passive cash flows. When a Landlord provides safe, clean, updated living accommodations in the City of Chicago, you can count on a high occupancy status from just the referrals alone.
Section 8 pays each month during the duration of the contract, and if you work with the tenant, and the case worker, it becomes a long‐term relationship. It’s just a matter of providing Safe, Clean, Updated housing, and then communicating with your customer (tenant) monthly to ensure everything is going OK. Subsidized Programs in the City of Chicago have large waiting lists of Tenants to place into rental properties. There is no shortage of demand in this sector.
Business Modeling – Very few small investors professionally model their business, and ensure that their small business is meeting the needs of the community it is located in. How many investors plan their business from start to exit? The better question is, how many investors align themselves with current market trends? What about having the capital relationships to take you from start-up to growth stage?
Solution – Years of experience in Chicago coupled with professional relationships that understand the Business Model, means the Private Portfolio Builder Program is not only profitable, but is a great example of how to model your business. This program is not only specific to Chicago, but can be done in other markets of the Country.
As we expand again, we shall offer more markets, but Chicago offers a great off market wholesale environment versus a waiting list of subsidized tenants waiting to lease a unit. Since the purchase prices have not recovered as much steam as other markets in the US, but rental markets have risen.
Private Portfolio Builder Program Key Points:
1.) Off Market Inventory only.
2.) 2, 3, and 4 unit residential properties only.
3.) Preference is given to 2, 3, and 4 or 5 bed room unit mixes.
4.) Preference is given to Subsidized Tenants Vs. Cash Tenants.
5.) Preference is given to Brick Buildings Vs. Wood / Sided Buildings.
6.) 2nd Lender provides 20% Down Payment plus up to 15% of the Purchase Price ($20,000) on a
Community Improvement Stability 2nd Mortgage.
7.) Properties will present a minimum of a $500 positive cash flow per month up to $1350 per month after all expenses and debts are paid. (Including the 2nd Mortgage)
8.) Professional Managed, Professionally Maintained. All third‐party companies connected with the program are duly licensed in their respective fields of service.
Qualifications for Participation into the Program:
- 2 Years Tax Returns showing sufficient income to have a Debt to Income Ratio of 47% of less.
- 2 Current Paystubs.
- 3 Months Personal Asset Statements showing 20% + 6 Months Reserves all debt.
- A FICO Score that is above 660, with no score being lower than 640. NO FC, BK, 1 x 60. Please provide a credit report that you pull for qualification purposes.
- State ID or Driver’s License.
- Completed 1003 w/ REO section.
Disclaimer: This is not an offer to sell securities. This is not an offer to lend.
Contact me & I’ll introduce you!
Referral Partners for Investor Fix and Flip & Rental Home Loans
JOIN THE EXCITING & GROWING INDUSTRY OF MAKING INVESTMENT LOANS TO FLIPPERS AND LANDLORDS!
California based company seeking Licensed and Unlicensed real estate professionals who want to earn extra income.
This can be Full-time or Part-time
You do not need experience, you can be trained.
You will be provided with the marketing materials needed to promote the loan products that our company offers.
- This is not an offer for W2 employment, you will be an independent contractor and will be paid on a commission basis for every loan you refer and we close. You will be 1099.
- It doesn’t matter where you live, you can work from home or remotely.
- We can make loans in all States!
- Unsecured Financing for good credit borrowers (680+ fico)
- EMD Funding
- Transactional Funding
- Commercial Loans
We offer Fix and Flip loans & Rental home loans designed for small operators and mid-size rehab companies.
- We make loans up to $10M.
- We can close loans in 7 days, sometimes less!
- You choose how much involvement you want, either make a simple referral or deliver complete packages.
- You will be paid shortly after closing, no long waiting period for compensation.
Brokers Welcome. We can help convert your turn-downs.
- Up to $200,000 in Revolving Lines of Credit with only a one-time success fee
- Fund in 7-10 Business Days
- No Income Documentation required
- No Verification of Employment
- 100% Unsecured
- No home or assets required
- We have “Equifax Only” funding Option (Often the (3) credit scores can differ greatly, if the Equifax score is higher, then the emphasis is placed on that one.
- No business plan necessary
- 680 or below in some cases
- Revolving balances below 60% of credit limit
- At least 4 “open” & “seasoned” primary tradelines
- No more than 4 inquiries per bureau last 90 days
- Prior BK must be over 5 years
- NO Upfront Fees
- Back end success fee AFTER FUNDING 15%
- Direct Funding Platform
This is the only info needed:
- First & Last Name:
- Email Address
- What is your current credit monitoring service?
- Credit Monitoring Login Username (may be given over phone):
- Credit Monitoring Login Password (may be given over phone)
- Last four digits of SS#
- (may be given over phone)
- Equifax Credit Score
- Transunion Credit Score
- Experian Credit Score
- TOTAL LOAN AMOUNT DESIRED:
- Primary Phone Number
- Military Affiliation
- Are you currently working with other funding sources at this time??