Approval Process for Fix and Flip Loans
USA Fix and Flip Loans is designed for Beginners or Experienced Professionals. If you are looking to buy discounted properties, fix them and sell or flip them in 12 months, then you need to consider the program described here. Attractive rates up to 90% are available. The loans include funds to purchase and rehab your real estate project.
The lender is an investor who makes loans secured by real estate, typically charging higher rates than banks but also making loans that banks would not make, funding more quickly than banks and or requiring less documentation than banks. The steps are outlined below.
1.) Pre-Qualifications – Collecting Documents – Checklist
- Loan Application – Form 1003
- Two Forms of Government ID’s – Driver License, Social Security, Military ID.
- Last 3 months of bank statements.
- Entity Documents – LLC or Corp.
- Articles of Incorporation
- Signed Operating Agreement
- Good Standing Status from Secretary of State
- Authorizing Documents – Credit Check, Appraisal, Release of Information, Inspection Check
- Rehab Budget
- Signed Purchase Contract
- Insurance Company Contact Information
- Previous HUD Statement – Show Past Experience
- Property MLS # or Electronic Discription
2.) Pre-approval – The lender will analyze the documents provided by the borrower. The lender will provide a pre-qualification letter to the borrower based on the above documents. The purpose is to get the property under contract.
3.) Appraisal – The lender will send an appraiser and an inspector to the property.
The appraiser determines the ARV of the property. The inspector determines if the rehab amount is correct.
Borrower is responsible for First Initial Inspection Fee and Appraisal Fee. Borrower is responsible for Credit and Background check fees, including closing fees.
4.) Underwriting – The Underwriter of the lender will review the documents from the appraiser, inspector, and borrower.
5.) Closing – If you are a Beginner, The Weekend Warrior or The Pro at Fixing and Flipping. We have a program for you. Each category has different LTC. Credit Scores will determine the interest rates.
Loans can close rather quickly.
Closing Times: 5-14 days after all documents received.
Fix and Flip Loans – For Purchase and Rehab Cost
100K to 4 Million
Fix and Flip Loans for 80%, 85%, 90% LTC
Credit Mid - Score 640 Minimum
Available in the following States: Alabama, California, Colorado, Florida, Georgia, Kentucky,
Maryland, New Jersey, North Carolina, Ohio, Oklahoma, Pennsylvania, Tennessee, Texas, Virginia, Wisconsin
More states to be added soon. Check back for your State.
USA Fix and Flip
40575 California Oaks Road
Suite D2-204
Murrieta, CA 92562
(877)-250-3030
Disclaimer
USA Fix and Flip works as a consultant to help borrowers secure business purpose loans.
We do not offer any type of owner occupied lending for owner occupied properties.
This offer is available to business entities only, the business must be a LLC or Corporations only.