Fix & Flip Program Criteria
To get a Fix and Flip loan started you will need:
- New or Experienced Investors Allowed
- A 620+ minimum score
- $100,000 – $5,000,000+ non-owner occupied property
- 2 months of recent bank statements
- No Bankruptcy, Liens or Judgements
Terms
- Max 90% LTC and 75% After Repair Value depending on experience, individual project and costs
- Rates Start at 7.5%
- 12-month flexible terms
- Interest Only
- No prepayment penalty
WHAT YOU NEED TO KNOW
Who are Fix & Flip Loans Loans Suited For?
Advant Lending’s Fix & Flip loans are exclusively for non-owner occupied residential real estate properties that are rehabbed and sold. Or, held and rented.
Property Types We Fund
We lend on single-family residence, 2 to 4 units, townhomes, planned unit developments, or condominiums. All properties must be non-owner occupied. Foreign nationals are subject to a lower loan to cost (LTC) and loan to value (LTV) thresholds.
How do Fix & Flip Loans Loans Work?
We fund into LLC’s with borrowers who have completed at least 2 properties in the past 12 months. Underwriting is based on predicate experience, credit, background and capital liquidity. Our focus is to understand your business.
We require a minimum score of 620+ and a $100,000 loan amount. All of our loans are serviced and underwritten in-house, for a 7 to 10 business day closing time. Once you have filled out an application and been pre-qualified for your loan you will need to provide specific documentation.