Fix and Flip Hard Money Loans

Interested in fix and flip loans?

Gauntlet Funding is proud to offer fix and flip loans at affordable rates.

What are fix and flip loans?

Fix and flip loans are based on  real estate projects where investors purchase properties that are usually distressed, e.g., a short sale, a REOs or a foreclosed property. They renovate and repair over a short period of time. In other words, they “fix” the property by repairing any issues and remodeling the interior and exterior. By adding a significant amount of value to the home, and they are avle to ,’flip’ it – and  sell it for higher profit.

Fix and flip loans, then, are loans meant specifically for these types of investors. Usually these include borrowers with experience buying and selling real estate or with property renovations. Short-term loans can help fix and flippers renovate a property and sell it fast. The most popular type of fix and flip loan is called a hard money loan.

What is a hard money loan?

A hard money loan is a short-term asset-based financing option. It is popular with investors looking to increase the worth of properties that have often been neglected. With a hard money loan, these investors have the means to fix and flip, or buy and renovate.

They are borrowing money based on the property under consideration rather than their own credit-worthiness of investors. The non-owner occupied property is the loan’s collateral.

Why choose fix and flip loans?


  • It is a specific product geared toward experienced real estate investors and fix-and-flippers
  • It provides instant access to funds with shorter processing time
  • It can allows borrowers to close deals within 2 weeks
  • Extremely flexible and designed to meet individual needs
  • Available short-term, unlike most loans

The experienced team of investors approach Asset Based Lending for a hard money loan to fund the purchase and rehab of this 1,800 square foot single family home in Rutherford New Jersey.

Close In 10 Days Or Less. Rates Start As Low As 9%.

How to Apply for Fix and Flip Loans

 

Follow these steps to learn how to apply for fix and flip loans:

 

  • Research the Area
  • Get the Home Inspected
  • Have Your Finances in Order
  • Avoid Banks and Stick with Experienced Hard Money Lenders
  • Apply Online

When you apply for a fix and flip loan, ensure you submit all required information, along with collateral. Prepare all required documentation ahead of time to make closing the loan efficient and easy.

 

Usually, the following will be required:

 

  • Loan application
  • Personal identification number including social security number
  • Signed purchase agreement
  • Renovation budget, if applicable
  • A lender-ordered appraisal or BPO to confirm value

Once approved, you will be required to make a down payment. If you have a repair reserve to fund all or part of your repairs, you’ll get access to your funds in installments as you complete the work.

Meanwhile, your lender will send out an inspector to review completed work and compare it to your original scope of work. At that stage, you should receive funds within 48 hours of the completed report!

 

How long do fix and flip loans last?

Generally, fix and flip loans are short-term loans. They tend to have a duration of 9-12 months, but that can vary depending on your project and what it entails. Borrowers should be prepared with funds to make the monthly loan payment while the property is being renovated.

 

Why You Should Choose Gauntlet Funding

 

The Experts You Can Trust

Here at Gauntlet Funding, we have the best tools and resources to answer all your investment questions and take care of all your lending needs. Invest in your success, and maximize your profits with a fix and flip loan.

 

Exceptional Customer Service

Our state-of-the-art resources and experienced team are readily available throughout the duration of the loan.

 

Affordable Rates

Our rates end where other’s begin. We also offer some of the lowest rates and most revolutionary products in the industry.

 

Better Than Banks

Hard money lenders such as Gauntlet Funding are in the business of financing a distressed properties. And unlike traditional lenders that can take months to approve a loan, hard money lenders usually fund within 10-days to 2 weeks. Traditional lenders also have much higher financial bar for the borrower to overcome. Hard money lenders are funding the upside potential of property, as are the individuals performing the fix and flip.

Fund Your Next Fix and Flip Project with Gauntlet Funding!

Ready to get started? Call Gauntlet Funding today at 631-465-2161. Our friendly, knowledgeable associates will help you get the loan that works for you.

Feel Free to Contact Us