FIX-N-FLIP LOAN PROGRAMS

A Fix-N-Flip loan, also called a hard money or bridge loan, is a specific type of asset-based loan financing in which a borrower receives funds secured by the value of a real estate asset.

At Cardinal Homes Design Group, we work with many lenders that specialize in Fix-N-Flips loans so we can offer you the best rates and terms available.  Ultimately, saving you money and maximizing your potential profit.  

Hard money loans are a popular choice for fix and flip projects due to their speed and flexibility. Here are some key points about using hard money loans for fix and flip loans:

  1. Quick Funding: Hard money loans can be approved and funded in as little as 48 hours but usually takes 21 days, which is crucial for securing a property quickly before someone else does.

  2. Based on Property Value: These loans are primarily based on the value of the property rather than your credit score, making it easier to get financing even if your credit isn't perfect.

  3. Short-Term Financing: Hard money loans are typically short-term, usually ranging from 6 to 18 months, which aligns well with the timeline of fix and flip projects.

  4. Higher Loan-to-Value Ratios: Hard money lenders often offer higher loan-to-value (LTV) ratios, sometimes up to 85%, allowing you to borrow more against the property's value.

  5. Interest-Only Payments: Many hard money loans require interest-only payments during the term of the loan, with the principal due at the end, which can help manage cash flow during the renovation period.

  6. Less Red Tape: The application process for hard money loans is generally less complicated and involves less paperwork compared to traditional bank loans.

  7. Flexibility in Loan Terms: Hard money lenders can offer more flexible terms, including the ability to customize repayment schedules and loan amounts to fit your specific project needs.

Using hard money loans for fix and flip projects can provide the quick access to capital you need to purchase, renovate, and sell properties for profit. Do you have a specific property in mind for your next fix and flip project?

LOCAL LOAN PROGRAM FOR:

SPOKANE COUNTY, WASHINGTON & 

KOOTENAI COUNTY, IDAHO

KEY FEATURES

100% of Purchase Price

100% of Rehab Costs

100% of Closing Costs

*Up to 75% of the ARV

PROGRAM CRITERIA

$99 Loan Application

Monthly Payments are Required

Loan Pricing

          Normal loan pricing removing the 1% bump for a Richer Values report

          Starting rate will be one (1) point and 8.99% (720+ credit score with 4+ deals completed in the last 2 years)

                    Rates and Points go up based on risk (cfedit score and experience)

Richer Values Evaluation  - $499 SFR (1 Unit)

          Price goes up $100 per each additional unit

          May pull a CMA Report from the lender (as a second opinion of value)

All Rehab Funds Will be Held in Escrow

          Managed by lender

          Escrow fees apply

No Contingency on the Rehab Budget

Underwriting Guidelines Will Apply

PROPERTY LENDING QUESTIONAIRE

To help us understand your investment property and the funding required, please fill out the short form below and a representative will be with you shortly to discuss your property and how we can help you achieve your funding needs. If you would prefer to talk to someone immediately, please call us at 248-882-4184.

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