How is a fix and flip loan different from transactional funding?
Transactional funding is the short loan for a double close: 1% the same day, or 2% within 7 calendar days. A fix and flip loan buys an investment property and releases rehab money in draws after the work is inspected. Send the purchase and the budget, and we price that file with you.
What does the fix and flip loan fund?
It funds an investor buying a property to renovate and resell. Rehab money stays back at closing. You request a draw when a portion of the work is done, the work is inspected, and approved amounts are released.
How is a fix and flip priced?
Send the property, the purchase price, and the rehab scope. We price the rate, the term, and the leverage with that file. The simple percentage card on this site is the transactional schedule: 1% same-day and 2% within 7 calendar days.
What do the two products share?
Both are business-purpose loans on investment property. The request form uses the same state list. If the state is a Yes, you can send either kind of file.
Where should you go next?
Have a double close on the calendar?
Send the property, the amount, and the two closing dates. Same-day is 1%. Within 7 calendar days is 2%.