The Benefits Of Fix and Flip Loans
There are many options when it comes to financing the purchase and rehab of a residential property, and the right loan for you depends on your business model and the specific needs of your project. The traditional first thought might be a conventional mortgage, or something like a 203k loan that is geared towards renovations. However, these loans are typically designed for owner occupied homes which means a greater emphasis on traditional credit factors like FICO score, debt to income, etc. In addition, many of these loans have legal restrictions against being used for investment purposes.
On the other hand, a hard money fix and flip loan is designed for real estate investors. A direct private lender like Asset Based Lending underwrites the deal based on the investor’s business plan; we review the scope of work for the renovation, the after completion value, and the investor’s experience as a real estate professional. Hard money fix and flip loans typically close quickly – 2 weeks compared to 2 months for a conventional loan – are a shorter term, and have higher interest rates.
The Best Lender For Fix And Flip Loans In FL
Transparency, speed, and reliability are the critical qualities needed for a successful investor-lender relationship. We know that we’re not your only choice for hard money loans in Florida, so we work tirelessly to be completely transparent, approve and fund deals (and construction draws!) with best-in-class speed, and always follow through on what we say we’re going to do.
At ABL, we offer industry-leading fix and flip hard money loan programs. Each loan is specifically designed to meet the needs of the individual project and investor, but you can count on ABL for:
- Approval within 24 hours of deal submission
- Average closing time of 10 days or less
- Interest rates as low at 8%
- Financing for up to 90% of total deal cost
- Zero-point loan program options
When you are ready to move forward with the premier fix and flip lender in Florida, give us a call at 201-942-9089 or get prequalified online. Discover what makes ABL a trusted partner to fix and flip investors for yourself.