fix and flip loans in New York

Fix And Flip Loans In New York

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We Know New York Fix And Flips

There is something that every real estate investor should know — from the first-time flipper to professionals with decades of experience: the financing you get for the project matters, as does the lender.

Choosing private lending for your fix and flip business allows savvy real estate investors to get the financing they need, as quickly as they need it, without the hassle and complications involved in a conventional mortgage. If you go with an experienced team of experts like Asset Based Lending, you benefit from our knowledge of the New York markets and our efficient process. We love to show investors how a dedicated lender can make all the difference.

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Success Story: Melville, NY Fix And Flip

Purchase: $612,900 Loan Amount: $633,000
Renovation: $148,000 Sale Price: $1,099,000

Fix and flip loans in New York

Experience  Credit Score Minimum Interest Rate Points Eligible For 0 Point Loan? Advance Rate On Purchase Advance Rate On Rehab ARV Property Types Pre-Pay Penalty Extensions  Blanket Loans Loan Size Loan Terms
Any 600 8%-11% 0-2 Yes Up to 90% 100% 60%-75% Single Family, Multi Family, Mixed Use No Available Yes $75K – $3M 12 Mo.

Closing Speed Closing Speed
A delay in securing funding could mean missing out on an incredible investment opportunity. We’ve closed loans in 48 hours, and average just 10 days.
Underwriting Flexibility Underwriting Flexibility
Flexible underwriting criteria allows fix and flip investors to secure funding not available to them through other institutions.
Competitive Rates Competitive Rates
ABL funds fix and flip investments at interest rates starting at 8% with 0-2 points, and repeat borrowers receive preferred pricing. Loan amounts range from $75,000 to $3,000,000

Close In 10 Days Or Less. Rates Start As Low As 8%.

What Are Fix and Flip Loans?

Rehab loans have a specific function. They provide you with the funding needed to buy the property, make some renovations and sell it to an end-buyer. Although people may choose to get a conventional loan to meet these needs, that type of mortgage was not really intended for this purpose and the process doesn’t typically lend itself to the needs of investors. A fix and flip loan is a kind of bridge financing meant to help investors quickly purchase the property, fund the renovations, and list it for sale or refinance into a long term loan.

These loans typically feature:

  • 12 to 18 month loan terms
  • Variable loan amounts from $75,000 to $3 million
  • Interest rates starting at 8%
  • Up to 90% financing for experienced investors

A fix and flip loan is not intended for people to use for homes in which they intend to live, but it can meet investor needs quite handily.

How Does a Fix and Flip Loan Work?

Unlike a conventional mortgage, hard money loans come from a private lender like Asset Based Lending. Private lenders have a lot of flexibility in the types of loans they can make. This means that almost everything governing the process is different. Private lenders do not need to set loan terms such that a government-backed agency will guarantee the loan or buy the debt. It often results in a shorter application timeline and a quicker closing date.

In return for these benefits, an investor has to meet a unique set of qualifications. Specifically, fix and flip lenders consider the project more deeply than the investor’s creditworthiness, although both play a role in this type of loan.

Why Do Investors Choose Asset Based Lending for Fix and Flip Loans in New York?

If you want reliable funding for a fix and flip loan, you need to partner with a dependable private lender to provide financing in an efficient manner. This is where the Asset Based Lending team excels. Since we are also experienced investors, we have the skills needed to identify a good New York project when it arrives. If you have done the research and meet our lending requirements, we can act as quickly as you. Our average closing time is 10 days, although it may be shorter than that. We provide personal service with custom loans based on the project, and are happy to start the qualification process after a short phone call.

Fix and flip investing can be an excellent way to grow your business in New York. If you are ready to get financing that meets your project needs in every way, contact Asset Based Lending to learn more. Get pre-qualified today.

 

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