[Fundyman]

Need to know ASAP which lenders are good for Fix & Flip deals nationwide (or @ least by coast). I have an experienced investor looking to Flip a few properties every year but he needs a great amount of the work covered & max funds upfront instead of doing the draw thing every 2 days.

Please let me know.

Thanks

[Olderguy]

I have lenders that will do 100% Loan to Cost on rehab on a no doc fix and flip. However that being said, yes there will be a construction "fund" like an escrow account. And the list of items need to be specified - like types of doors, types of windows, etc. There will need to be an inspection (maybe 3 in total) before each release of funds. 2 lender points 3 broker points to split Down to 620 Fico.

Investment Purchase & Refinances

· REHAB – up to 85% LTV* / 100% Rehab / up to 75% ARV*

· 620 MINIMUM CREDIT SCORE ALLOWED!!!

· Interest Rates Starting at 10.99%***

· SFR / 2F-4F / Multi Fam / Mixed Use

· $75,000 - $5,000,000

· 12 – 36 Months – Interest Only

· NO PREPAY with Credit Scores 650 of Higher**

· NO Payment Reserves with Credit Scores 650 of Higher**

· NO Liquidity Reserves Required with Credit Scores 650 of Higher**

· NO Income Documentation

· Heavy Rehab OK!! ***

· Experience Preferred – 1st Time Investors OK!!

· NATIONWIDE

[Fundyman]

I have lenders that will do 100% Loan to Cost on rehab on a no doc fix and flip. However that being said, yes there will be a construction "fund" like an escrow account. And the list of items need to be specified - like types of doors, types of windows, etc. There will need to be an inspection (maybe 3 in total) before each release of funds. 2 lender points 3 broker points to split Down to 620 Fico.

Investment Purchase & Refinances

· REHAB – up to 85% LTV* / 100% Rehab / up to 75% ARV*

· 620 MINIMUM CREDIT SCORE ALLOWED!!!

· Interest Rates Starting at 10.99%***

· SFR / 2F-4F / Multi Fam / Mixed Use

· $75,000 - $5,000,000

· 12 – 36 Months – Interest Only

· NO PREPAY with Credit Scores 650 of Higher**

· NO Payment Reserves with Credit Scores 650 of Higher**

· NO Liquidity Reserves Required with Credit Scores 650 of Higher**

· NO Income Documentation

· Heavy Rehab OK!! ***

· Experience Preferred – 1st Time Investors OK!!

· NATIONWIDE

Thanks, Steve. But that won't work for my guy. He's a very experienced & aggressive investor who can't keep waiting for draws & inspections on each & every deal due to volume size.

[brandon_]

That is how fix and flip loans work. That's what you asked for.

The "flipper" lays out the funds, and can draw on it(call an inspection) whenever they need to depending on the phase of the job. They dictate their own phases. You should maybe have 2-4 draws on a flip and the inspection costs a few hundred bucks every time. You have to lay out the cash first. Full remodel you're laying out demolition, repipe, rewire, new roof, then maybe you have your first draw. Then floor, showers, vanities, drywall, second draw. So on and so forth.

It really isn't a hard process to follow and doesn't take long, so long as you know what you're doing. Just have to plan for when you'll be done with each phase and schedule the inspection to line up with it.

A few flips a year unless they are doing super high end homes...we're not talking about that much cash. So Steve is recommending 100% LTC program and 85% LTV for experienced builders which is great. I've used Finance of America a few times if you want to check them out. The LTC approval all depends on how experienced the GC is. If your guy is the GC, then it will be based off his experience. Otherwise you have to include an experienced GC on the deal to get those types of percentages. Other option is to raise money privately by either several loans(interest only with balloon when you sell/refi), or percentage of profit in the deal in the sale. There aren't many other avenues. I have been doing a few a year myself. But I hold.

[Olderguy]

Then maybe what he needs a access to funds for his complete operation if it's big enough. Is it $10M and up? $5M to $10M?