Fix & Flip
About The Program
Our fix and flip (bridge) loans provide new and experienced investors with a quick, easy, and reliable method of funding for their fix and flip projects. We work with investors throughout the purchase and rehabilitation process, helping them analyze investment opportunities and ensuring fast approval and disbursement of funds. Our in-house underwriting and processing team works alongside our experienced loan officers to ensure the purchase process goes smoothly and your deal closes quickly.
Many of our borrowers employ the “BRRRR (Buy, Rehab, Rent, Refinance, Repeat) Method” of real estate investing, using our bridge financing program in conjunction with our DSCR rental program. Our bridge loans provide financing for the purchase and rehab, and our DSCR program offers great 30-year terms when refinancing a newly renovated property into a passive income-producing rental property.
Highlights:
- Financing for Purchase and Rehab
- Buy “as is” and close fast!
- No DTI or Personal Income Verification
- Minimal Borrower Documentation Required
PURCHASE TRANSACTIONS
HARD MONEY FIX AND FLIP LOANS
If you’re looking to purchase a property to rehabilitate and sell, a fix-and-flip hard money lender can offer a flexible short-term loan that will help you secure the property and finance the renovation. When you choose the right property and the right hard money rehab lender as your financing partner, this can be a lucrative investment strategy that delivers significant returns.
WHAT IS A FIX AND FLIP LOAN?
A fix-and-flip loan is a short-term loan for flipping houses. You can use a hard money rehab loan to purchase the property as well as to fund the work being carried out. This includes both minor and major rehabilitation and renovation projects.
HOW TO QUALIFY FOR A FIX AND FLIP LOAN
It is much easier to qualify for a hard money fix-and-flip loan than it is to qualify for a mortgage from a traditional lender. If you have a bad credit history or no track record of flipping houses, you may still be eligible for an investment property rehab loan. This is because the property itself is used as collateral for the loan. Instead of making a decision based on your personal circumstances, lenders will look at the Loan to Value ratio and After Repair Value based on the property you are purchasing, its location, the improvements you intend to make, and recent sales for similar properties.
THE BENEFITS OF A HARD MONEY FIX AND FLIP LOAN
Fix and flip loans offer a range of benefits, including:
- Easy application process. Generally, financing for flipping houses can be secured with a simple online application process requiring minimal documentation.
- Easy qualification requirements. Many hard money lenders offer fix-and-flip loans for beginners, as well as fix-and-flip loans for people with bad credit.
- Fast turnaround times. Approval and funds can be provided as quickly as a matter of days, allowing you to move fast when you’ve found an investment opportunity you don’t want to miss out on.
- Short terms. Hard money rehab loans are typically short-term loans, ranging from six to eighteen months. This makes them perfect for a fix-and-flip investment strategy and means you won’t be charged any prepayment penalties.
Whilst there are many benefits to using private money to finance a fix and flip investment, it needs to be noted that, because of the high-risk nature of this loan type, fix and flip loans do attract high rates.
WHY CHOOSE Mortgage Miracles Happen AS YOUR HARD MONEY LENDER FOR FLIPPING HOUSES?
If you’re looking for the best fix-and-flip loan, Mortgage Miracles Happen is a leading hard money rehab lender for rehab loans. We offer flexible solutions that can be tailored to suit you and your projects for optimal returns. We also offer an easy application process and fast closing times to help you get deals over the line quickly. We seek to build relationships with each of our clients, ensuring you know you’re in safe hands with a lender who is genuinely invested in helping you grow your investment portfolio.
Our experienced lenders can serve in every state, which means we’ll be able to work with you long-term, helping you with future investments even if you aim to purchase in multiple locations.
Our range of fix and flip loans includes:
- Multifamily rehab loans
- Apartment rehab loans
- Rehab loans for rental properties
- Investment property rehab loans
- First-time fix and flip loans
- Short-term loans for flipping houses
Documentation Needed
- Property Types: Urban and Suburban Properties
- Documentation Needed
- You’ll love the ease of closing with Mortgage Miracles Happen because of our common-sense underwriting. No Tax Returns, No Income Verification, and No Debt Ratio to Qualify! To speed up the process, here are the main items you’ll need to gather:
- Purchase Contract (If Purchase)
- Rehab Budget
- Last 2 Bank Statements
- Property Insurance
- Driver’s License
- LLC / Entity Docs (if in LLC)
GUIDELINES #1
PROPERTY TYPE
- Single Family Homes, Condos, Townhouses
- 2-4 Units (Duplex, Triplex, Quadplex), Multifamily (5+ Units), Mixed-Use
LOAN TYPE
Purchase, Rehab, Rate/Term Refinance, Cash-out Refinance, Stabilized Bridge
EXPERIENCE
No Experience Required
CREDIT SCORE
650+
LOAN AMOUNT
$100,000 Minimum
LOAN TERM
12 -24 Months, Interest Only, No Prepayment Penalty
LEVERAGE GUIDELINES
| PURCHASE PRICE LTV | RENOVATION COSTS LTV | LOAN TO ARV | |
| FIX & FLIP – WITH EXPERIENCE | 90% | 100% | 75% |
| FIX & FLIP – NO EXPERIENCE | 80% | 100% | 65% |
2nd Set of Guidelines
- Fix and Flip / Fix and Rent (Finance Purchase + Rehab)
- % Down based on Experience & level of renovations
- Typically, 15-20% down for first-time borrowers, we finance 100% of rehab, max 70% ARV
- Typically, 10-15% Down for Borrowers with 3+ flips last 36 months, we finance 100% of rehab, max 75% ARV
- No Appraisal options for loans under $500,000 (we have 2 in-house appraisers)
- Loans $100,000 to $4,000,000
- Draws are done on a reimbursement basis in 2-3 days using our easy-to-use phone app
Fix & Flip – #3 Set of Guidelines
Purchase Transactions
Purchase Rehab Bridge Program
- Minimum Loan Amount
- $100,000
- Maximum Loan Amount
- $5,000,000
- Interest Rate
- 10.25%+
- Origination Fee
- 1.5 to 2 Points
- Term Length
- 12 to 18 Months
- Time to Close
- 2 to 3 Weeks
- Purchase Funding
- 95%
- Rehab Funding
- 100%
- Maximum After Repair Value
- 75%
- Lien Position
- 1st
- Acceptable Markets
- Nationwide Urban and Suburban
- Minimum Personal FICO Score
- 650 Mid-FICO
- Minimum Experience
- We Lend to First-timers
- Acceptable Property Types
- 1-4 Family, Multifamily, Condos, PUDs
- Appraisal
- $700 to $800
- Legal Fee
- $1,000