With a build to flip loan, we often finance the entire purchase of a house and give you all the rehab funds. We just started offering this program in Texas and it’s become a popular lending option for real estate investors with limited capital who want to save money for their flip. These build to flip loans come with a quick turnaround time. We typically see them close with 10 days, sometimes as quickly as 7. The maximum payoff term is one year and you will need a credit score of at least 670.
Most applicants that reach out to us about this type of financing are in a tough situation. There’s no doubting they have a solid investment opportunity on their hands. These projects often come with high future earnings potential. But for whatever reason the builder or project manager is unable to obtain traditional bank or lender financing with a company in Texas or anywhere else in the US. We also provide funds for those seeking a fix and flip loan. The only difference with this is the fact that someone is remodeling or re-purposing an existing development with the intention of flipping. As with our traditional financing products, you can expect to see up to 100% of total project financed. In most cases the borrower will need to set aside sufficient funds to accommodate for future holding costs. In most cases the typical costs will be to cover things like taxes due, monthly mortgage payments etc.
As with any type of private money financing in Texas, consider all your options when seeking out a company that provides build to flip loans. Even a small percentage point of interest or delay in funding can lead to huge costs and expenses down the road. As with any construction project in Texas, time is money. You don’t want to be holding the bag on any type of unnecessary delay or hold up in the sales process. Our build to flip financing features many attractive benefits that other companies can’t provide. For instance, we provide transparent and easy to follow underwriting with a dedicated customer service representative that will help you all throughout the process. As mentioned above, we often see close times of 10-15 days and we’ll do our best to speed up this timetable as we see fit. Contact us to get more information on how we can help get your project funded. A build to flip loan doesn’t have to be difficult. Let our customer service reps walk you through application and we’ll show why we’re Texas Hard Money Pros!