Are you a professional real estate investor looking for quick financing for your next fix and flip project in California? You’ve come to the right place. At Lending Bee, we understand the unique financing needs of fix and flip investors and provide flexible and fast private lending solutions to help you succeed.
What are Fix and Flip Loans?
Fix and Flip loans in California, are hard money, short-term loans, used by real estate investors to purchase and renovate distressed properties. These loans are always secured by the property and are meant to be repaid within a year or two. Unlike traditional bank loans, Fix and Flip Loans are designed to fund the purchase and renovation of non-owner occupied residential properties, such as single-family homes, townhomes, and multi-unit properties.
At Lending Bee, we provide Fix and Flip Loans to professional real estate investors who have experience in renovating and flipping properties. Our loans are designed to help investors fund the purchase of distressed properties, renovate them quickly, and sell them for a profit. We understand that time is of the essence in the fix and flip business, which is why we offer fast and flexible financing options.
Types of Properties Eligible for Fix and Flip Loans
At Lending Bee, we provide Fix and Flip Loans for residential properties with up to four units. We offer up to 85% LTC (Loan-to-Cost) or up to 65% LTARV (Loan-to-After Repair Value) for properties in a marketable location. Our interest rates range from 8% to 11% and are interest-only, which means that you only pay the interest on the loan until the loan is paid off. We require a minimum credit score of 640 and provide loans for 12 months, with the possibility of a longer term depending on the scenario. For investors who are new to fix and flip investing, we may consider their application on a case-by-case basis.
Application Process and Required Documentation
We understand that time is of the essence when it comes to fix and flip investing, which is why we have streamlined our application process to make it quick and easy for you. We require minimal paperwork and can usually provide you with a loan decision within 24 hours.
To apply for a Fix and Flip Loan, you will need to provide us with the following documentation:
- Completed loan application
- Purchase contract or letter of intent
- Scope of work and renovation budget
- After repair value (ARV) estimate
- Proof of funds for down payment and closing costs
At Lending Bee, we understand that fix and flip investors need fast and flexible financing options to succeed in their business. That’s why we offer the following unique selling propositions:
- Quick funding: We can provide you with the financing you need within days, not weeks or months.
- Large loan amounts: We can provide you with loans of up to $25 million to help you fund even the largest fix and flip projects.
- Flexible terms: We offer flexible terms to meet your unique financing needs and help you achieve your goals.
Our target audience for Fix and Flip Loans includes professional real estate investors and brokers who have experience in renovating and flipping distressed properties. We work with investors who are looking for quick and flexible financing options to help them succeed in the fix and flip business.
In conclusion, at Lending Bee, we understand the unique financing needs of fix and flip investors and provide flexible and fast private lending solutions to help you succeed.