Flipping properties is one of the most popular investment options for individuals and institutional investors. In the United States, flipping has become a trend among. Investors buy a property, fix it up, and quickly resell it for profit.
Fix and flip loans can be very useful in bridging the gap between the buyer’s capital and renovation cost of purchased property. Usually, these are short-term loans and are paid off with proceeds from the sale of the property.
What are Fix and Flip Loans?
Fix and Flip loans are typically short term loans used by real estate investors to buy, renovate, and sell a property for profit. Renovations can range from small fix-ups to complete rebuilding of the existing property. Only residential real estate investments qualify for fix and flip loans.
Benefits of Fix and Flip Loans
Available at attractive yields, fix and flip loans are typically used by the real estate investors to meet their capital inefficiencies. Fix and flip loans have several benefits. Let’s discuss a few:
1) No Pre-Payment Penalty: There is no penalty if you repay the loan before the due date.
2) Short Terms: Fix and flip loans are taken for a short duration, usually 12-24 months.
3) Quick Approval: Fix and flip loans are approved and funded within 5-7 days.
4) Easy Extension: The borrower has the option to extend the loan for 3-6 months without any major paperwork.
5) Attractive Interest Rates: These loans are usually available at a very attractive interest rate.
If you are looking to flip a home in the New York metro area, a fix and flip loan from My Partner Loan is a great option. We provide fix and flip loans in New Jersey, New York and Connecticut. Give us a call today at: 646-629-6490