Next-Financing Fix & Flip Loan
What is a Next-Financing Fix & Flip Loan? It is a short-term mortgage used to acquire a property quickly. Generally this financing is used until permanent financing is found, the home is resold, or it is rehabilitated and then resold.
Fast Financing For a Fast-Paced Market
Next-Financing Fix & Flip loans can provide the cash you need to grow your real estate portfolio. Benefits include:
- Get cash from rehab projects – loans from $75K* to $2 million
- No hurdles – flexible loan options designed to meet your strategic needs
Advantages of Next-Financing Fix & Flip Loans:
- Up to 90% of Purchase & Rehab Costs.
- Fix-and-flip financing up to 12 months.
- 600 minimum FICO.
- No hurdles- a very user-friendly and streamlined process.
- No pre-payment penalty.
Fix & Flip Loan FAQ’s
Q: What type of properties are eligible for Fix & Flip Loans offered by Next-Financing?
A: The following property types are eligible for our fix and flip loans:
- Single Family Residence (SFR)
- 2-4 Unit Properties
Q: What type of Fix & Flip Loans are offered by Next-Financing?
A: Next-Financing offers fix-and-flip loan rates between 7.19%-12.9%. All rates are based on the individual property and borrower. Call us to learn more. 800-605-1821.
Q: What are the minimum and maximum loan amounts for Fix & Flip Loans offered by Next-Financing?
A: Next-Financing Fix & Flip loans have a minimum loan amount of $50K* and a maximum loan amount up to $2M (Exceptions Granted).
Q: Do you lend on construction or repairs?
A: Yes, Next-Financing specializes in providing Fix & Flip loans that include both the purchase and repair costs as part of one loan.
Q: What States does Next-Financing offer it’s Fix & Flip Loan Loan Products?
A: Next-Financing provides lending in all States and District of Columbia except Alaska and South Dakota.
Q: What is the minimum FICO Score for Next-Financing’s Fix & Flip Loans?
A: Next-Financing’s Fix & Flip Loan FICO score minimum is 600.
Q: What type of documentation is required for Next-Financing’s Fix & Flip Loans?
A: We look at things very differently than a bank and rely mostly on your real estate experience and other common sense factors when making decisions.
Next-Financing will ask for the following documents for Fix & Flip Loans.
- Sales Contract
- Construction Budget
- Two months bank statements
- A list of properties you currently own (an REO Schedule)
- Two years of tax returns
- LLC Operating Agreement or Articles of Corporations
Q: Do you lend to Companies or LLC’s?
A: Yes, we only lend to real estate companies. Our Fix & Flip loans are available to the following borrowers:
- Limited Partnerships, General Partnerships
Q: Does Next-Financing lend to people from other Countries?
A: Our Fix & Flip loans are available to the following borrowers:
- U.S. Citizens
- Canadian Citizens
- Permanent Resident Aliens
Q: Can I receive financing for a residence I’m looking to live in permanently?
A: No. Next-Financing provides commercial only loans that are non-owner occupied (investment) properties.
Q: Is there a Prepayment Penalty?
A: No, there is no Prepayment Penalty on our 12-month Fix & Flip loans.