What is a Fix and Flip Loan ?
Fix-and-flip loan are short-term loans used by real estate investors to purchase and improve a property to then sell for a profit or refinance. These improvements range from minor renovations to a complete reconstruction of an existing home. The initial draw will be calculated based on the As-is Value of the Property and the renovation budget will be advanced in construction draws.
Fix and Flip LOAN TERMS
Max Loan Amount:
$1,000,000
Max LTV (Loan to Value):
The Lesser of 85% LTC or 70% ARV.
Rate:
Starting at 9.99%
Term of loan:
12-18 months
Payments:
Monthly Interest Payments with Balloon at Maturity
Prepayment penalty:
None
Closing costs
- Origination Fee: 1-2%
- Underwriting Fee: $1,500
- Draw Fee (for future draws on the loan): $350
- Legal: $750 – $1,500
- Appraisal Fee: $500-$950
Title Insurance and recording fees: 1%
(Approximate)
property types
- Condominiums.
- Single-family residences.
- Two to four units.
- Multifamily homes.
- Townhouses.
- Other property types case by case
standard requirements
- Credit Application
- Last 2 bank statements (US bank account)
- Copy of ID and Borrowing Entity docs
- Purchase Contract (If Purchase)
- Project budget/ Scope of work
- Approved plans (If applicable)
- Track Record Sheet
- Contractors information
- Property Insurance
closing time
qualifications
- Evidence of insurance (full replacement + 500K liability) & builder’s risk insurance (if applicable)
- Signed loan application
- Latest three months bank statements
- ID, passport, (US visa for foreign nationals)
- Entity Documents (LLC or Corp), EIN & OP Agreement – Rehab budget (if applicable)
- 6 months liquidity/reserves
- Non-owner occupancy certification
- SSN for credit report and background check
- Evidence of insurance (full replacement + 500K liability) & builder’s risk insurance (if applicable)
Why choose Ubridge?
Fast Closing
Approval within 24-48 hours, average closing within 7-12 days. Including borrowers with no credit history.
Dedicated service
Personalized guidance and continuous follow-up that transforms your dreams into reality.
Competitive rates
We offer the most competitive rates, ensuring that your financing aligns with your financial goals.
No Prepayment Penalty
There are no penalties for paying off or partially amortizing the debt at any time.
