FREQUENTLY ASKED QUESTIONS
What is the ARV % | LTV % Limits?
Our loans can fund a max of 70% of the after repaired value of the property, to be determined by appraisal. Our refinance programs can fund up to 80% of the current value of the property.
What kinds of financing can I obtain using Flip Funding?
We provide financing for purchase only, buy and hold, purchase and rehab, refinance/cash out, rehab only, and new construction loans.
How do I apply?
Just visit our website, and click the “Apply Now” tab. You will then need to complete the short application. After submission, we will review the deal and follow up with terms immediately.
If I have had a recent bankruptcy, can you still approve me?
Recent bankruptcies are not a problem. We will be interested in learning the situation; however, this is not a deal breaker.
What states do you lend in?
We lend nationwide.
How much can I borrow?
We can lend as little as $50,000 to as much as $10,000,000. Our approvals are not solely equity based. We must be sure that the client will be able to afford the monthly interest only payments on the loan they are requesting.
Is down payment required?
15% or less.
Will you provide a proof of funds letter? (or pre-qual letter)
Yes. Once a client is pre-qualified, we can begin issuing proof of funds letters. We can submit these as frequently as needed as general letters or specific to the property address and offer price the client requests to be disclosed.
How quickly can you close?
We can close deals as soon as 24 hours. It is contingent upon requested documents being submitted in a timely manner.
Do you do construction loans?
Yes, we do have new construction loans. 100% funding options too!
If I just purchase a property, are you able to lend only the rehab needed?
Yes, if the property is owned free and clear (no liens), we can fund 100% of the repairs. Up to 70% of the ARV.
Can you take second lien position?
Yes, depending on the situation.
Do you charge a prepayment penalty?
No, we do not charge a prepayment penalty. We encourage a quick flip.
Can I close under my LLC, trust or corporation?
Yes, the client can close under an LLC, trust or corporation however one of the owners must still be the personal guarantor on the loan. Some loan programs allow you to close in your personal name as well.