SINGLE-FAMILY RESIDENTIAL FIX AND FLIP PROJECT FINANCING
Our “Fix and Flip” Program works with real estate entrepreneurs, builders, construction companies, real estate brokers, agents, and design-build professional managers that have a knack for acquiring discounted properties that are in disrepair, and affordably and successfully modeling, redesigning, renovating, repositioning, and profitably reselling them.
The success of this program relies on the sophistication, timing, first-hand market knowledge of the real estate professional managing the project to maximize return on investment.
We provide the funds to purchase, rehab and re-sell discounted single-family residential properties.
This is real estate venture capital lending, so the typical credit, collateral, and cash flow requirements in exchange and traditional lending are completely waived in lieu of a premium rate of return when the house is resold.
Therefore, we are driven by the feasibility of the upside potential on the deal, and not overly concerned about the financial and credit strength of the borrower.
- $50,000 – 250,000+ Available!
Up to 90% *CLTC (Combined Loan-to-Cost)
- A privately funded/non-bank residential investment property loan program that allows an investment property buyer/investor to purchase undervalued/discounted properties that can be rehabbed into profitable “resale” properties in vertical residential real estate markets.
- Non-Recourse Funding.
- No seasoning of funds.
- Seller-held second mortgages are accepted up to 25% of the purchase price.
- Simple Application form with a 1-3 business day pre-approval time frame.
- Typical closing time frame is 10 to 15 business days AFTER all acceptance of the appraisal, inspection, financial analysis, and a title report.
Please Note:*90% CLTC refers to a combined loan to cost ratio and is not to be confused with a loan to value ratio. Any proposed financing that covers up to 90% of the costs to complete the project must not exceed 60-75% of the overall total “after repair” value of the completed project.
DUE DILIGENCE/UNDERWRITING REQUIREMENTS:
- Sales Contract on the Property
- Title reports
- Inspection reports
- Appraisals, containing the “After Repair Value” of the property
- Professional-grade construction estimates) must be submitted as part of the application process
- All reports must be dated within 30 days making formal application
- Any, missing or unsatisfactory third-party reports will be re-ordered at the borrower’s expense if at the time of application to third-party reports are not in place
- Buyers should have at least 5% – 10% “LIQUID” funds for contribution to the project and their own due diligence
99 Wall Street, Suite 923, New York NY 10005 | Office: 646-357-3082 Fax: 646-357-3587 | Email: Financing@MetroCMF.com