Fix and flip loans and lines of credit are the perfect way to fund your property renovation. These loans start at $50,000 and can be used to buy the property and then pay the cost of renovating. You can sell the property right away — or you can hold them and rent them out.
While you are buying and renovating — with no rental income — you only have to come up with a minimal monthly payment.
You can potentially borrow 90 percent of the purchase price and 100 percent of the rehab costs.
Besides single-family homes, you also can flip a townhouse, a 2- to 4-unit multi-family, or even a multi-family with more than 5 units (exposure limit only).
The maximum loan period is generally 12 months, but you may be able to apply and get additional term extensions, giving you more time to finish your projects.
We do business in all states except North Dakota, South Dakota, Utah and Vermont.
Applying for an exposure limit requires a one-time approval. After that, you can easily submit properties, with little paperwork needed to close on your funds.
Sunrise Mortgage Group provides you with the tools you need to make the right borrowing decisions. These calculators may borrowers in determining different values in the loan process. Try to ensure the information you enter is as accurate as possible.
Together, we’ll find great mortgage solutions.
Schedule a talk with a loan advisor or leave a message. We’ll get back within one business day.