Baker Collins is a leading company of commercial lending Atlanta, fix and flip loan product. The most popular real estate financing options at Baker Collins is our Fix & Flip Loans Georgia. For more details visit our official site or contact us.
Options available for the fix and flip loans Georgia
Fix and Flop terms are used by short term real estate investor to
purchase and renovate a property before flipping it for a profit. This type
of financing for flipping houses suggests investors fast closings for
properties in any condition. The most popular type of fix and flip loans
are hard money loans. Commercial lending Atlanta offers fix and flip
loans to investors with competitive rates.
You can pre-qualified in minutes so that you can see your exact rates and
receive funding in as little as 15 days. Moreover, there is no prepayment
penalty for early repayment.
Options Available for the Fix and Flip Loans Georgia
Types of fix and flip loans, Georgia
1. Fix and Flip Hard Money Loan
Hard money loan is a short term loan secured by the real estate and used
by the fix and flippers to purchase and renovate a property. This hard
money loan is basically used by the investors to purchase, renovate and
sell a property. They offer competitive rates to prime borrowers and can
get you pre-qualified online in a few minutes.
Types of Rehab Loans
1. Hard Money rehab loans
2. Short Money rehab loans
Short-term investors use hard money rehab loans to purchase a property
quickly, renovate it and sell. Long-term investors also use them to rehab
and season a property before refinancing. Permanent rehab mortgages
are used solely by long-term investors.
Hard money loan rates and terms are:
Term: 1 – 3 years
Time to Funding: 15 days
Rates: 7% – 12%
Lender Fees: 1.5% – 10%
Closing Costs: 2% – 5%
3. Loans for Homes: The huge distinction is a home value advance
furnishes you with the money forthright, and you pay regularly
scheduled payments over the length of the loan as you do on your first
home loan. With this you access the money in small chunks over the life
of the loan. Since, you are getting the entire loan amount in advance, so it
is better to opt for a home equity loan that is generally a better financing
option when purchasing and flipping a house.
In addition, the interest rate is fixed and honestly low as compared with
hard-money loans or credit cards. Commercial lending Atlanta
provides loan facilities for the homes.
4. Refinance: If the value of your primary residence has improved, then
cash-out refinance is best financing option for your flip. Your new loan
will be the amount you still owe on your mortgage plus the cash you
wanted to take out. To qualify this type of loans, you need to qualify
minimum 640 credit score, maximum 45% debt-to-income ratio, and
minimum 30% to 40% of equity in your existing home.
Moreover, if you are refinancing to a higher mortgage rate, then you
need end up with paying more amount of money in interest on your loan
over a long run. offer this facility to their clients. You can consult with
Fix and Flip loans in Georgia to purchase and renovate by the short-
term real estate investors before flipping it for a profit.
Phone: +1 770-988-4537