Fixing and flipping a property can be lucrative for individuals and investors. It helps real estate investors bridge the gap between their funds and the property’s buying price and renovation costs. If you’re interested in getting a property but don’t have enough funds, a fix-and-flip loan from a trusted fix-and-flip lender could be an excellent financing option.
What Are Fix And Flip Loans?
These loans are short-term real estate loans, generally within 12 to 18 months, designed to help investors purchase and renovate a property to sell at a profit. Sometimes called “private money loans,” fix-and-flip lenders or private investors offer fix-and-flip loans rather than credit unions or banks.
Benefits Of Fix And Flip Loans
Fix and flip loans allow homebuyers to get the property as quickly as possible and access funds for renovation and construction expenses. Here are just some of the benefits of these loans.
Fast Approval time
Getting fix and flip loans is quicker when compared to banks or traditional financial institutions. This is because the application process involves fewer documents and an easy-to-understand application process. As a result, fix-and-flip loans typically take less time to get approved, usually within a few days, with a faster closing period of five to ten days.
Fund Any Property
While banks or credit union, on the other hand, have limitations on the type of property and the condition they are ready to finance, there is no limitation on the conditions and type of property you can buy with fix and flip loans. Therefore, a fix-and-flip loan is ideal if you plan to purchase and repair a property.
Fix and flip loans are exceptional because of the flexibility it offers borrowers. If you were to get a mortgage from a credit union or bank, you would have to follow strict processes, rules, and regulations to qualify. It also takes longer before the loan is approved. Flip loans from non-bank or private lenders are more flexible with the rates and terms of the loans, and there are fewer stipulations. Borrowers who don’t qualify for traditional or bank loans can still get fix and flip loans.
No Prepayment Penalties
When you get a loan from banks and credit unions, you may be fined if you don’t make your repayment before the due date. This is known as a prepayment penalty. However, most fix and flip lenders won’t penalize you for making a payment late.
Why Choose AZFlip.com
Fix and flip loans are a great way to get the cash you need to earn a profit. If you’re looking for financing options in Phoenix for your next flip, and you haven’t used a fix and flip lender in Phoenix before, you may be pleasantly surprised at how much faster and easier the process can be.
Here at AZFlip.com, we have properties available at discounted prices and can help you get a fix and flip loans from fix and flip lender phoenix. Call us today at 480-528-4344 to schedule a consultation.