Fix & Flip Loans
ICS Fix & Flip loans provide competitive rates for investors that purchase, fix and flip real estate for profit.
PURPOSE
Fix & flip, rehab purchase and refinance projects.
PROPERTY TYPES
Multifamily 5 -20 Units, Single Family, Duplex, Triplex, Fourplex
LOAN SIZE
$50,000 to $2,500,000
TERM
12 Month Interest Only w/extensions up to 21 months
AMORTIZATION
Interest Only
RATES
Federal Prime + 1% - 7.25%
Rates are based on location, property quality, leverage, and building experience.
MAX LOAN-TO-VALUE
85% to 90%
MAX ARV
75%
PREPAYMENT PENALTY
No prepaymen penalty after 4 months.
FEES / POINTS
1 - 3%
Points vary based upon property location, property type, income, and borrower financials.
CLOSING TIME-FRAME
21 - 30 Days
FULL APPRAISAL
A full appraisal is required for all ICS Fix & Flip loans based off existing value and ARV.
MINIMUM CREDIT SCORE
620+
PROPERTY TYPES
Multifamily 5+ Units
Single Family & 2 - 4 Units
Fix & Flip Loans
Fix & Flip loans are Bridge loans designed specifically to finance rehab projects. Fix & Flip loans, also known as interim financing, gap financing or swing loans, "bridge the gap" during the rehab and construction phase of a real estate project. The great thing about Fix & Flip loans is that loans are based upon the ARV (after rehab value) rather than the current appraised value. In many cases, lenders will lend up to 75% of the ARV.
How Do Investors Use Fix & Flip Loans?
Investors turn to fix and flip bridge loans when they need money to cover expenses in the interim rehab phase prior to selling or refinancing a property.