Fix and Flip a Property with a Hard Money Loan
“Fix and flip” property management refers to the practice of buying distressed properties at a discount, making necessary repairs, and quickly reselling them to show a profit. It is a popular method for those with home construction or repair expertise. If you have a fix and flip property in your sights but don’t have the funds to purchase it quickly, Shop Commercial Mortgage can help with a hard money loan.
The advantage of using Shop Commercial Mortgage is you won’t have to put up your own money to purchase the property, therefore giving you the cash you need for renovations. Our hard money loans are equity-based rather than based on a credit rating. This makes them a perfect choice for self-employed real estate investors who have inconsistent income that would disqualify them for a conventional loan.
When you contact Shop Commercial Mortgage, we work quickly to get you money. You will hear from our underwriting team in one to two business days after we receive your paperwork. In many cases we require no property appraisals, thereby saving you money on appraisal fees. Our closings normally occur in 21 days or less rather than weeks or months for conventional loans.
Our hard money loan process ensures you will get the most money your property will qualify for. Even better, you can use the equity in an existing property to get money for another to fix and flip. If you own a property free and clear, you may qualify for up to 65% of the equity. Hard money loans are considered shorter-term loans but that is your intent anyway since you want to flip your properties as soon as possible.
Call or text Shop Commercial Mortgage today at 813-516-5210 to learn more about our hard money loan process or to start your loan application!