Fix And Flip Loans
Rates Start as low as 5.875%*
Fast Financing For a Fast-Paced Market
If you are an investor or a homeowner who is looking to buy discounted properties, fix them up, and sell/flip them within 12 months, then consider our fix-and-flip loans for the capital you need. With attractive rates and up to 90% Purchase & Rehab Costs, these loans are a great way to start expanding your real estate projects fix-and-flip loans begin at $100K* and go up to $4 million.
Fix and flip loan scenarios we commonly assist with include but are not limited to:
- Short Sale Purchase and Rehab
- REO or Bank Owned Purchase and Rehab
- Refinancing a short term loan intended as a Flip
- Unable to qualify for Conventional Financing
- Full Amortized Loans
- Portfolio Loans and Multi-Property Loans
Advantages of Fix and Flip Loans:
- Get cash for rehab projects-loans from $100K to 44 Million
- Up to 90% of Purchase & Rehab Costs
- Fix-and-flip financing up to 12 months
- No Min. FICO Requirements
- No hurdles- a very user-friendly and streamlined process
Fix and Flip Financing FAQs
What type of properties are eligible for Fix and Flip loans offered by Progressive Mortgage?
The following property types are eligible for our fix and flip loans:
- Single Family Residence (SFR)
- 2-4 Unit Properties
- Condominiums
- Townhouses
- Commercial properties
- Mixed Use Properties
- Heavily Populated area Land Loans
What type of fix-and-flip loan rates are offered by Progressive Mortgage?
Progressive Mortgage offers fix-and-flip loan rates between 5.875%-15.%. All rates are based on the individual property and borrower. Contact us to learn more.
What is the minimum and maximum loan amounts for fix and flip loans offered by Progressive Mortgage?
Progressive Mortgage fix-and-flip loans have a minimum loan amount of $100K and a maximum loan amount up to $4M (Exceptions Granted).
Do you lend on construction or repairs?
Yes, Progressive Mortgage specializes in providing fix/flip loans that include both the purchase and repair costs as part of one loan.
What states does Progressive Mortgage offer its fix-and-flip loan products?
Progressive Mortgage provides lending in most states but please contact us to find out if your state is on our approved list.
What is the minimum FICO score for Progressive Mortgage fix-and-flip loans?
Progressive Mortgage fix-and-flip loans have NO FICO score minimum BUT the advantages of having a good credit score is being on the lower side of the interest rate spectrum.
What type of documentation is required for Progressive Mortgage fix-and-flip loans?
We look at things very differently than a bank and rely mostly on your real estate experience and other common sense factors when making decisions.
Progressive Mortgage will ask for the following documents for Fix and Flip Loans.
- Sales Contract / Current Mortgage statement
- Construction Budget
- 2-month bank statements
- A list of properties you currently own (an REO Schedule)
- If qualifying for our Low interest Rate programs we will need Two Years of Tax Returns & the last 2 months Pay Stubs
- LLC Operating Agreement or Articles of Corporations
Do you lend to Companies or LLC's?
Yes, we lend to real estate companies. Our fix-and-flip loans are available to the following borrowers:
- LLCs
- Limited Partnerships, General Partnerships
- Corporations
Do you lend to people from Any Country?
Our fix-and-flip loans are available to the following borrowers:
- U.S. Citizens
- Canadian Citizens
- Permanent Resident Aliens
- Foreign Residents
- Corporate entities.
Can I receive financing for a residence that I'm looking to live in?
No. Progressive Mortgage provides commercial only loans that are non-owner occupied (investment) properties. We have other program available for owner occupied loans.
Let us help you grow your fix and flip portfolio. Apply now or schedule a call today.
