Buying, renovating, and reselling homes can be a great source of income. However, it takes sufficient capital to fix and flip a home. You need cash to purchase and renovate the property. You need cash to pay for all the taxes, utilities, insurance, and interest accrued from the time of purchase, through renovations, and up until the day you sell or rent it.
Finding financing for your fix and flip can be potentially be tricky, cumbersome, and a long process with traditional banks. Plus, many traditional lenders have a lot of prerequisites, require a lot of paperwork, can be slow and not to mention many borrowers fail to qualify.
A hard money lender on the other hand has expertise with these types of projects and specialize in funding fix and flip loans – quickly, with flexibility, and dependability.
A fix and flip loan, or sometimes called a rehab loan, can help with the purchase, refinancing or renovation of a real estate investment property. The borrower receives payment at closing and the remainder of the loan is paid out in installments as the renovations are completed. In most cases, lenders will use the property as collateral for the loan, and underwrite the project by comparing the size of the loan to the value of the property after repair (i.e, “After Repair Value” or “ARV”).
Great deals go quickly! Choose a hard money lender who understands your project, is quick, flexible and dependable – choose Walnut Street Finance.
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I’m now working on my second project with WSF. The loan process for both was fast and easy. My second loan closed exactly four days after I brought them the deal. Looking for another deal now!Chris J.Washington, DC
The WSF team has been fantastic and hands-on the whole way. They have been easy to work with, and have given me tips on everything from roofing to sod, then helped me find a great local realtor and stager. A great partner.John G.Vienna, VA
I have worked with Walnut Street Finance on two deals in DC. Our first property is under contract above asking price, and we're underway with the second. The Walnut Street Finance team has been very helpful and done everything possible to help me succeed.Andy S.Alexandria, VA