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At Legendary Creative Solutions, we offer a comprehensive range of real estate services that cater to your unique needs. Whether you're buying, selling or renting, our team of experts is here to help you achieve your goals. Contact us today to learn more.
Our fix and flip program provides fast, easy, and reliable funding for all types of renovation projects. Ideal for both new and experienced investors, we assist you at every step, from deal analysis to loan payoff. Our services include underwriting, funding, servicing, and construction management, ensuring comprehensive support throughout the process.
Rates Starting at 10.75%
Interest Charged As Drawn
Single Family and 2-4 Unit Multifamily
No Tax Returns Required
Minimum FICO of 650
Up to 70% LTV (75% on Case-by-Case Basis)
No Prior Experience Required
12 Month Term w/ No Prepayment Penalty
A Fix & Flip Loan is a short-term mortgage designed to help you buy and renovate a property. This loan covers both the purchase price and the renovation costs, aiming to increase the property's value. If the property was purchased wisely and the rehab budget and ARV estimates were accurate, once the project is complete and the property is sold, there should be enough funds to pay off the mortgage, cover all project expenses, and leave you with a solid profit.
After the renovations are complete, if you decide to keep the property for long-term cash flow and appreciation rather than selling it, you can refinance the fix and flip loan into a long-term loan with either traditional or private lenders.
As you complete work on your fix and flip project and are ready to draw from your construction line of credit, you need to submit a draw request. This request should detail the budget items approved before closing for which you seek reimbursement. Once submitted, a draw inspection will be scheduled between the inspector and investor to verify that the reported work is complete. After the inspection report is received, reviewed, and approved, you will be notified, and the funds will be wired to your bank account via ACH. With a fix and flip loan, you can use as many or as few draws as necessary based on your project's cash flow needs.
The Fix & Flip program offers various strategies for investors, tailored to the unique aspects of each property and scenario. The chosen strategy depends on the investor's exit plan for the deal, and sometimes multiple exit strategies may be applicable. Some investors opt for minimal renovations, quickly putting the property back on the market to make a fast profit with low construction risk. Other properties might benefit from forced appreciation by adding square footage, either vertically or horizontally, to significantly boost the home's value. Each project is influenced by the investor's preferences, the property's condition, and the local market dynamics.
YES! New investors can secure financing through our Fix & Flip program. Initially, due to limited experience, their loan-to-cost ratio will be lower until they complete more deals. We strongly encourage new investors to build a solid team around them. At Legendary Creative Solutions, we warmly welcome new investors to the world of Fix & Flip and Real Estate Investing. One of the most rewarding aspects of our work is watching new investors successfully complete their first few projects and grow into repeat borrowers who expand and scale their businesses.
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