Miami Home loan, and Element Funding, direct lending mortgage bank, added another oney making program to their offering. The “Fix-and-Flip Program” gives a investors way to buy an investment property, repair or upgrade the house, and, Flip-IT! Jim Carter, senior loan officer, reports on the details of the program.
So, we have a fix-and-flip program that is perfect for investors or borrowers looking to fix-and-flip houses!
Here are the details:
Max units to fix: Max number of properties they can currently own is 20, and as long as they do our loans as fix and flip, they can do as many as they want per year (max 3 at any one time). They would need to put down 25% and prove they have reserves to fix the property up.
Loan Terms and Type: The program loan term is a 30 YR amortization using a 7/1 Hybrid ARM. The index is a 1 year CMT. It is a 2% initial change cap/2% annual Cap/6.0% Life Cap. The starting rate is 9.49%.
Loan Amounts: The minimum loan amount is a $100,000, up to a $2MM loan amount. Loan amounts greater than $1MM require senior management approval. The also require a 650 minimum FICO score. We can use lower scores, but, the LTV’s would be adjusted lowered depending on the score.
Loan Documents Needed:
* This is a currently NOT a stated income program
* All standard DU required docs
* Standard replacement cost insurance required
* DTI up to 50%
* Verified assets (if applicable)
So, if you need a Miami Home Loan, to fix-and-flip a property, or to discuss other financing options, please call me, Jim (James) Carter, from Element Funding, at 305-525-6742 to help you get the best financing solution. Let’s get started! We at Element Funding, will help you with an exceptional Miami Home Mortgage.