Bank Financing for Fix and flips

[Deadrick Colbert]

Are there any banks that fund fix and flip properties?

[Mike Wood]

FYI, after construction is finished, I turn the loans into permanent residential loans that are sold off to Fannie/Freedie at 75% LTV (loan to value), which pays off the construction loan.

My local bank (I dont even bother dealing with the big banks) is 1 point origination fee, $500 inspection fee (to release progress payments) at variable interest rate that right now is 4.25%.

I would suggest calling some local banks on the phone to see which ones would do that loans, then going down and talking with them.  I found that the banks that would do construction loans on 2-4 unit properties were very helpful.