Fix and Flip Loan Lender Changed Need Help ASAP. Help Now. thk
Lender changed guideline have all docs. They were 90% of cost. Investor has the assets has done 3 loans has rental properties. This is a good deal. Purchase Price $67,000, $84,675 Appraisal is $205,000. Need help ASAP. This is a fix and flip loan
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Fred this will be the new norm. 80% of the purchase price. Still provide rehab funds. Probably will turn down extensive rehab unless you have 10+ flips under your belt. points and fees around 2-3 and rates around 10%. With these small loan sizes you'll also hit a hefty minimum origination likely around 4K. Honestly investors should be getting price reductions themselves. This stuff rolls downhill. Sellers for sure understand the market is changing. If it's a killer deal (and if you are buying right now it better be) it's worth the additional lender costs.