Name 2 types of loan programs for Fix and Flip

[Rex Celle]

BP Community, I am in the process of identifying a target property to acquire, fix and sell on the open market, and I am interested in your thoughts around the best programs to accommodate the following: low down payment, low interest rate, 20 to 30 year amortization, 12 month project timeframe, and a consolidated loan for both acquisition and repairs. The best program I've seen so far is the FHA 203K program, however the buyer cannot be an investor - instead must intend on living in the property. Would love to hear your thoughts on fair loan programs for strictly investors like us... Thanks, Rex

[Caleb Jordan]

Originally posted by @Rex Celle:

@Caleb Jordan thanks for that perspective Caleb, I will look into your suggestion further. DTI should not be an issue nor will credit score or income, etc. And yes, I am looking to put this under my LLC. I just want to make sure that when I'm ready to pull the trigger on a property I've got the banks and programs behind me to choose from depending on the deal.

Your welcome! Portfolio lenders, commcercial and hardmoney will probably be best options if you are closing in name of LLC. They will not need to look at income or dti as much if at all. But you probably will pay higher rates. However they generally can close faster than conventional so it can give you a competitive edge with the right seller.