Top Choices for Financing Your Flips
Top Choices for Financing Your Flips
Short-term real estate investors have to navigate a number of different challenges when it comes to fix and flip funding. Capital is necessary to purchase the home, but it's also necessary for renovations. When it's time to buy a property, fix it up and sell it for a profit, you need to know where to get your funding from.
Using a Fix and Flip Loan
One of the major sources of funding for flips is a fix and flip loan. These come in a variety of forms including:
Hard Money Loans - These are great for all flippers needing quick money, but expensive.
Home Equity Line of Credit - Works well for flippers using an owner-occupied home as collateral.
Cash Out Refinance - A great way to use equity to invest in a new property.
Long-Term Bank Loans - A good choice for buy-and-hold investors, but not great for short-term fix and flip projects
While a loan may seem like the obvious answer, it's not always easy to get the money you need from a bank or conventional mortgage lender.
Partners
Another option is to partner with someone or with a group willing to fund the projects. Sometimes, you can partner with your attorney, doctor or even an investor in the stock market for the funding you need. However, this usually means you will have to split the profits, but it can get you the funding you need to buy and renovate the property.
Transactional Funding
A shorter-term loan used by fix and flip investors, transactional funding provides the necessary funding to acquire and quickly wholesale a property. The loan is usually for hours or days and is one of the easiest to obtain. Transactional lenders will usually fund 100% of the acquisition costs, and closing costs. No credit, appraisal or asset verification may be needed.
Top Funding News
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"I want thank you for the excellent service I received from Best Transaction Funding.The quick response I received from your company from the beginning of the transaction and to the end was unbelievable. I also want to give a special compliment to you as well. You went to great lengths to keep me informed and gave my title company all the information they needed to complete a successful closing. I cannot express how thankful I am. Such service builds great working relationships. I will definitely recommend Best Transaction Funding to all my fellow investors. Thank You."
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- Dave Pricken, Real Estate Investor, NJ
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"We had looked into several transaction lenders for a couple properties we were trying to flip. Your company was the most responsive and had the best pricing. Even though we had logistics issues with the B/C lender, your company acted very professionally and handled our requests beyond our expectations."
"Thank you for your commitment to an excellent customer experience."
- Phoenix Properties, LLC, Ronald Destefani, Investor, PA
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- La'Donna Turnipseed-Scott, Investor, LA
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- Ericka B., Real Estate Investor, CA
