One of the most popular ways to earn from real estate investments is by flipping houses. You purchase a property, renovate or fix it then resell it at a higher value. However, this is easier said than done and most investors and developers in this line of business always find it hard to get funding for their projects.
Looking at the various financing options available for house flippers, applying for a fix and flip loan is the most sound option. There are also other existing means where an investor can secure funding, but the fix and flip loans from private money lenders can provide better benefits.
Let us take a closer look at the top three reasons why a fix and flip loan is way better compared to other funding sources:
Faster closing and fund availability
Fix and flip loans can provide the borrower a quicker close time compared to traditional bank loans. When you apply for a regular bank loan, the whole process can take at least a month. When you decide to go to a private lender for fix and flip loans, you can get approved in as fast as one day and can get your funds in 7-10 days.
More convenience and less hassle
Bank loans can drag for a long time especially if the bank demands a lot of documents and requirements so that you can start applying for a loan. They also have a lot of restrictions which gives them the authority to appraise your property and only grant you the amount they deem suitable. With fix flip loans, you have a streamlined process with fewer requirements and a team of professionals to guide you.
Loans are focused on the business, not the borrower
Traditional loans usually look first into the credit history and the resources of the borrower. This makes it hard for first-time flippers to secure the funds and also discourage a lot of experienced flippers. With FixFlipLoans.com, the success of your business comes first that is why we make the application simpler, the requirements lesser and the whole process easy for the clients so they can get things done as soon as they can.
House flipping is now a lucrative business and if this is your passion, then access to funding should not be a hindrance. Understanding all available options will give you the knowledge to make the right loan for your fix and flip business.