Fix N Flip loan
Fix and flip loan is designed to provide leverage for an investment property that needs works. The plan for our borrower is to fix the property and sell it. And most importantly you keep all of the profit. We make the financing easy, we typically close on the funding transaction in under 10 to 15 days. Our loan is to provide funding for the property purchase plus funding for the renovation. So you don't have to worry about investment capital.
Essencap is the direct lender in the fix and flip. The funding process simple and strength forward.
1) Contact us. Best for us to understand your project scope. Keep in mind we are here to serve you.
2) Document Collection & Review. We conduct credit & background check. We gather Real Estate Experience & Personal Financial Statement. We order the Appraisal Report, the final value is based on your scope of work.
3) Underwriting and title process.
Loan Submission Instruction
1) For pre-approval please fill out the intake form.
2) For process we need the application per below.
2) Copy of ID -Driver License/Passport
For the non-US citizen, please provide a green card
Foreign nationals please provide a travel visa.
3) Please disclose the borrower's credit condition such as credit score and condition
borrower is require to e-sign e-consent and credit authorization
5) If this is a purchase, please provide a purchase contract.
Refinance, provide the most recent mortgage statement.
6) Review of borrower experience, please fill out the below track record link.
7) Line items of the renovation budget. Per attached budget
8) Borrower assessment of current property value and as completed value.
9) We request third party report such as appraisal, feasibility study, title, and insurance.
10) We fund!