Fixing the Roof

Thank you for the opportunity

Fix N Flip loan

Fix and flip loan is designed to provide leverage for 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 typical close on the funding transaction 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 simply 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, final value is based on your scope of work. 

 

3) Underwriting and title process. ​

 

4) Funding

Loan Submission Instruction

1. Please fill out and sign attached 1003

 

2. Copy of ID (Driver License preferable)

a. For non-US citizen, please provide green card.
b. Foreign national please provide travel visa.

 

3. Please sign off on credit authorization
 

4. If this is purchase, please provide purchase contract. Refinance, provide most recent mortgage
statement.

 

5. A list of experience on the house address that you have purchase and sell.
 

6. A line item of the renovation budget. Per attached budget
 

7. Borrower assessment of current value and as completed value.

Below is requirement for closing.


8. If this is a refin, please provide pay off letter.
 

9. Most recent real estate tax statement
 

10. Most recent bank statement, we need to see 2-month worth of PITI (Payment, interest, tax and insurance).


11. We will order appraisal with a third party. You either pay the third party directly, or Essencap
can collect the payment.

a. A USPAP and FIRREA compliant appraisal will be required for all parcels.
b. SFR properties require a 1004 appraisal with a 1007 comparable rent schedule
c. Duplex, triplex, and fourplex properties require a 1025 appraisal form
d. Condos require a 1073 appraisal form

 

12. If the property is under entity, please provide state registration, certificate of good standing,
corporation document, IRS Letter of EIN

 

13. Please order title, or Essencap can order.

Personal Financial Statement

Sample Budget

Computer Store

Sample Track Record

Fix and Flip Loan Questionnaire 

​​​​© 2020 by Essencap (trademark)

Phone:       888-269-1033

Hours:        9:00 to 5:30 Monday - Friday

 

Email:         wecare@essencap.com

Address:    45 Middle Neck Road, Suite 220,

                    Great Neck, NY 11021

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