Essencap Direct Lending - Construction / Fix & Flip / Bridge Loans FAQ

Essencap Direct Lending - Construction / Fix & Flip / Bridge Loans FAQ

Q: What types of properties are eligible for Fix & Flip / Bridge Loans offered by Essencap Funding?

A: Essencap Funding supports a variety of property types for Fix & Flip / Bridge Loans, including:

- Single-Family Residences (SFR)

- 2-4 Unit Properties

- Condominiums

- Townhouses

- Multifamily Properties

- Mixed-Use Properties (considered on a case-by-case basis)

Q: What types of Fix & Flip / Bridge Loans does Essencap Funding offer?

A: Direct Lending - Construction / Fix & Flip / Bridge Loans FAQ

Q: What are the minimum and maximum loan amounts for Fix & Flip Loans offered by Essencap Funding?

A: The minimum loan amount for Fix & Flip Loans is $75,000, with a standard maximum of up to $2 million. Loans exceeding $2 million are available on a case-by-case basis.

Q: Does Essencap lend for construction or repairs?

A: Yes, Essencap specializes in Fix & Flip / Bridge Loans that cover both the property purchase and renovation costs, allowing borrowers to finance the full scope of their project in one loan.

Q: How are construction/renovation funds released?

A: Borrowers submit a detailed renovation budget and timeline during the underwriting process. Funds are disbursed in draws as each stage of the renovation is completed and verified, ensuring alignment with the approved plan.

Q: What is the minimum FICO score required for Essencap’s Fix & Flip / Bridge Loans?

A: Essencap requires a minimum FICO score of 680 for Fix & Flip / Bridge Loans.

Q: What documentation is required for Essencap’s Fix & Flip Loans?

A: Unlike traditional banks, Essencap focuses on real estate experience and practical factors rather than strict income verification. Typical required documents include:

- Sales Contract

- Construction/Renovation Budget

- 2-3 Months of Bank Statements

- Track Record (list of currently owned or previously completed properties)

- LLC Operating Agreement or Articles of Incorporation (if applicable)

No tax returns are required.

Q: Does Essencap lend to companies or LLCs?

A: Yes, Essencap provides financing to a range of business entities, including:

- LLCs

- Limited Partnerships and General Partnerships

- Corporations

Q: Does Essencap lend to borrowers from other countries?

A: Yes, Fix & Flip / Bridge Loans are available to:

- U.S. Citizens

- Canadian Citizens

- Permanent Resident Aliens

- Foreign Nationals

Q: Can I receive financing for a property I plan to live in permanently?

A: No. Essencap offers commercial loans exclusively for non-owner-occupied investment properties.

Q: Is there a prepayment penalty?

A: No, there is no prepayment penalty on Essencap’s Fix & Flip / Bridge Loans, providing flexibility for early payoff upon sale or refinance.

Note: All loan terms, rates, and guidelines are subject to change and individual underwriting approval. Please contact Essencap for the most current information.

Essencap Funding | Direct Lender for Fix & Flip, Bridge, and Investment Property Loans Great Neck, NY | wecare@essencap.com | 888-269-1033 | www.essencap.com

All loan terms subject to approval. Rates and guidelines may change without notice.