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Fix & Flip Loan FAQ’s

Updated: Nov 13, 2022

Essencap Direct lending

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

A:  The following property types are eligible for our fix and flip / Bridge Loans:

  • Single Family Residence (SFR)

  • 2-4 Unit Properties

  • Condominiums

  • Townhouses

  • Multifamily

  • Mixed Used (case by case basis)

Q:  What type of Fix & Flip / Bridge Loans are offered by Essencap Funding?

A:  Essencap offers Fix & Flip / Bridge Loan rates start as 10.5%. All rates are based on the individual property and borrower.  Contact us to learn more. or 866-269-1033.

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

A:  Essencap Fix & Flip loans have a minimum loan amount of $75,000* and a maximum loan amount up to $2 Million. Over $2 million case by case basis.

Q:  Do you lend on construction or repairs?

A:  Yes, Essencap specializes in providing Fix & Flip / Bridge Loans that include both the purchase and repair costs as part of the loan.

Q:  How would the construction loan money being release?

A:  During the underwriting process, borrower will submit a budget plan. Based on the budget plan and the timeline, as each stage of renovation is completed, the money will release accordingly.

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

A:  Essencap's Fix & Flip / Bridge Loan has 680 FICO requirements.

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

A:  We look at things very differently than a bank and rely mostly on your real estate experience and other common sense factors when making decisions.

Essencap will ask for the following documents for Fix & Flip / Bridge Loans.

  • Sales Contract

  • Construction Budget

  • 2-3 Months Bank Statements

  • A list of Properties You Currently Own or Have Completed – Track Record

  • No tax return require

  • LLC Operating Agreement or Articles of Incorporation

Q:  Do you lend to Companies or LLC’s?

A:  Yes, we lend to corporations or LLC’s.

  • LLC’s

  • Limited Partnerships, General Partnerships

  • Corporations

Q:  Does Essencap lend to people from other Countries?

A:  Our Fix & Flip loans are available to the following borrowers:

  • U.S. Citizens

  • Canadian Citizens

  • Permanent Resident Aliens

  • Foreign Nationals

Q:  Can I receive financing for a residence I’m looking to live in permanently?

A:  No.  Essencap provides commercial only loans that are non-owner occupied (investment) properties.

Q:  Is there a Prepayment Penalty?

A:  No, there is no Prepayment Penalty on our Fix & Flip / Bridge Loans.

Rate reference is based on August 8, 2020

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1 Comment

Aug 09, 2020

That's very impressive

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