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
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. email@example.com 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.
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.
Limited Partnerships, General Partnerships
Q: Does Essencap lend to people from other Countries?
A: Our Fix & Flip loans are available to the following borrowers:
Permanent Resident Aliens
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