Question 1

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

Accepted Answer

Essencap Funding supports Single-Family Residences (SFR), 2-4 unit properties, condominiums, townhouses, multifamily properties, and mixed-use properties (considered on a case-by-case basis).

Question 2

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

Accepted Answer

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.

Question 3

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

Accepted Answer

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

Question 4

Does Essencap lend to companies or LLCs?

Accepted Answer

Yes. Essencap provides financing to a range of business entities, including LLCs, limited and general partnerships, and corporations.

Question 5

Is there a prepayment penalty?

Accepted Answer

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