Property Flip Mortgages
Our brokers within MMG Mortgages specialize in financing residential property flips and renovation projects for first time investors and full time real estate investor professionals.
We have the knowledge, experience and expertise to assist you in making educated and profitable real estate investment decisions.
There are specific mortgages available for Flip Financing which allows up to 80% of the after-renovated value, which means you can put as little as $10,000 down, and keep the rest of your capital to renovate and resell or refinance the property.
Our partners would conduct an appraisal after receiving a list of improvements/quotes for the prospected renovation to determine the as-complete value.
In most cases, these purchases can be bought with very little conditions and quick turnaround time for quick closings.
These mortgages can be fully open, without prepayment penalties.
The interest rates are higher (typically ranging about 4-5% higher then standard mortgage market rates with monthly interest only payments. The higher rates are due to the nature of the file, riskier transaction with lending on an after-market renovation and knowing that flip financing should be a short term loan and off the books in a timely manner.
Our lender will lend in 1st or 2nd position with the same terms.
Our lender will use your own lawyers to limit the legal costs.
Start to finish, our lenders can fund with as little as 72 hours with limited documents required.
This product also works great for interim/bridge financing, renovations, or to solve other short-term problems before you sell or you refinance into a new first mortgage.