Fix & Flip Loans

Fix and flip loans and lines of credit are the perfect way to fund your property renovation. These loans start at $50,000 and can be used to buy the property and then pay the cost of renovating. You can sell the property right away — or you can hold them and rent them out.

Fix and Flip Loans are especially attractive to…

  • Investors who want to buy and renovate quickly. With some exceptions, you must finish the job in 12 months.
  • Investors who have a modest amount to invest. Your cash investment can total 25 percent or less of the purchase and renovation costs combined.

Loan Features

  • Fix and flip Loans are interest only

    While you are buying and renovating — with no rental income — you only have to come up with a minimal monthly payment.

  • You don't need much cash

    You can potentially borrow 90 percent of the purchase price and 100 percent of the rehab costs.

  • Lots of properties qualify

    Besides single-family homes, you also can flip a townhouse, a 2- to 4-unit multi-family, or even a multi-family with more than 5 units (exposure limit only).

  • You can stretch the term

    The maximum loan period is generally 12 months, but you may be able to apply and get additional term extensions, giving you more time to finish your projects.

  • You can buy a property almost anywhere

    We do business in all states except North Dakota, South Dakota, Utah and Vermont.

  • Get funding quickly

    Applying for an exposure limit requires a one-time approval. After that, you can easily submit properties, with little paperwork needed to close on your funds.

Frequently Asked Questions

What's the best option for a pro-flipper like me?

The fix and flip exposure limit is available to investors of all experience levels, however, having more real estate experience will qualify investors for larger exposure limits and better loan terms. Because the exposure limit is designed for pros, the time to approve a borrower is short, and credit is available for repeated use. Plus, credit lines are available for up to 90 percent of purchase price and 100 percent of rehab costs.

How much can I borrow in total?

If borrowing as an individual, you can get a fix and flip loan up to $1MM. If borrowing as an entity, the maximum is capped at $2MM per loan, but the total line can expand to $10MM.

How do you calculate how much I can borrow?

We consider both the loan-to-value (LTV), which measures the fair market value, and the loan-to-cost ratio (LTC), which measures the total cost of buying and renovating. We always choose the lesser of the LTV and LTC calculations, which protects both you and our investors.

Will you lend to foreign nationals?

Yes, but you may be subject to additional background checks and fees.

What kinds of personal credit information are required?

We measure personal net worth, including collecting information about the borrower’s assets and liabilities. If requesting an exposure limit over $4MM, we also ask for income tax returns from the previous year.

Do I have to form an LLC or put my assets in a trust?

No. Fix and flip single loan and exposure limit borrowers may close as an LLC, a corporation, or an individual.

What kind of insurance do I have to buy?

For fix and flip loans, we require Hazard, Builder’s Risk, and Commercial Genera Liability insurance. We also require that borrowers carry flood insurance on properties in a flood zone. The maximum allowable deductible per property is 5 percent of the insured value. Our preferred insurer is Aon Affinity.

Will I be subject to a prepayment penalty?

No. You can pay the loan off before the maturation date at no additional cost.

Will flipping be as easy as it looks on TV?

TV shows are for entertainment only, but we’re the real deal. We know the real estate investment market, and we’ll work with you to make sure your project is handled quickly and efficiently. Along the way, we’ll make sure you have the opportunity to meet qualified settlement companies, knowledgeable permit expeditors, and other vendors who will help you be successful.

Why Finance of America Mortgage?

We’re not about pushing loan papers. We’re about moving your dream forward. And we do that through knowledgeable local advisors, a personal approach, and a variety of smart loan options.

Learn More About Why Finance of America Mortgage?


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