- Why Midland
- Review Us
Do you dream of flipping a house? Property flipping is not for the meek, and it’s not for the financially unprepared. Having someone finance your project is a great way to go, but if you need a loan by yourself, there are some options for fix and flip loans to get you started.
A hard money loan is one of the easiest fix and flip loans you can get. Even with less-than-stellar credit, you could qualify for a hard money loan for flipping a house. Hard money loans are privately funded, so the drawbacks are higher interest rates and using the property as collateral.
Do you currently own a property with at least 15% equity? If yes, this is another option for a property-flipping loan. The equity in your property secures the investment property loan. The good news is that it’s affordable with competitive rates and long repayment terms, however, you risk losing the property you already own if things go wrong or you don’t recoup your investment.
This loan has the greatest flexibility regarding terms and is often the most affordable, offering the best rates. The kicker here is that you’ll have to show evidence that you have experience flipping properties to secure the loan.
The first thing you need to do if you want to do any kind of property flipping is to get your ducks in a row. Have a business plan, understand the costs associated with investment properties, have a team of experts in place to do the work you can’t do yourself, and have a property in mind that you want to flip. And have a team of lending professionals in your corner. Contact Midland Mortgage Corporation today to learn more about your loan options for flipping a house.