Fix n Flip Lender – not a broker please
Sidekick REI, LLC embarks on fix n flip single family residential projects in Florida | Georgia | and California. We have a need for a Lender that is licensed in those States that would be interested in establishing, developing, and nurturing a business relationship with us. We understand that everybody under the stars is trying to broker loans, but we are not really interested in that type of relationship. If the broker is knowledgeable of the loan industry, we can make an exception.
As mentioned, we look for deals in Florida | Georgia | California, that we can see a decent return on. There are many factors that have to be considered prior to ever even asking for a loan on any deal.
Fix n Flip Lender that Lends Purchase Price 90% Rehab 10% 60-90 Days Deferred, Interest Only, with no early termination fee. We would desire something around or under 8% Annualized.
Typical fix n flip in Florida will be under $200,000, with a ballpark of $60,000 on the Rehab and a market value that will yield a return of minimum 45% as is purchase price + rehab cost. So if the loan was $260,000.00 all-in, we would like to see a net yield of $117,000. The typical 3 Bedroom 2 Bathroom 1800 sq ft, depending on the level of rehab, should take no more than 45 days, and have it on the market in under 60 days and hopefully under contract in 90-120 days.
Lenders We Like –