Fix & Flip Loan Term Sample

This is a sample of loan terms for informational purposes only.

Definition of Terms

Property Details

Property Address: 123 Main Street, Anywhere, GA 12345

Loan Purpose: Purchase

Loan Type: FixNFlip

Property Type: Single-Family Residence (SFR)

Number of Properties: 1

Loan Terms Summary

Estimated Loan Amount: $157,500

Interest Rate: 11.450%

Origination Fee: 1.250%

Loan Term: 13 Months (Interest Only)

Initial Payment: $1,217

Payment Once Fully Drawnt: $1,503

Borrower Information

Primary Sponsor: Scotty Jordan

Entity Name: The Bulls LLC

Qualifying FICO Score: 720

Loan Guarantee: Full Recourse

Leverage Calculations

Blended Loan to Cost (LTC): 90.00%

Rehab Budget LTC: 100.00%

Currently Projected ARV: 52.50%

Max Allowable ARV: 70.00%

Loan Structure Summary

Estimated ARV: $300,000

Purchase Price: $150,000

Construction Budget: $30,000

Existing Payoff: $0

Total Loan Fees & Costs: $6,469

Estimated Loan Amount: $157,500

Estimated Cash Due at Closing: $28,969

*Cash to close does not include title fees or construction due diligence fees.

Loan Costs (Paid at Closing)

Origination Fee: $1,969

Underwriting and Processing Fee: $1,350

Legal Fee: $0

Broker Fee: $3,150

Broker Processing Fee: $0

Projected Total Loan Costs*: $6,469

*Subject to change due to Lender's incurred underwriting expenses.

Loan Costs (Paid Outside Closing)

Upfront Valuation Fee: TBD

Draw Fee (Per Property Inspected): $199

*Draw fee will be netted against draw proceeds.

Additional Information

An approved general contractor may be required for new construction or heavy rehab loans. Permits may also be required before any draw is approved.

Disclaimer: This is for informational purposes only and is not a commitment to lend.

ACH payments are required on this loan. An ACH form will be provided in the loan package signed at closing. If you cancel ACH payments after closing, a fee of $100 will be added to the monthly payment.

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Want to know a little more? Check out our blog post Fix and Flip Loans: A Beginner’s Guide to Financing Success