AT FUND YOUR NEXT FLIP, WE DO MORE THAN JUST LOAN MONEY
We are truly “Your Partner” from the beginning to the end of your project. We provide lending and real estate expertise along with a variety of exit strategies. We are invested with you, so your flip doesn’t flop!
WHAT FYNF PROVIDES TO HELP YOU:
Education on Real Estate Financing
Evaluation of Property and Surrounding Market
Sounding Board on Exit Strategy
Combined 40 Year Lending and Real Estate Experience
3 points origination (3.00%) (depends on deal and location)
Appraisal or Property Inspection Fee: $450 on average (paid in advance).
Loan Processing Fee: $750
Credit Report Fee: $40 ($45 for Joint)
Flood Certificate Fee: $20
Wire Fee: $75
*Interest Rates starting at 13% (interest-only payments)
Loan not to exceed 75% of ARV for Fix & Flips, 70% ARV for Fix & Rental.
A mortgagee’s title policy is required.
An insurance policy is required on all loans for the term of the loan.
6 month term.
2 month optional extension (extension fees may apply).
Minimum Credit Score of 650
Minimum of $15,000 or more in a Checking, Savings, IRA and/or 401(k) account
No Recent Bankruptcy or Foreclosures (subject to review by FYNF)
First Liens Only
Single-family, 2-4 unit, townhomes (no condominiums or manufactured homes).
Appraisals must be ordered by FYNF and performed by a third-party appraiser.
Properties should be located in or around : St. Charles County & St. Louis County.
FYNF reserves the right to adjust advance rate requirements as deemed necessary.
All appraisals will be based on After-Repaired Value (ARV).
Appraisals will only be ordered by FUND YOUR NEXT FLIP.
Borrower MUST provide a minimum 6-month insurance policy to be paid in full at closing. Borrower’s insurance agent should provide a certificate of insurance or evidence of insurance, including invoice, to our processing department prior to closing.
Dwelling only coverage must include vacancy and vandalism riders.
A builder’s risk policy is recommended for rehabs but not required.
If a borrower has a blanket policy, the insurance agent must provide proof of insurance showing the addition of the new property and showing proof of in-force blanket policy.
Replacement cost coverage is required.
***The lender must be named as loss payee and additional insured.