This home was not eligible for financing through Fannie Mae, Freddie Mac, or FHA because the former owners took a lot of the fixtures from the home. Things like the kitchen, bathroom, A/C unit, hot water tank, wiring, pipes, etc. were removed. We actually see this every few months when the listing says “Cash Offers Only” due to the home’s ineligibility for conventional financing. Then an experienced house flipper like our client comes in with a hard money fix and flip financing and gets started on the rehab. This makes the home move-in ready for the next owner who will most likely be using conventional financing to complete the sale.
Southern California Hard Money Fix and Flip Financing In Riverside Terms:
- $165,000 Loan Amount (85% LTV)
- 11.00% Interest-Only
- $1,512/Month Payment
- 12-Month Term
- No Prepayment Penalty
- Closed in 5 days