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Fix and flip loans
Fix and flip loans in NYC and New Jersey.
Private purchase and renovation financing for investors buying, fixing and selling (or refinancing) property in New York and New Jersey. Term sheet in a few hours, funding within days.
How a fix and flip loan works
Renovation and value-add deals are a classic use of hard money. A fix and flip loan is short-term private financing for an investor who buys a property that needs work, renovates it, and then sells it or refinances it into long-term financing.
In general, a fix and flip loan covers part of the purchase price and often part of the renovation budget. The renovation money is released in draws as the work gets done, usually after an inspection, so you are not paying for funds you have not used yet. The loan is sized on three numbers: the purchase price, the rehab cost and the after-repair value (ARV), meaning what the property should be worth once the work is finished.
You repay the loan when you sell, or you refinance if you decide to keep the property and rent it out.
Property types
- Mixed use
- Multi-family
- Retail
- Office building
- Warehouse
- Industrial
- Self storage
- Assisted living
- Gas station / automotive
- Residential, non-owner occupied
- Land
Purchase + rehab
In general, the loan covers part of the purchase and often part of the renovation budget, released in draws.
Speed
Term sheet in a few hours, funding within days, so you can hit your contract date.
NY & NJ
A Brooklyn lender, lending across New York City, New York State and New Jersey.
Why investors use a private lender
Speed is the point. Banks often take weeks to months and look hard at income and tax returns. A private lender like Brooklyn Bridge Capital looks first at the property, the plan and the exit, which lets us decide and close faster. With us you can get a term sheet in a few hours and funding within days, so you can compete like a cash buyer.
Private money usually costs more than a bank loan because it is faster, shorter-term and more flexible. Every deal is priced on its own, so the honest answer on cost is a term sheet for your property.
What to send for a fix and flip term sheet
Send the address, the purchase price, the rehab budget, your expected after-repair value, your closing date and your exit (sell, or hold and refinance). Photos and a scope of work help. If you have done flips before, mention them. You can request a term sheet in 60 seconds, apply online, or call Shaya at 718.384.5974.
We lend on residential non-owner-occupied investment property as well as commercial property: houses, brownstones, 2 to 4 family homes, mixed use and multi-family buildings. Larger gut renovations and ground-up projects fit our construction loans.
Questions
Related: hard money loans, nyc, construction loans, nyc, bridge loans, brooklyn, Hard money lender, New Jersey. More answers in why private lending, or see how it works and apply online.
Do you do fix and flip loans?
Yes. Renovation and value-add deals are a classic use of hard money, and we lend on them in New York and New Jersey.
How is a fix and flip loan sized?
In general, on the purchase price, the rehab cost and the after-repair value (ARV). The loan covers part of the purchase and often part of the renovation budget.
How is the renovation money paid out?
In draws: you finish a phase, request a draw, the lender inspects, and funds are released. You pay interest only on what has been drawn.
How do I repay a fix and flip loan?
You repay it when you sell the property, or you refinance into long-term financing if you keep it.
How fast can you fund a flip?
You can get a term sheet in a few hours, and funding within days.
Found a flip?
Send the price, the rehab budget and the ARV. Term sheet in a few hours.