Flipped a house but struggling to refinance?
Banks giving you the runaround?
Here’s what they don’t tell you about refinancing after a fix-and-flip!
1. Choose the Right Refinance Strategy
Rate-and-Term Refinance – Lower your interest rate or change loan terms.
Cash-Out Refinance – Pull equity from the property for your next deal.
DSCR Loan – Great for rental conversions; based on property income, not personal income.
2. Meet Lender Requirements
Seasoning Period – Some lenders require 3–6 months of ownership before refinancing.
Appraisal & Property Value – A new appraisal determines your property’s loan-to-value (LTV) ratio.
Debt-to-Income Ratio (DTI) – For traditional loans, your personal income may be considered.
3. Gather Documentation
Settlement statement from the flip.
Renovation costs and receipts.
Lease agreement (if converting to rental).
Bank statements and credit score check.
4. Work with the Right Lender
Hard money lenders might transition you to a long-term loan.
Banks and credit unions may offer lower rates but stricter requirements.
Private lenders can provide flexibility with fewer income verification requirements.
5. Lock in the Best Terms
Shop around for the lowest rates and best LTV.
Ensure closing costs don’t eat into your profits.
Consider interest-only or adjustable-rate loans if planning another flip soon.
Don’t let financing hold you back!
DM me ‘REFI’ and I’ll show you the best ways to refinance your flip without getting trapped in lender red tape!
Banks giving you the runaround?
Here’s what they don’t tell you about refinancing after a fix-and-flip!
1. Choose the Right Refinance Strategy
Rate-and-Term Refinance – Lower your interest rate or change loan terms.
Cash-Out Refinance – Pull equity from the property for your next deal.
DSCR Loan – Great for rental conversions; based on property income, not personal income.
2. Meet Lender Requirements
Seasoning Period – Some lenders require 3–6 months of ownership before refinancing.
Appraisal & Property Value – A new appraisal determines your property’s loan-to-value (LTV) ratio.
Debt-to-Income Ratio (DTI) – For traditional loans, your personal income may be considered.
3. Gather Documentation
Settlement statement from the flip.
Renovation costs and receipts.
Lease agreement (if converting to rental).
Bank statements and credit score check.
4. Work with the Right Lender
Hard money lenders might transition you to a long-term loan.
Banks and credit unions may offer lower rates but stricter requirements.
Private lenders can provide flexibility with fewer income verification requirements.
5. Lock in the Best Terms
Shop around for the lowest rates and best LTV.
Ensure closing costs don’t eat into your profits.
Consider interest-only or adjustable-rate loans if planning another flip soon.
Don’t let financing hold you back!
DM me ‘REFI’ and I’ll show you the best ways to refinance your flip without getting trapped in lender red tape!
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