FIX & FLIP LOANS

Stormfield’s fix & flip loans are  designed for real estate investors looking to acquire, renovate, and resell properties within a 6-18 month window.

PROPERTY TYPES: 1-4 family, non owner-occupied

LENDING AREA: Northeastern and Mid-Atlantic USA focused, but will consider all major cities nationally

LOAN SIZE: From $150,000 to $1,000,000

LOAN TERM: 12-18 months

AMORTIZATION: Interest Only

INTEREST RATE: 8.99% – 11.99%

LOAN-TO-VALUE: Up to 65% of the “as repaired” or “as completed value”

ORIGINATION FEE: 1% – 2% of the loan amount

PREPAYMENT PENALTY: No Prepayment Penalty

MIN FICO: None

RECOURSE: Typically, there will be recourse to Sponsors

EXPENSE DEPOSIT: Adequate to cover third-party reports, legal fees, and customary expenses

CLOSING TIME: Typically within 10 business days