Dallas Fix and Flip Lender
Dallas hard money lender offering fix and flip loans.
We help real estate investors fix and flip properties in Dallas, Texas. Our network of private money lenders offer competitive rates on hard money loans. Loan terms:
- Interest only loans
- Rates start at 9.25%
- Up to 75% ARV
- Up to 90% LTC
- 12, 18 and 24 month terms
Benefits of working with us:
- Fast closings
- No unnecessary paperwork
- No personal income verification
- No personal tax returns
- No hard pull on credit score
- Minimum credit score 660
Fix and Flip Lender Terms
Here are the loan terms for fix and flip lenders in Dallas, Texas.
Fix & Flip Lender Requirements
A Dallas fix and flip lender will have the following loan requirements for house flipping loans.
Min. Credit Score: 660
The minimum credit score to get approved for a fix and flip loan is 660. An Dallas fix and flip lender will start by running a soft pull on your credit report. Higher credit scores usually translate to lower interest rates.
Min. Loan Amount: $75k
The minimum investment property loan amount is $75,000.
Minimum Documentation
- TX Driver’s License or State ID
- TX Certificate of Formation
- TX Articles of Organization (LLC)
- LLC Operating Agreement
- EIN Number or Letter
- TX Certificate of Fact
Rehab Costs
While rehab costs are financed up to 100%, you still need cash on hand. This is because lenders won’t release the funds until the work is completed. Rehab draws can be requested in multiple draws or a single draw.
Ability to Repay the Loan
Ability to repay the Dallas lender will be based on the borrowed loan amount, after-repair value, rehab costs and the Texas real estate market. If the after-repair value (ARV) is more than the purchase price, construction costs and monthly interest payments, then the lender will typically approve the loan.
Minimum Down Payment
Fix and flip lenders generally require a minimum 10% down payment on the purchase price of the property.
FAQ for House Flipping Lenders in Dallas
Is an appraisal required for a fix and flip lender?
No, in most cases an appraisal is not required. Since most fixer uppers are damaged in some kind of way, an appraisal isn’t necessary for a lender in Dallas. However, a home inspection will be required to confirm the condition of the property.
What is after-repair value?
Texas lenders tend to use local comparable properties to predict what the after-repair value is after renovations have been completed on the subject property. They will take into account the materials you plan on installing, such as granite. Additional square footage or bedrooms increase the after-repair value (ARV).
Is a general contractor required for fix and flips?
Yes and no. A general contractor is required to do the work or sub-contract the rehab work. However, you are able to do some or all of the work providing you pull a permit when necessary.
What fees do Dallas house flipping lenders charge?
Every Dallas lender is different. However, you can expect to pay up front application fees, origination fees, broker fees which are a industry standard, closing costs (standard), pre-paid interest and other third-party fees.
Good Dallas hard money lenders will not require appraisal, however there are some cases where they’re required. Depending on your credit score, you may have to go with a Dallas lender that requires an appraisal to minimize risk.
Do you need experience to flip homes in Dallas?
Flip experience is not required to flip homes in Dallas, Texas. However, it may help you get approved for a hard money loan if you have flipped more than 3 properties in the last 2 years.
What if I flipped a Dallas home in my personal name?
While, Dallas lenders don’t require flipping experience, a flip track record form may be requested to get better interest rates. Dallas real estate flipped in your personal name will count towards your flip experience.
How much money do you need for rehabbing a house in Dallas?
You can expect to have construction costs, such as labor, material costs, general contractor costs, permits and other rehab costs. These costs will be financed, but only after you complete the rehab work. Meaning, you’ll have to pay for the rehab upfront and then submit “draw requests” to release the funds to your bank account.
Is there interest on undrawn rehab funds?
You only pay interest after rehab funds have been released. There is no interest on undrawn funds. In other words, you will pay interest until you submit a draw request and the lender confirms the work has been completed.
Curlee Capital LLC
Curlee Capital LLC works with many Dallas fix & flip lenders. We’re part of the Real Estate Council in Austin (RECA), Austin Chamber of Commerce and many other real estate associations across the United States. We proudly maintain an A+ rating on Better Business Bureau.
We work with dozens of Texas private lenders and have access to all types of Dallas flipper loan programs. Every lender has a different risk tolerance and approves different borrowers. Our expertise is in matching a borrower to a lender who will approve a loan with the best loan terms and interest rates for that specific scenario.
Get Pre-Approved with a Fix & Flip Lender
Contact us for house flipping financing in Dallas, Texas.
Contact us to get:
- Free consultation
- Lender expertise
- Less than 1 hour response time
- Up to 90% LTC
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