How to Close Fast on a First Time Fix & Flip Loan?
Closing a fix and flip loan quickly requires preparation, communication, and documentation. Here are some tips to help you close a first time house flipping loan quickly and efficiently:
Prepare financial documents: This includes your credit report, W-2, 1099’s, 2 years of tax returns, 6-12 months of bank statements, and any other relevant financial documents.
Get pre-approved: Before you start your property rehab search, get pre-approved for fixer-upper financing. This will show the lender that you are a serious borrower and can help speed up the process.
Choose the right lender: Look for a hard money lender who specializes in fix and flip loans. They are more familiar with the process.
Respond quickly: Not responding quickly slows down the loan process.
Provide a detailed plan: Timelines, budgets and scope of work. This gives lenders confidence in your ability to execute the project & repay the loan.