Houston Fix and Flip Loans
Houston flip and flip financing for flipping a house.
Curlee Capital LLC helps investors flip properties in Houston, Texas. We have a vast network of private money lenders willing to finance distressed properties. Our 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 Loan Terms
Here are the loan terms for a fix and flip loan in Houston, Texas.
Minimum Loan Requirements for Fix & Flip Loans
These are our minimum loan requirements to purchase, rehab and flip a property in Texas.
Min. Credit Score: 660
The minimum credit score to get approved for a fix and flip loan is 660. A private money 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 loan will be based on the borrowed loan amount, after-repair value, rehab costs and the Houston 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 loans generally require a minimum 10% down payment on the purchase price of the property.
FAQ for House Flipping Loans in Houston
Is an appraisal required for a fix and flip?
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 hard money loan. However, a home inspection will be required to confirm the condition of the property.
What is after-repair value?
Lenders will 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.
Is flipping houses profitable in Houston?
Houston stands out as a great hub for investment. Especially for seasoned real estate investors. It’s a diversified economy with significant population growth. Houston has a stable job market and does not have a state income tax. The city is usually resilient to economic downturns and benefits from Texas’s investor-friendly regulations. According to Zillow housing price index data, 19.2% of all Houston homes have sold over asking price.
Do you need a license to flip houses in Houston?
A house flipping license is not required to buy and rehab homes in Houston, Texas. While you do not need a real estate license or a real estate agent to flip a house, it’s a good idea to hire one. A Houston real estate agent can calculate comparables, after-repair values and help you find some off-market deals.
How much money do you need to fix and flip a house?
Fix and flip financing depends on your credit score, after-repair value and market risk. Expect the down payment to be a minimum of 10% and up to 90% in financing.
For example, you will have to provide a minimum down payment of $10,000 on a $100,000 investment property. Additionally, you’ll need funds for the rehab itself.
How much money do you need for rehabbing a house in Houston?
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 specializes in Houston fix and flip loans. We’re part of the Real Estate Council in Austin, Texas (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 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 for Houston Fix & Flip Loans
Contact us for a fix and flip loan in Houston, Texas.
Contact us to get:
- Free consultation
- Houston area expertise
- Less than 1 hour response time
- Up to 75% ARV
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