Austin Fix and Flip Loans
Fix and flip financing for real estate investors in Austin, TX
We help real estate investors purchase, rehab and flip real estate properties in Austin, 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 Loan Terms
Here are the loan terms for a house flipping loan in Austin, Texas.
Minimum Loan Requirements for Fix & Flip Loans
These are our minimum loan requirements to purchase, rehab and flip a property in Austin, 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 Austin 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 Austin
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 Austin?
Austin, Texas is a house flippers dream. According to Zillow, Austin was projected to be the nations hottest housing market in 2021. With landlord-friendly laws and no state income tax, this makes Austin an ideal candidate for real estate flippers.
The risk of tornado damage in Austin is higher than in other parts of Texas. Therefore, Austin provides a steady flow of flooded, tornado damaged, burned down or run down properties. Making it easy to locate good properties to flip.
Do you need a license to flip houses in Austin?
A special license is not required to flip homes in Austin, Texas. However, it’s a good idea to purchase and keep the property in an LLC rather than your personal name. You do not need a real estate license to purchase or sell a renovated home in Austin.
How much money do you need to fix and flip a house?
Fix and flip loans are a form of short-term bridge financing. Therefore, they tend to follow similar standards. Bridge loans offer up to 90% loan to purchase price or otherwise known as 90% LTC.
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 Austin?
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 fix and flip loans in Austin, Texas. 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 Austin 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 a Fix & Flip Loan
Contact us for house flipping financing in Austin, Texas.
Contact us to get:
- Free consultation
- Fix & flip expertise
- Less than 1 hour response time
- Up to 75% ARV
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