Fix & flip Loans

How does fix and flip financing work?

1. Find the property. Identify a home that needs repairs and can be worth more once the work is done.
2. Build the plan. Put together a scope of work, a renovation budget and a timeline.
3. Apply and qualify. Your lender reviews the property, the plan, your credit and your finances.
4. Close and renovate. Purchase funds are provided at closing; renovation funds may be released as work is completed.
5. Sell or refinance. Sell the finished home, or refinance into longer-term financing if you plan to hold it as a rental.

Who is a fix and flip loan a good fit for?

• Investors buying distressed or outdated homes on Cape Cod and the South Shore
• Builders and contractors who want to move quickly on a deal
• Buyers who plan to renovate and then hold the property as a rental
• Local buyers who want one lender who knows the market and the towns

What do lenders look at for a fix and flip loan?

Every deal is different, but lenders generally review these items:

• The property: its condition, location and value after repairs
• The project plan: scope of work, budget and timeline
• Your experience: past projects, or the team you’re working with
• Credit and financial strength: including cash available for the down payment and reserves
• Your exit plan: how you’ll sell or refinance when the work is finished

Why work with Team Steenstra on your flip?

Eric has helped families and investors across Cape Cod and the South Shore for years and is ranked among the top 1% of loan officers nationally. You get a local team who knows the Cape and South Shore markets, the towns, and how local timelines actually run, backed by the national resources of New American Funding.

Fix and Flip Loan FAQs

What is the difference between a fix and flip loan and a regular mortgage?

A regular mortgage finances a home you plan to live in over 15 to 30 years. A fix and flip loan is short-term financing for buying and renovating a property you plan to sell or refinance soon after the work is done.

Can I finance the renovation costs, too?

Many fix and flip programs cover part or all of the renovation budget in addition to the purchase price. Eric will walk you through what’s available for your project.

How fast can a fix and flip loan close?

Timelines depend on the property, the appraisal and how quickly documents come in. Contact Eric early in the process so you can move quickly when the right deal comes up.

Can I turn my flip into a rental instead?

Yes. Investors often refinance a renovated property into longer-term financing, such as a DSCR loan, if they decide to hold it instead of selling.

Do you work with investors outside Cape Cod?

Yes. Team Steenstra serves Barnstable, Plymouth, Norfolk and Bristol counties and the Greater Boston area. See all areas we serve.