Colorado Springs Fix and Flip Loans
Some properties in the real estate market have promise but are in bad condition. These sell at a very affordable price because they need a lot of work. Real estate investors consider such buildings a great opportunity to earn thousands of dollars.
If you renovate the building and make sure it lives up to the modern standards, it is possible to earn a substantial profit from it. We at Abbey Mortgage & Investments provide Colorado Springs fix and flip loans to help you invest in these opportunities.
What are Fix and Flip Loans?
Fix and flip loans are financial products that provide capital to purchase, renovate, and then sell a property. The loan will cover all expenses involved so you don’t need to get two different kinds of loans for the project. Here’s a look at the Colorado Springs fix and flip loans we offer:
- 90/70 Program – In this program, we cover 90% of the property purchase cost and 70% of the renovation cost. You need to pay 10% of the property cost and 30% of the renovation cost out of the pocket. This loan has 13% interest plus some additional costs that our expert will explain clearly.
- 80% Program – This is a very straightforward loan offering. We pay for 80% of the acquisition plus renovation costs and you pay the remaining 20%. The loan comes with a 12% interest rate along with some point and closing costs.
- 70% Program – This option is similar to the 80% program. We pay 70% of the acquisition and renovation costs while you pay 30% of it out of the pocket. The loan comes with a 10% interest rate along with a few additional expenses that we will explain clearly.
If you’re looking for some expert advice or need Colorado Springs fix and flip loans, we at Abbey Mortgage & Investments can help. Contact us today to get a customized plan for your requirements.