Fix and Flip Loans
Finance your next Rehab Project with a fix and flip loan from Norfolk Capital
About Norfolk Capital’s Fix and Flip Loans
Advantages of our fix and flip hard money loans
Our Interest-Only Fix and Flip Loans start at a competitive rate.
*Interest rates and other terms are determined based upon asset valuation , borrower experience and financial profile
Fix and Flip Loans Frequently Asked Questions
What is a Fix and Flip Loan?
within a short time frame. Typically, the loan consists of the acquisition (buy or refinance) cost the renovation costs and can
sometimes include the interest payments. Since renovation costs are held in reserve until work is completed, financing the
payments allows you to hold on to your cash to get the job done before the draws are done.
What is the difference between Hard Money and Conventional Loans?
have your information ready, we can close in days or weeks. Hard money lenders have more flexibility in lending. Instead of
focusing heavily on your financial background, we look at more common sense things like the project potential, your experience,
and your financial history. Hard money lending isn’t for everyone, but it is an excellent alternative to consider depending on your
What interest rate are your loans?
Interest rates start at a competitive rate but are dependent on a number of factors, including project type and complexity, the value of the
project, loan size, location, and borrower experience.
Why partner with Norfolk Capital?
you get a team that understands your needs and can help you get the best program for your situation. When you work with
Norfolk Capital, you get more than a lender. You get a team that’s on your side, focused on your success.
What kind of projects do you fund?
- Residential properties with 1-4 units
- Multifamily projects with 5+ units
- Mixed-use projects
- Commercial properties
We fund all types of situations, from acquisitions to refinance, and from buy and hold to sell.
What do I need to apply?
Information about the project:
- Property Type
- Acquisition cost
- Renovation goals, budget, and an estimated renovated value
Information about yourself:
- Experience with similar projects
- Job and stated income
- Liquidity (cash and retirement accounts)
- Other real estate owned
- Credit score – We only run credit if we have to. But keep in mind that low credit is not a barrier to getting a loan.
What documentation is required?
- Sales Contract
- Construction Budget
- Bank statements
- A list of properties you currently own (an REO Schedule)
- Experience with Similar projects
- Credit and background checks
- Rental income (for rental projects)
- LLC Operating Agreement or Articles of Incorporation
How much money do I need to close?
- Down payments as low as 10% of the acquisition
- Money to start work on your project
- Closing costs and loan fees
- Interest payment reserves
Some of this will be collected at closing; some of it we will want to see in your bank statement to ensure you have the liquidity to keep the project moving.
How quickly can you close?
appraisal generally holds up the process, though this is not always required for a loan. If you want to close quickly, make sure
you respond quickly to documentation requests and have everything ready.
What States do you lend in?
Do I need an entity to purchase a home, or can I purchase as an individual?
Are rehab loans fully funded at closing?
through a draw process. Once a portion of the project is completed, you request a draw inspection. The inspector typically
comes out within 48 hours to review work and submits a report. In some areas, this is a Norfolk Team member who partners
with you throughout the process.
Can I qualify if I have bad credit?
other factors such as your experience. We’ll want to understand the situation behind your credit score, but borrowers with bad
credit qualify for hard money loans all the time.