Apartment Building Fix And Flip Loans CT
Apartment Building Fix And Flip Loans CT
5+ Unit Apartment Building Fix & Flip Hard Money Loans in Connecticut
Short term financing for acquiring & improving apartment buildings is a valuable commodity, and definitely not right for everyone. Connecticut Apartment Building Fix & Flip Loans are one of our more specialized products, and require a qualified Borrower with the right track record & expertise to succeed.
If you qualify, a 12 – 18 month apartment building fix and flip loan can be used to acquire, renovate, rehab, raise rents, and boost occupancy in apartment buildings ranging from 5 – 500+ units, from $250k – $250m+.
Glassridge Apartment Building Fix & Flip Loans in CT
The Connecticut Apartment Building Fix and Flip Hard Money Loan rates & terms listed below are subject to change, and will not apply universally. These are just rough ballpark rates & an outline of the typical terms.
|Eligible Property Types:||Apartment Buildings (5+ Units)|
|Eligible Uses:||Acquisition, Refinance, and/or Renovations.|
|Loan Term:||12 – 18 Months.|
|Min. Loan Balance:||$250k (with some exceptions)|
|Max LTV (Purchase Price):||60% – 70%, with up to 90%+ for highly qualified repeat Borrowers.|
|Max LTV (Rehab Costs):||90% – 100%|
|Interest Rate:||7% – 12.99%|
|Origination Fee:||2% – 4%|
|Processing Costs:||$395 – $695|
About Glassridge Apartment Building Fix & Flip Loans
Apartment Building Fix & Flip Loans are one of our more specialized loan products in Connecticut. With this specialization comes higher barriers to entry as a Borrower when compared to simpler Single Family Fix & Flip Loans or 2 – 4 Unit Fix & Flip Loans.
As mentioned above, and in common with all our Fix & Flip Loans: apartment building fix & flip loans are going to be in the 12 – 18 month range at most. In some instances, it might be possible to extend this period (especially on larger loans and lower LTVs).
Note: if you’re considering refinancing once you’ve improved the property value & cashflow, check out our longer term, lower rate Buy & Hold Apartment Building Hard Money Loans.
Our lowest balance apartment building loans will start in the $250k range (depending on circumstances & location).
Except on multi-million dollar loans with highly qualified Borrowers, most of our apartment building fix & flip programs will require a max LTV in the 60% – 70% range. This means at the bare minimum, you’ll need at least $75,000 – $90,000 cash at closing (ballpark estimate on a $250k loan @ 70% LTV).
The good news is track record & collateral are much more important than credit scores for Apartment Building Fix And Flip Loans in CT.
Finally, for repeat clients, there is even the possibility of using a no- or low-doc program even on $1m+ transactions for 5+ unit apartment building flips.
How To Leverage Private Hard Money Loans For Apartment Building Fix & Flips in CT
There are a variety of scenarios where it makes the most sense to take advantage of an Apartment Building Fix & Flip Loan.
Some of the key factors to keep in mind, that underpin all of them, include:
- Apartment Building Fix & Flip Loans are short-term. You’ll need to sell or refinance within 12 – 18 months in nearly all cases. If you’re looking for more permanent financing on an apartment building, consider a longer term Buy & Hold Apartment Building Hard Money Loan.
- For apartment building fix and flips, the property must be 5 or more units. We have other loan products for Single Family Fix & Flips or 2 – 4 Unit Fix & Flips.
- Finally, to qualify for an apartment building fix & flip hard money loan, you’ll need to have a viable exit strategy. Knowing your plan, and being clear in articulating it will be crucial in securing your financing.
If you can focus on the above 3 factors, and are confident that you’re ready & qualified for the deal, then private hard money can be a highly profitable choice when it comes to securing an Apartment Building Fix & Flip Loan in Connecticut.
Our goal with a 5+ unit apartment building fix & flip loan is to be the key to opening up new wealth building opportunities & multi-million dollar ROI for your real estate business.
We are always looking to fund apartment building acquisitions, so if you are a qualified borrower in CT with any questions, please contact us so one of our friendly, US-based financing specialists can help evaluate your deals and provide a personalized rate quote.
Download Our Free 80+ Page Hard Money Borrower's Guide, Includes...
• Brutally Honest Pro's & Con's For All Funding Options
• Rough Ballpark Rates To Estimate Potential Costs
• Glassridge's Business & Real Estate Financing Overview
• Breakdown Of Our Step-by-step Application Process
• Easy-to-follow Blueprint To Getting Funded With Us