Fix & Flip loans (Short Term or Fix to Rent) Required documents
Sales Contract
Assignment Contract (if applicable)
Photos of the Property: Please make sure the photos show all rooms, plus exterior of the house
Detailed Scope of Work: A lack of detail here will lower the appraisal value and delay the loan process. Scope of work should include floor plans or permits, if applicable, and types of finishes. The resource page contains a sample of a detailed scope of work, and one that is not detailed enough.
Proof of Funds: This will be bank statement(s) showing 25% of the rehab costs, as well as enough to cover closing costs and loan fees.
Insurance quote for a Builder’s Risk Policy
Appraisal: You may submit Stage 1 documents without the appraisal if it will be delayed and you are confident in the fair market value of the property after repairs (ARV)
Pre-approval letter signed by borrower. We suggest you get the borrower’s approval before ordering the appraisal.