© SAN DIEGO SAN DIEGO · CA
SAN DIEGO FIX & FLIP LOANS
Purchase and renovation financing for San Diego County flips: up to 85% of the purchase and 100% of the rehab, with interest charged only on the money you have drawn.
CALL OR TEXT US (619) 617-2797
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Most San Diego flips are not new houses. They are the post-war ranch homes of Clairemont, Allied Gardens and Serra Mesa, the 1970s tract homes of Mira Mesa, the older bungalows of North Park, Normal Heights and City Heights, and tired condos and small multi-unit buildings across the county. Each one needs a purchase that closes before a slower buyer can, a rehab budget released as the work gets done and a lender who answers the phone when a draw is due.
Loan Goat's fix and flip loan finances up to 85% of the purchase price and up to 100% of the rehab, up to 75% of the after-repair value, on 6 to 18 month terms at rates from 9.99% to 12.00%. Loan amounts run from $250,000 to $10,000,000, first-time flippers are allowed and there is no prepayment penalty. The interest is non-Dutch: you pay it on the balance you have drawn, not on rehab money that is still held back.
Below are the published terms, how a San Diego flip is underwritten and drawn, the costs that catch first-time flippers here and the questions investors ask before they call (619) 617-2797.
© THE TERMS SAN DIEGO · CA
SAN DIEGO FIX & FLIP LOANS: THE PUBLISHED TERMS
| PROGRAM | RATES | LEVERAGE UP TO | TERMS | LOAN AMOUNTS |
|---|---|---|---|---|
| FIX & FLIP | 9.99% to 12.00% | LTV 85% of purchase, LTC 100% of rehab | 6 to 18 months | $250,000 to $10,000,000 |
Starting rates for qualified borrowers, from the published terms cards. Points and fees are quoted on the Letter of Intent. Rates are subject to change without notice and are not a commitment to lend.
REQUIREMENTS · FIX AND FLIP
- Minimum FICO Score
- 620
- Property Type
- SFR, Condo/Townhome, 2-4 Units
- Documentation
- Application, SREO, Proof of Funds
- Experience
- First time flippers allowed
BENEFITS
- High LTV/LTC Ratios
- No Prepayment Penalties
- Up to 85% of the purchase price
- Construction holdback: up to 100% of the rehab cost
- Quick closing
- Minimal documentation required
- Non-Dutch: interest calculated on drawing balance
- Interest reserve available
© SAN DIEGO SAN DIEGO · CA
HOW A FIX AND FLIP LOAN WORKS IN SAN DIEGO
The file is short: an application, a schedule of real estate owned and proof of funds, with a 620 minimum FICO. We underwrite the purchase price, the scope of work and the after-repair value. The purchase advance can reach 85% of the price and the rehab holdback 100% of the budget, but the whole loan has to fit within 75% of the after-repair value, and on a San Diego flip that last limit is usually the one that decides the deal. Build your numbers against it before you write the offer.
The rehab money sits in a holdback and is released in draws as the work is completed and verified. Agree the draw schedule with your contractor before closing, matched to how the job is really sequenced, so the crew is paid on time and the project does not stall waiting for money. An interest reserve is available, so the monthly interest can come out of the loan during the rehab instead of out of your pocket.
Permits are the San Diego variable. Inside the city, structural, electrical, plumbing and mechanical work is permitted through the Development Services Department, and a property in the Coastal Overlay Zone can need a coastal development permit as well. Outside the city, the county or the city the property sits in issues them. Build the permit time into the term: an 18 month loan on a project that spends months in plan review is really a much shorter loan.
Then the costs on the way in and out: escrow and title at both ends, the county documentary transfer tax of $1.10 per $1,000 of the price when you sell, agent commissions and the interest for every month you hold the property. The 70% rule, paying no more than 70% of the after-repair value minus the rehab, exists because those costs are real. The hard money loan calculator shows the interest and points over your term.
THE PROCESS
- Complete your application
- Submit required documentation
- Sign your Letter of Intent
- We process and close your loan in 5-7 days
© LOAN SCENARIOS SAN DIEGO · CA
WHEN SAN DIEGO INVESTORS USE FIX & FLIP LOANS
- AUCTION & HUBZU Auction and Hubzu wins on distressed San Diego homes settle quickly; arranging the purchase and rehab financing first is what lets you bid with confidence.
- FORECLOSURE AUCTION Bank-owned and trustee-sale homes are classic flips; line up the loan before the sale date so you can move when the property does.
- SELF-EMPLOYED Self-employed flippers qualify on the deal and the funds to close it, not on a tax return that shows last year's write-offs.
- CASH OFFERS ONLY Cash-only listings are often the homes that need the most work, and the right financing can close on a cash buyer's timeline.
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SAN DIEGO BORROWERS, IN THEIR WORDS
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I referred my friend over to Milad and while they weren't ready to do a fix and flip just yet, Alex told me Milad was the first lender that actually explained the process, how constructions loans work, and answered all their questions. She...
MELANIE SANCHEZ -
Fantastic experience working with Milad and his staff at loan goat. Closed both of my loans in less than 10 days. Best hard money lender hands down in San Diego
ALEX TELEFORD -
Milad is the best in the game! My deal would not have happened without him. He performed at a 10 and was more hands on than I could ever ask for. Definitely recommend!
ASHLEY ANDREOTTI -
I referred my friend over to Milad and while they weren't ready to do a fix and flip just yet, Alex told me Milad was the first lender that actually explained the process, how constructions loans work, and answered all their questions. She...
MELANIE SANCHEZ -
Fantastic experience working with Milad and his staff at loan goat. Closed both of my loans in less than 10 days. Best hard money lender hands down in San Diego
ALEX TELEFORD -
Milad is the best in the game! My deal would not have happened without him. He performed at a 10 and was more hands on than I could ever ask for. Definitely recommend!
ASHLEY ANDREOTTI
© QUESTIONS SAN DIEGO · CA
SAN DIEGO FIX & FLIP LOANS, ANSWERED
Straight answers to what borrowers ask before they call. Questions we answer elsewhere link to the page that owns them.
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Rates run from 9.99% to 12.00% on 6 to 18 month terms, with points and third-party costs quoted on the Letter of Intent. Interest is charged only on the drawn balance, an interest reserve is available and there is no prepayment penalty, so finishing early costs less. Rates are subject to change and are not a commitment to lend.
Hard money loan calculator -
At up to 85% of the purchase price, at least 15% of the price plus closing costs, with the rehab financed up to 100% of the budget. The whole loan also has to fit within 75% of the after-repair value, so a deal with a thin margin can need a larger down payment.
How much money it takes to flip a house -
Yes, the fix and flip loan allows first-time flippers. Expect the underwriting to look closely at the scope of work, the contractor and the budget, and bring proof of funds for the down payment, the closing costs and a contingency.
Fix and flip financing guide -
Anywhere in San Diego County: the post-war ranch homes of Clairemont, Allied Gardens and Serra Mesa, the 1970s homes of Mira Mesa, the older bungalows of North Park, Normal Heights and City Heights, and the South Bay and East County cities from Chula Vista to El Cajon. Single family homes, condos and townhomes, and 2 to 4 unit buildings qualify.
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For structural, electrical, plumbing and mechanical work, yes. Inside the City of San Diego they come from the Development Services Department, and properties in the Coastal Overlay Zone can need a coastal development permit too. Unpermitted work tends to surface in the buyer's inspection and appraisal, so build the permit time into the loan term.
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The rehab budget is held back at closing and released in stages as the work is completed and verified. You pay interest only on what has been drawn, which keeps the early months cheaper.
Rehab draws and holdbacks -
Yes. Lease it after the rehab and refinance into a rental DSCR loan, up to 80% LTV on 30 and 40 year fixed terms, qualified on the rent instead of your income.
San Diego DSCR loans
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