The Secret Flip Financing Technique Most Realtors Don’t Know About In Edmonton
As many of you know, I am an Edmonton Mortgage broker with huge knowledge in the flip market. I actually do a lot of flips myself! Because of the experience I have in financing as well as flipping properties, I have been able to team up with a company that will be financing our clients for flips as well as new builds with a very small downpayment.
Now you’re probably thinking in your head….Another boring mortgage broker email. Trust me, you are going to want to read on. It is going to make you money.
Why Are Most Flips In Edmonton hard to finance?
Flipping and building properties in Edmonton can be a nightmare to get financed. Some banks may do it the first time or the second time and then they will black list the client from financing. This is because the average turnaround time for a flip in Edmonton is only 4-5mths from the time you buy, renovate and then sell. This is not giving the banks the money they want out of the transaction and they just don’t like doing it.
I have been down this road myself and have burnt a few bridges with financial institutions because of this. If you or your client is in the flipping business or the building business long term, then there are better options out there.
How about a lender that loves dealing with Edmonton house flippers and builders?
That is exactly what I have for you.
The Only Low downpayment flip mortgage in Edmonton
I can get you or your clients a mortgage on a flip property in Edmonton for $10, 000 down!
How does this work?
It is actually very simple, your clients will not need the standard 20% down. We use the value of the property at its current stage and then evaluate what the property would be worth after a renovation is complete to qualify whether this is a good investment for your client.
We take the risk based on this evaluation.
What fees are involved in this?
There are standard interest rates of 15.9% with the $10, 000 down option and interest rates go down the more they put down
There are also standard lender fees that are tacked onto the mortgage of 3.5%
The faster they complete the flip and sell, the more money they will make.
How Much Money Do I need to put down if I want to flip a house in Edmonton?
The minimum downpayment is $10, 000
How much can you make on a house flip in Edmonton?
I personally average $40,000 per property depending on how much time and work they are willing to put into a property.
Do I need to pay for an appraisal if I am flipping a house?
With standard lenders yes, if you or your client is using this program then there are no appraisal fees.
What do I need to qualify for the Edmonton house flipping program?
The lender wants a notice of assessment showing that there are no Taxes owing to revenue Canada. They also want a letter of employment showing your income.
We also require that you can prove that you have the money to do the renovation available on a credit card, line of credit or cash.
How much money do I need to make to qualify for a Flip in Edmonton?
We require proof that you make enough to cover the mortgage payments. If the income is low, then enough money set aside to make payments for around 4 months.
Who should I call if I want to flip a property in Edmonton?
Call us first so that we can get your financing in order before you shop with your realtor for a property. We want to ensure a fast and easy process for you and your agent.
Why use a mortgage broker for your next house flip?
We will shop the lowest interest rates for you and ensure the entire process is smooth. I understand the flipping business from beginning to end and know the secret techniques to make the most money out of the flip.
Can I flip a house if I have bad credit?
Yes you can if you have 20% down on the property. For this specialized program you need to have pretty good credit and stable employment.
Sean and Radika Rampersaud are a family team of Edmonton mortgage brokers. They specialize on helping their clients to get the lowest mortgage rates in Canada by leveraging high volume and multiple lenders. “We want to help our clients not only to get the best rates, but also to make the home buying process easier.
Call Us For a Free Credit Consultation 780-278-4847
Read some of our other Edmonton Real Estate Secrets and financing tricks