Fix and flip projects are booming all throughout the state of New York. From small town homes to historical mansions, NY house flippers are bringing back the charm offered by homes throughout the state, and generating quite a bit of revenue in the process.
NY Fix & Flip Projects Simplified
For those who are just getting into house flipping in New York, the premise is very easy to grasp. First, find a desirable property at below market value. Purchase said property and renovate it, putting in some modern amenities. Finally, sell the property for a profit. NY house flippers have found the simplest way to generate large amounts of revenue with a commodity that everyone desires – housing. However, most people do not start off with the capital necessary to purchase an extra house or two and renovate them. Fortunately, there is also a simple plan to finance NY house flipping projects to guarantee completion in a short period of time.
Financing for NY House Flippers
Many NY house flippers start with a conventional real estate loan. This is a special loan specifically geared toward NY property markets. The faster a home can be renovated and sold after purchase, the greater the profit margin. While larger financing is still in the pipeline, house flippers use bridge loans to cover the more immediate expenses. Permits, hiring contractors, materials, and more are paid with capital from the bridge loan, which is designed to keep fix and flip projects on track. One of the great advantages to bridge loans is that there are no prepayment penalties. After the house is sold, the bridge loan can be repaid in one lump sum without triggering any exorbitant fees. Some NY house flippers even figure in the amount of the bridge loan into their larger financing, so when the funds disburse, the bridge loan can be repaid. Bridge loans can be arranged quickly so house flippers can move forward with their renovations without delay.
Stop Putting Off Lucrative Opportunities
Express Capital Financing specializes in solutions for NY fix and flip projects. We will work with you to arrange funding quickly and efficiently, without the red tape or long processing time associated with traditional lending institutions. If you have a great fix and flip project lined up in NY and need funding so you can start generating revenue, contact the experts at Express Capital Financing.