LOAN PRODUCTS
FIX & FLIP LOANS FOR INVESTORS
NOW OFFERING UP TO 100% LTC
Finance up to 100% of acquisition and rehab costs. Includes our usual low rates with an option for no upfront points.
High leverage means more deals and more profit. Get pre-approved today to get started.
GET APPROVED TODAY
Become an Approved Borrower in just 2 days. Once you are Pre-Approved, we do not require appraisals and can fund your deal in as little as 48 hours.
NO APPRAISALS
Skip the delays our in-house underwriting means no appraisals required. Close faster without waiting on third parties.
CLOSE IN 48 HOURS
Speed matters. We can fund your deal in as little as 48 hours once you’re approved.
UP TO 100% LTC
Finance up to 100% of purchase and rehab costs. Keep more cash on hand for your next investment.
PROGRAM DETAILS
Fund up to 100% of the purchase, 100% rehab cost, 70% ARV
Available In All 50 states & D.C.
Flexible loan options to suit any size project
Draws funded in as little as 24 hours
Deals funded within 48 hours
No appraisal is required, we will underwrite your deal in-house
No deal is required to get pre-approved in advance
Option for no upfront origination points
Bridge Loans for Fix & Flip, New Construction, Multifamily, and Land Development Projects
PROGRAM DETAILS
Fund up to 100% of the purchase, 100% rehab cost, 70% ARV
Available In All 50 states & D.C.
Flexible loan options to suit any size project
Draws funded in as little as 24 hours
Deals funded within 48 hours
No appraisal is required, we will underwrite your deal in-house
No deal is required to get pre-approved in advance
Option for no upfront origination points
Bridge Loans for Fix & Flip, New Construction, Multifamily, and Land Development Projects
TYPICAL BORROWER QUALIFICATIONS
Decent Credit:
To borrow from SummitUp Capital Financial Services, you don’t need perfect credit, but you do need good credit. We’re more interested in what caused the blemishes to your credit score, than the actual FICO score itself. If your credit report shows any significant blemishes, such as a bankruptcy, foreclosure, short sale, liens, or judgments within the past 24 months – we may not be able to lend to you at this time.
Some Cash:
We will fund up to 100% of the purchase price and 100% of the rehab. Generally, if you have $30,000 or more in cash reserves – we can approve you for a SummitUp Capital Financial Investor Line of Credit. Let’s talk now.
No Deal Required:
To get your SummitUp Capital Financial Investor Line of Credit – you do not need a deal. In fact, we urge you to get approved now. As an approved borrower you can make offers with 100% confidence knowing that you have SummitUp Capital Financial in your back pocket, ready to fund the deal. Once approved, you’ll receive a free Proof of Funds every 60-days or when requested.
important things you should know
FREQUENTLY ASKED QUESTIONS
Will an open line of credit from SummitUp Capital Financial appear on my credit report?
No. Under normal circumstances, we do not report to credit agencies. We report to agencies only if we are forced to place a judgment or collection on you or your company for lack of payment on your hard money loan.
Will you lend on a house that is my primary residence?
No. Hard money loans are commercial loans, which means they are business to business. We, by law, cannot lend on personal, homeowner-occupied properties.
Is there a prepayment penalty associated with the loan?
No. You can repay the hard money loan prior to its maturity date with absolutely no additional fee for prepayment.
I have a HELOC – shouldn’t I just use that?
There are many ways to fund a deal – and every method has its tradeoffs. Funding a deal with a HELOC from another property is a great way to fund deals.
The downside is, real estate investing comes with some level of risk. If for whatever reason the deal sours, your primary residence could be on the line if you fail to make the payments. Let’s suppose that things don’t get quite that bad – at the very least, your good credit could be on the line if you fail to pay the HELOC payments on time.
Finally, let’s assume that you have a $100,000 line of credit on your personal residence. If you max out that line for the purposes of funding a deal – you can be assured that will have a very negative effect (all be it temporary) on your credit score. When the balance on a line of credit goes over 50% of the limit, your FICO score goes down.
What documents do I need to get started?
We make it super simple to get approved for a SummitUp Capital Financial Investor Line of Credit. You’ll need 2 years of tax returns, a recent bank statement showing the capital, and a completed personal financial statement.
The bottom line on tax returns is not a qualifying factor on your loan as we are not looking to calculate a DTI ratio.
How much money do I have to put in the deal?
We’ll lend up to 100% of the purchase price and 100% of the rehab.
This is much more than most HML’s will lend.
Closing costs vary across the county, so check with your local investor friendly title attorney for typical closing fee
Do you check the title? Are there title fees?
As a matter of standard operating procedure, all lenders require a clear marketable title prior to loan approval. This protects our investment and it also protects you. Contact your local investor-friendly title company or title attorney. They should be able to provide you with a list of fees that are associated with the title.
Is there a limit to the number of deals that I can buy?
No. You are only limited by the amount of the Investor Line of Credit for which we’ll approve you. That number can change as your income or financial situation changes.
Do you work with or compensate brokers?
We have not had particularly good luck working with brokers, but we are willing to try.
If you are the owner or leader of a Real Estate Investment Association (REIA), or Meet-up group, and you’d like to pitch our services to your members, we would gladly speak to you about compensating you for the referrals.
What types of properties will you lend on?
We primarily lend on single-family attached and detached houses.
We also underwrite many loans for landlords as well – so feel free to bring us your single-family and multi-family rentals. Remember, our loans are short-term, 6 – 12 months. That means you’ll need to prove that you have a bank lined up to re-fi our loan.
Are your loans fully amortizing?
No. SummitUp Capital Financial loans are “interest-only” with a balloon payment at the end of the 6 – 12 month term. This is very typical for all hard money loans.
Do you lend purchase price or appraised value?
LTC and ARV are both factors when determining your loan amount, but we will not calculate your loan based solely off of the purchase price of the property.
Can I roll the closing costs & origination points into the loan?
No. We believe in making the borrowing process as easy as possible. We are the most competitive lender in the country in terms of interest rate and points, but we also believe a borrower should have some amount of skin in the game.
Will you extend the term of the loan if needed?
Yes. We understand that sometimes even the best of deals don’t go as planned. We do however have to pay for the money that we borrow. That said, we’re happy to extend the loan for 1 point per month. That’s 1% of the loan amount in addition to the existing payment.
READY TO FIX, FLIP, AND REPEAT?
Our Loan Officers Are Standing By To Assist You.
Providing access to capital for small and medium-sized businesses in Utah and beyond.
