Take a look at frequent questions from our clients:

About our Bridge Loans

What type of properties are eligible for FlipSimpli Bridge loans?

The following types of properties are eligible for our Bridge and Fix and Flip loans:

    • Single family residence (SFR)
    • 2-4 unit properties
    • Condominiums
    • Townhouses

What type of documentation is required for FlipSimpli Bridge loans?

FlipSimpli Bridge loans will require the following documentation from borrowers applying for a rental loan:
  • Application
  • Photo ID (all members of the LLC, if applicable)
  • Prior 3 Months Bank Statements
  • Schedule of Real Estate Owned
  • Proof of Experience – List of Past Projects (Prior 2 Years)
  • Credit Report (FlipSimpli will run)
  • Entity Formation Docs (Filed Articles of Incorporation, signed and dated  Bylaws/Operating Agreement, Evidence of Good Standing)
  • Entity EIN/TIN
  • Purchase Agreement (include HOA Cert, CC&R and Master Insurance Policy if part of an HOA)
  • Itemized Rehab Budget & Schedule
  • Evidence of Insurance

Other documents may be requested based on the individual circumstances and collateral.

Does FlipSimpli lend on construction or rehab?

Yes! FlipSimpli can provide financing on the acquisition and
renovation of your property.

Which locations can you lend in?

FlipSimpli can lend in most states. We may not be able to lend if the property is in a rural area, which makes comparable property analysis a difficult task. We require three recent comparison properties within 3 miles.

Is there a prepayment penalty?

No. There is no prepayment penalty on our short-term loans.

How much does FlipSimpli Bridge loans cost?

Each project is underwritten separately and most of or projects are funded between 8.99 – 12% with 1.5 – 3.5 points charged at closing. These rates are a function of local market conditions, the loan to value ratio, and the scope of the rehab. Once you submit a project, your underwriter will be able to give you a clearer indication of expected rates.

About our Rental Loans

What type of properties are eligible for FlipSimpli Rental loans?

The following types of properties are eligible for our FlipSimpli Rental loans:

    • Single family residence (SFR)
    • 2-4 unit properties
    • Townhouses

What type of documentation is required for FlipSimpli Rental loans?

FlipSimpli Bridge loans will require the following documentation from borrowers applying for a rental loan:
  • Application
  • Photo ID (all members of the LLC, if applicable)
  • Bank Statement or, Money Market or, Brokerage Account to Show Six (6) Months of Property Expense Liquidity
  • Schedule of Real Estate Owned
  • Proof of Experience, if applicable (document receipt of rental income on a property owned and rented or, Property Management Questionnaire)
  • Credit Report (FlipSimpli will run)
  • Entity Formation Docs (Filed Articles of Incorporation, signed and dated  Bylaws/Operating Agreement, Evidence of Good Standing)
  • Entity EIN/TIN
  • Current Lease (if applicable)
  • If part of an HOA Cert, CC&R and Master Insurance Policy
  • Insurance Bill (document listing insurance premium)

Other documents may be requested based on the individual circumstances and collateral.

Does the property have to be rented?

There has to be a lease in place at the time of origination with at least 3 months remaining, unless the renter has been renting the unit for the prior 6 months.
If either of those requirements is true, we are able to move forward.

Which locations can you lend in?

FlipSimpli can lend in most states. We may not be able to lend if the property is in a rural area, which makes comparable property analysis a difficult task. We require three recent comparison properties within 3 miles.

What is Property Debt-to-Income Ratio?

Property Debt-to-Income Ratio (PDTI) helps determine if the rental investment is generating enough income to afford its obligations. The eligibility requirement for rental loans is PDTI.

PDTI is calculated by the following formula:

PDTI = Rental Income/(Principal+Interest+Taxes+Insurance+HOA Dues)

Rental income is considered the lower of the actual rents and market rents.

How much cash out can I receive from a FlipSimpli Rental loans?

There is no maximum cash out on the FlipSimpli Rental loans program. The only maximum is the loan amount based on the 80% as-is LTV.

Is there a prepayment penalty for FlipSimpli Rental loans?

Prepayment conditions are as follows:
There is a 3, 2, 1 step down prepayment penalty for FlipSimpli Rental loans – 3% of loan balance in year 1, 2% of loan balance in year 2, 1% of loan balance in year 3.

How much does FlipSimpli Rental loans cost?

Each project is underwritten separately and most of or projects are funded between 5.99 – 8.25% with 1.5 – 3.5 points charged at closing. These rates are a function of local market conditions, the loan to value ratio, and the scope of the rehab. Once you submit a project, your underwriter will be able to give you a clearer indication of expected rates.

First in Class Direct Lender

We are a direct lender of private capital believing in common sense underwriting so we can help our clients get deals done.

Trusted Advisors

We truly value every client and partner. We strive to provide a professional, high level experience, changing the way hard money lending works.

Secure Digital Platform

Upload your documents and communicate directly with our teams easily in your client portal.  No need to worry about paper, faxing or even email.