No Credit Score or Experience in Fixing and Flipping Properties Needed

At MortgageDepot, we are always looking for creative mortgage programs. If you’re thinking about flipping your first property and are looking for financing options – the latest program to hit the market can help borrowers who have no experience fixing a property and then flipping it, and/or have no credit (meaning you don’t active credit accounts reported to the credit bureaus to calculate a credit score).

Here are some of the program highlights:

Residential Bridge / Rehab Program

Our non-owner occupied, 1 to 4-unit residential bridge/rehab program is ideal for experienced investors and first-time fix and flippers alike.

We offer interest-only bridge and rehab loans for the short-term flipper and don’t a credit score or credit report (as long as the loan closes in an entity).

We also don’t require personal or property income, primary residence ownership, and investment experience. Purchase, refinance, cash-out refinance, purchase fix and flip and refinance fix and flip loans are ok.

This program is currently available in CA, CO, CT, FL, GA, IL, MD, MI, MO, NC, OH, PA, SC, TN, TX, VA, WA and WV.

Permanent (3/30) NOO 1- 4 unit loans are also available nationwide Term Sheet Requirements

• A Credit Score and Credit Report is Not Required
• Tax Returns, Financials, and Rent Roll are Not Required
• Rehab/Bridge Loans $100,000 to $1,000,000 (+/- considered case-by-case) 12-Month, Interest-Only Term
• (cannot exceed 80% of AIV) To 100% of Rehab
• (cannot exceed 75% of ARV) No Prepay Penalty
• (no exit fee, no interest guarantee, nothing!) 2 to 3 Week Closing (with timely receipt of documents)

The terms above are estimates and are subject to change or withdrawal.

Contact one of our loan consultants for more information.