Pittsburgh Fix and Flip Lenders
Are you flipping residential properties in the Pittsburgh metro area? On this page you'll find a list of fix and flip lenders throughout Pittsburgh's urban areas. Fix & flip lending is only for residential properties with 1-4 units. We have a separate page for lenders that offer rehab/value-add financing for other property types. The maximum loan-to-after repair value (LTARV) for most lenders in Pittsburgh is 70%. You typically need some cash for the purchase (15%-20%) and some cash reserves.Searching...
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Nationwide Mortgage
Outstanding Service for Investment Property Bridge, Rehab, Rental, and Construction Loans
Funded Fix & Flip Loans in Pittsburgh
RCN Capital, a national direct private lender, funded a $217,000 1st lien position fix and flip loan for a single-family home in Houston, Pennsylvania, a suburb of Pittsburgh. We funded 100% of the $71,800 renovation budget and 62% of the $175,000 purchase price, while the Borrower contributed 38% cash to the purchase at closing. The subject property was appraised for $235,000 As-Is and a $310,000 after-repair-value evidenced decent returns to the Borrower of just under 22% and 11% of debt yield. The total loan amount was 70% of the after-repair value. This repeat Borrower was an experienced investor (5+ Verified). Their bank statements reflected sufficient liquidity to meet the reserves required for this loan and the deal was structured in accordance with the guidelines. The subject property was approximately 2,781 square feet. The Borrower plans to sell the property upon completion of the light rehab. The interest rate was 10.49% and we charged 2% origination points. The loan term was set at 12 months. This SFR fix and flip loan was funded in August 2023.Â