ZINC Financial is pleased to introduce our latest and greatest rehab loan offering, the ZINC Rehab Diamond (ZRD) Program. Available to highly experienced house flippers, the fix and flip loans offered under ZRD provide some of the most favorable fix and flip loan terms found anywhere.
Investors who qualify for our Diamond Program house flipping loans can borrow between $250,000 and $1,500,000. The loan term is up to 24 months, and the rate is just 9.75% with loan points starting at 2.5. Available liquidity on Diamond loans is 10% to 20% of the project cost, and borrowers only need to provide 20% of the purchase price. And perhaps the best feature of ZRD is that loans can be funded in as little as 7 to 10 business days.
Part of why we have chosen to offer this new loan program for our top clients is that many of the best opportunities for house flipping in the current marketplace are in the luxury market. In San Francisco, for example, most homes have a pre-flip price tag between $800,000 and $1 million. In order to compete in a market like this, it’s essential that investors have fast access to large amounts of capital.
CNN Money reports that the median asking price for a home in San Francisco is $1,099,000, and this figure is only expected to go up. According to a recent report, home prices rose 4.2% year-over-year in February across the nation. Housing markets in California are doing particularly well, including Oakland, San Jose, Los Angeles, and San Diego. A recent Trulia report shows that 74% of homes listed in San Francisco have sold within two months of hitting the market, and many of those are selling within a matter of days.
Though the market has certainly slowed since its peak of 2013, a strong economy and growing confidence in the job and housing markets is leading to a steady increase in home prices and sales. Take advantage of these prime conditions for investing in the luxury fix and flip market by contacting ZINC Financial about our new ZINC Rehab Diamond program today.