ZINC Financial and the talented, savvy investors that we have the privilege of working with every day have had a wonderful year. 2018 has brought a great deal of change and upheaval in the housing market and beyond, but despite recent declines in the market at large, we are thrilled to report that our clients and investors have enjoyed tremendous success.
In the third quarter of 2018, ZINC Financial’s volume was up 21% compared to a year prior. At the same time, we greatly expanded our joint venture partnerships, increased our overall loan volume, and funded millions in residential rehab loans.
Alongside our company’s success, we’re happy to see that local house flippers here in the Fresno area are also performing incredibly well. Many of our clients live and work here in Fresno County, which just happens to be one of California’s hottest areas for house flipping.
According to The Fresno Bee, the number of flips in Fresno County has increased every year for the last four years with a total of 1,317 flips in 2017 alone. The average gross revenue on those flips was about $64,000, which may not seem as flashy as the figures put up by other California metro areas like San Francisco and Los Angeles, but as a percentage, the return on investment can actually be higher in Fresno and the surrounding counties due to the substantially lower home prices. Fresno has a plethora of older homes that can make perfect starter homes for young families, which is part of why flippers are so successful here.
Though the housing market has started to slow down over the last few months due to rising interest rates and home prices that are out of reach for the average buyer, ZINC house flippers are still managing to make their mark. We are proud to do our part in making ZINC rehabbers achieve bigger successes more often by providing house flipping loans with fair terms and fast funding. By helping our clients get funding faster, ZINC Financial helps tear down some of the biggest barriers to success in this ultra-competitive industry.
To learn more about our current loan programs and what we predict for the year ahead, give our office a call.