Canadian Professor purchases Fix-and-Flip property in Texas

Fix-and-Flip property in Texas

The Client

Our client was a university professor living in Canada. He found a property in Texas that needed some repairs and wanted to take advantage of the low purchase price with the intention to ‘Flip’ it. The property being situated in a good neighborhood within close proximities to good schools and several amenities, convinced our client that he could successfully flip it.

How We Helped

Being a Foreign National caused several problems for our client as banks could not lend to him. After several rejections, our client was referred to us by a lender. Using AM Fix-‘N’-Flip loan program, our client purchased the property for $200,000, and we were able to secure a short-term loan amount of $195,000 based on the after-repair-value (ARV). (Also see Can a Canadian Buy a House in the USA?)

Loan Details

NationalityProperty ValueLoan AmountARVRate
Canadian Citizen$200,000$195,50065%8.25%
TermAddressProperty TypePurposeLoan Type
18 MonthsFort Worth, TexasSingle-Family HomeFix-and-FlipResidential