Many businesses need the flexibility in line of credit programs for fix and flip commercial properties during COVID-19. Some need quick access to cash for unpredictable expenses, and with a line of credit, can avoid over-borrowing. Commercial Mortgage Depot (CMD) can help you finance your next investment Fix and Flip Line through Line of Credit products for sites in New York, New Jersey, Connecticut, and Pennsylvania. Our team in Clifton, NJ is here to tell you more!

Quality Fix and Flip Investments

Some looking to grow their business can easily do so if they find just the right property to fix and flip. Due to recent events, many buildings or lots may be cheaper to acquire now. You may be able to find a site within mixed residential zoning, which you can update and flip to become higher end condos or apartments. You can research recent prices and trends to find neighborhoods are ideal locations for a for a fix and flip investment. Locate places with reasonable costs as well as buyers poised to move in and really grow the area.

Pricing a Fix and Flip Property In COVID-19

There are many properties coming available at low prices. At first, these may seem ideal for fixing and flipping; during COVID, you need to be sure you can turn the site into a worthwhile commercial opportunity. With many people struggling, and businesses closed, be sure you find sites that can host viable sale options. If your property does not sell fast, you will often pay steep holding costs. See our list of current viable commercial opportunities during COVID below. Then, calculate how much you think you will earn and deduct construction, selling, and closing costs.

Options for Commercial Properties Lines of Credit

Here is a list of common uses for commercial sites and their various pros and cons:

  • Hotels and casinos are seeing less demand, but in certain areas, still doing business with adapted practices.
  • Cell phone towers, and large-scale distribution facilities still appear to be doing well.
  • Rental housing, however, lenders are going to scrutinize the project since some tenants fell behind on rent because of the pandemic.

Creating the Right Team for your Fix and Flip

One thing for certain is that you need a good team of people around you if you are doing fix and flips during COVID-19.  You may want to invest in people with specialized legal skills and recent market knowledge of how the pandemic is impacting commercial real estate. Other skills may be needed in your project, depending on the type of property you plan to convert, and what issues the building has if it was foreclosed. Commercial Mortgage Depot can make some great suggestions for your fix and flip project and lines of credit in New York, New Jersey, Connecticut, and Pennsylvania. Contact our Clifton, NJ team today for a no-hassle quote!

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