Clovis, California (PRWEB) August 26, 2014
ZINC Financial, one of the premier private money lenders serving California, has introduced a new rehab loan program for experienced house flippers. The Velocity Loan Program gives trusted clients the opportunity to improve their profit margins and better leverage their finances with interest rates of just 10% and only 2 points.
While the housing market is steadying throughout the country, house flippers are still unearthing record profits, particularly in states like California, Massachusetts, and Arizona. The total number of foreclosures is going down, and home prices are evening out, both of which are usually bad signs for house flippers. However, high end homes are still selling rapidly and buyers are feeling confident.
Recent data out of think-tank SPUR found that home prices in San Francisco, feared to be at bubble levels, are actually appropriate for the current market. Prices have risen quickly in the San Francisco area making it hard for most average buyers to find a new home, but the data shows that Bay Area houses are only 6% overvalued in the current market. During the housing bubble of 2007, houses were overvalued by a whopping 53% in San Francisco. In other words, while everyday buyers are starting to slow their pace, residential real estate investing is just heating up in high-end markets.
The Los Angeles Times recently reported that sales of homes priced at $1 million or more have hit a seven-year high in California. Likewise, sales of homes with a price tag over $2 million have reached an all-time high. The increase in seven-figure home sales between the second quarter of this year and the same quarter last year was 9.1% in California, according to CoreLogic DataQuick. Over the same period, overall sales fell. This disparity shows a significant split in the housing market between high and low end homes, and many savvy house flippers are choosing to focus on the high end.
House flippers with access to sizable rehab loans are finding that the current housing market is ideally suited to luxury house flipping. House flippers throughout California are managing to make record ROIs, even as the housing market slows for the rest of the country.
“With our new Velocity Loan Program, we want to help our most loyal customers take advantage of this rare opportunity in the house flipping market,” Todd Pigott, President of ZINC Financial commented. “This program gives our most successful clients better tools to make even more from their investments during 2014, particularly with high-end investments.”
With the Velocity Loan Program, investors can receive house flipping loans of up to $750,000 with an interest rate of just 10% and 2 points. Velocity investors can take advantage of LTVs as high as 85% of the purchase price, and fund up to 70% of their rehab costs through their Velocity loan. Like all of ZINC Financial’s rehab financing programs, the Velocity program offers funding in as little as seven to ten business days.
Only investors who have completed two loans with ZINC Financial and who have a track record of flipping homes within four to six months are eligible for the Velocity Loan Program. New investors hoping to build a relationship with ZINC are encouraged to apply for rehab financing under the company’s several other highly-respected loan programs.
About ZINC Financial
ZINC Financial helps rehab real estate investors leverage their assets for greater returns and more professional success. The company fosters lasting relationships with investors, providing guidance and advice throughout each individual investment. Few other private money lenders are as respected or as successful as ZINC Financial. With a wide variety of loan programs for new and experienced investors alike, ZINC consistently funds loans in as little as seven business days. Contact ZINC Financial at (559) 326-2509 or visit ZINCFinancial.net to learn more.