Fix and flip loans are short-term Asset based loan loans designed for real estate investors to purchase and improve a property to then sell for a profit.
It is a short term loan designed for real estate investors to purchase and improve a property to then procure long term financing to hold the property, tenant occupied.
It is a type of loan secured by real estate collateral, in which if the borrower defaults, the lender can seize the collateral but cannot seek out the borrower for any further compensation.
It allows investors to purchase and stabilize a mobile/manufactured home with the exit strategy of refinancing for long term debt, or a sale for profit.