Renovation Projects Beyond Greater Boston
Our fix and flip loans finance renovation projects in Worcester, Springfield and Lowell. Greater Boston gets most of the attention, but Worcester, Springfield and Lowell each have their own pace and price points. All three have a large stock of older housing, from two- and three-family homes to mill-era buildings, and renovation is often how investors add value there.
Sachem Lending lends throughout Massachusetts from our office in Branford, Connecticut. This page covers how our fix and flip loans work for renovation projects in these cities. For a broader look at the state, see our guide to hard money lending in Massachusetts.
How Fix and Flip Loans Work in Worcester, Springfield and Lowell
Our fix and flip loans cover the purchase of the property and the cost of renovating it. The loan is secured by the real estate and is meant to last only as long as the project, typically 12 to 36 months. Loans run from $500,000 to $25 million.
Renovation funds are released as the work is completed, and our in-house team handles draw requests directly rather than passing them to a third party.
Older Buildings Need a Realistic Plan
Older and historic buildings make up a large share of what comes up for sale in Massachusetts, and renovating them takes a realistic budget and schedule. When you bring us a deal, we look at the purchase price, the scope of work, the budget and what you expect the finished property to be worth, along with your experience on similar projects.
A complete plan with the paperwork ready is the fastest route to a closing. Most of our loans close in 30 to 45 days, and sometimes sooner.
Worcester, Springfield and Lowell
Each city brings a different kind of project. In Worcester, much of the housing is older and benefits from renovation. Around Springfield, two- and three-family homes and small commercial buildings are common. Lowell and the Merrimack Valley have mill-era and multifamily buildings that suit renovation or conversion, and for larger conversions our new construction loans go up to $25 million.
Is Your Project a Fit?
Our minimum loan is $500,000, so our fix and flip loans suit larger renovations, multifamily buildings and investors with more than one project underway. Our underwriting focuses on the property and the plan rather than only on credit scores or income, and in most cases there is no prepayment penalty when you sell.
Ready to Talk About a Massachusetts Flip?
Send us the property address, purchase price, renovation budget and expected sale price. Our team in Branford reviews each request and, if the project qualifies, sends a term sheet. Funding estimates usually take a day or two.