Renovating Richmond's Older Neighborhoods
Our fix and flip loans fund renovation projects in Richmond. Richmond has an active renovation scene in its older neighborhoods. Investors buy homes that need work, renovate them and sell, and a fix and flip loan finances both the purchase and the renovation so you can start as soon as you close.
Sachem Lending lends across Virginia from our office in Branford, Connecticut. This page explains how our fix and flip loans work for Richmond projects.
How Fix and Flip Loans Work in Richmond
Our fix and flip loans are short-term financing secured by the property, meant to last only as long as the project. Loans run from $500,000 to $25 million, with terms that typically run 12 to 36 months.
As the renovation moves forward, funds are released for completed work. Our in-house team handles draw requests directly rather than passing them to a third party.
What We Look At
Our underwriting focuses on the property, your renovation plan and your experience with similar projects, not only on credit scores or income. Send the purchase price, the scope of work, the budget and the expected sale price, and we will tell you quickly whether the deal fits.
Bigger Projects and Other Markets
Northern Virginia moves with the Washington, D.C. economy and carries higher prices, so projects there tend to be larger, and our new construction loans go up to $25 million. In Hampton Roads, including Norfolk and Virginia Beach, a bridge loan can carry a property until you sell or refinance.
Check the Loan Size First
Our minimum loan is $500,000, so these loans suit larger renovations and multifamily buildings. If your deal is smaller, we may not be the right lender for it. Most loans close in 30 to 45 days, and in most cases there is no prepayment penalty when you sell.
Have a Richmond Project?
Send us the details or call our lending team. If the project qualifies, we send a term sheet, and funding estimates usually take a day or two.