Residential construction lending company Builders Capital is launching a new fix-and-flip loan program to capitalize on the popularity of that market.
"We are excited to introduce a unique value proposition to the fix and flip market through a combination of competitive rates, fast servicing and an easy borrower experience," said Tyler Benthin, Director of the Fix-and-Flip program for Builders Capital.
"Builders Capital has been one of the fastest-growing and most innovative providers of private financing and this is a natural extension of those services into the high growth market for renovations," he added.
Right now, Builders Capital only operates in Washington, Oregon and Colorado, but, according to its statement, it is gearing up to expand into new markets in the near future.
"I am delighted to welcome Tyler to the team and to introduce this new Fix and Flip loan program. It's a natural extension of our finance and value-added services for builders, investors and now flippers," Builders Capital CEO and Co-Founder Curt Altig said in a statement.
"We believe there is a market need for a fast and reliable finance partner in the fix-and-flip market. Tyler has an excellent background and superb industry knowledge in this segment, having previously co-founded one of the leading hard money lenders in Seattle. We look forward to his leadership in the initial launch of this new program in Seattle and Portland area markets," he added.
Since its launch in 2009, the company has loaned roughly $1 billion to over 1,400 projects in its markets.