Between the Borrower (the "Flipper") and Fast Flip Fund (the "Lender")
The Borrower represents and agrees that this loan is taken solely for business, commercial, or investment purposes and not for personal, family, or household purposes. The Borrower is a business entity or an individual acting for a business purpose.
The financed property is a non-owner-occupied investment property. The Borrower, and anyone related to the Borrower, shall not live in or occupy the property at any time while the loan is outstanding.
Interest is 2% of the loan amount every month (charged monthly on the outstanding loan amount).
If the Borrower needs more money beyond the original loan, a new application must be filed and separately approved by the Lender. There is no obligation on the Lender to provide additional funds.
A non-refundable application fee of $2,500 is due at signing.
The Borrower must keep the property fully insured, pay all property taxes on time, and pay all utilities. If the Lender has to pay any of these on the Borrower's behalf, the full amount paid will be added to the loan, plus a $200 fee each time the Lender makes such a payment.
The Lender is allowed to sell, transfer, or assign this loan to another party or agency at any time. All terms of this agreement continue to apply.
The benefits, services, and support described on the Fast Flip Fund website may be available to the Borrower, but nothing is guaranteed. Funding a project is not a promise that the project will be profitable or successful.
At the Lender's sole discretion, the Lender may require the entire loan to be paid back in full at any time — including if the Lender believes the Borrower is delaying the project or taking steps that make the deal unprofitable.
The loan is secured by a mortgage on the property. If the Borrower refuses or fails to repay the loan when it is demanded or when it is due, the Lender has the right to foreclose on the property under Michigan law, in addition to all other remedies available to the Lender.
The Borrower must sign a personal guarantee. This means the Borrower is personally responsible for repaying the loan, and the Borrower's liability is not limited to the value of the property — it extends beyond the property value to the Borrower personally.
This agreement is governed by the laws of the State of Michigan.
By signing, each party agrees to the terms above.
This page is provided for information and is a draft of proposed loan terms. It is not legal advice and is not an offer to lend. Fast Flip Fund is not a law firm. A binding loan requires a final agreement, a mortgage, and a personal guarantee prepared and reviewed by a licensed Michigan attorney, properly signed, notarized, and recorded. Interest and fees are subject to applicable Michigan law. ← Back to Fast Flip Fund