Fix and flip loans
Found the house, but the rehab would take every dollar you have? The loan pays up to 90% of the price and the whole renovation budget, and you pay interest only on what has been drawn.
- 90%
- of the purchase price
- 100%
- of the rehab, in draws
- $0
- prepayment penalty
Fix and flip · 12 months, interest onlyTypical flip
Fix and flip terms
Term sheetGuidelines as of November 2026
- Share of the purchase price
- Up to 90%
- Share of the rehab budget
- 100%, paid in draws
- Limit against resale value (ARV)
- 70%, or 75% for experienced investors
- Loan size
- $50,000 to $3,000,000
- Term
- 12 months, interest only. 18–24 months for additions and ADUs
- Interest
- Charged only on funds already drawn, on loans of $100,000 and up
- Prepayment penalty
- None
- Credit score
- From 660. 680 on a first flip
- Property
- 1–4 unit houses, townhomes, condos
Program maximums for non-owner-occupied 1–4 unit property. Not a commitment to lend.
What a fix and flip loan is
It is a short-term loan that buys the house and pays for the work. Most of the price is funded at closing. The renovation budget sits in a holdback and comes out in draws as each stage is finished. You repay everything when the house sells or when you refinance, usually inside a year.
The size of the loan comes from the deal: the price, the budget, the resale value after repairs (ARV) and the projects you have finished. Your salary and tax returns are not asked for.
How much can I borrow on a flip?
Up to 90% of the price plus the full rehab, as long as the total stays inside 70% of the ARV. On a $320,000 house with a $70,000 budget and a $560,000 resale value:
| 90% of the $320,000 price, funded at closing | $288,000 |
|---|---|
| 100% of the $70,000 rehab, paid in draws | $70,000 |
| Total loan | $358,000 |
| Limit check: 70% of the $560,000 ARV | $392,000, the loan fits |
| Your cash in the deal | $32,000 + closing costs and one month of interest |
Illustration only.
Leverage grows with every finished project
Projects completed in the last three years decide how much of the price is financed and how heavy the renovation can be. Licensed agents and contractors start one level higher.
Swipe sideways to see every column
| Projects in 3 years | Credit from | Light or moderate rehab | Heavy rehab | Additions, ADUs | Rehab budget up to |
|---|---|---|---|---|---|
| None, first flip | 680 | 75%–90% of price | — | — | $100,000 |
| 1–2 | 680 | 80%–90% of price | 75% | — | 2× your largest project, $500K max |
| 3–4 | 660 | 85%–90% of price | 80%–85% | 80%, no ADUs | 2× your largest project, $500K max |
| 5–9 | 660 | 90% | 85% | 85% | 2× your largest project, $500K max |
| 10+ | 660 | 90% | 90% | 85% | 2× your largest project, $500K max |
What to have ready
- An LLC or corporation as the borrower, with its owners as guarantors
- The purchase contract, plus the assignment if a wholesaler is in the chain
- A scope of work, the rehab budget and a list of projects you have finished
- Company documents: articles, EIN letter, operating agreement, certificate of good standing
- Cash for the down payment, closing costs and one month of interest
What happens after you send a flip
- 1
Tell us about the deal
Your contact details and a line about the property. No application at this stage.
- 2
Hear where the deal stands
Which loan fits and how much it covers, before you spend money on an appraisal. If the numbers don’t work, we tell you that too.
- 3
Get written terms
A soft credit check that leaves your score alone, then a term sheet. After you accept it: appraisal, title, insurance and your company documents.
- 4
Close in your LLC
Funds go to escrow at closing. Rehab and construction money comes out in draws as each stage of work is finished.
Fix and flip questions
Will you finance my first flip?
Yes. With no projects behind you the loan still covers 75% to 90% of the price, depending on credit, and all of a light or moderate rehab. Details are on the first-flip page.
How much do I need to put down?
Between 10% and 25% of the price, plus closing costs. The renovation is financed in full.
Is there a fix and flip loan with nothing down?
No. The minimum is 10% of the price plus closing costs.
What credit score does it take?
660, or 680 if this is your first flip.
Do I pay interest on money I haven’t drawn yet?
Not on loans of $100,000 or more. Interest is charged only on the funds already released.
How do I get the rehab or construction money?
It is set aside at closing and paid out in draws. You ask for a draw, an inspector confirms the work, and the funds are released.
Can I pay the loan off early?
Yes, whenever you sell or refinance. There is no prepayment penalty.
My project is half done with another lender. Can you take it over?
Yes, for investors with three or more finished projects, when the property is at least half complete.
Do you finance wholesale deals?
Yes. Assignment fees of up to 20% of the price are accepted.
Are the terms the same in every state?
No. Florida and the Austin, Houston and San Antonio areas ask for three finished projects and give slightly less leverage, and a few counties are outside the program. We confirm what applies when we look at the deal.
What if I decide to keep the house as a rental?
Once it is rented, refinance into a 30-year DSCR loan that qualifies on the rent.
Does the loan have to be in an LLC?
Yes, an LLC or a corporation borrows. If you don’t have one yet, you can set it up before closing.
Which states do you lend in?
In 47 states and Washington, DC: everywhere except North Dakota, South Dakota and Vermont. California, Florida and Texas are our main markets. Some programs have their own rules in certain states and counties, and we confirm them when we look at the deal.
Have a deal in hand?
Leave your contact details and a line about the deal. We get back to you with which loan fits, how much it covers and written terms, before you pay for an appraisal.
- No hard credit pull to see terms
- No tax returns or W-2s
- Business-purpose loans on investment property