Fix & Flip
For LLCs and corporations buying a 1–4 unit property to renovate, then sell or refinance.
Rather talk it through? Call or text Tyler at 408-459-8133.
At a glance
The terms
Terms as of November 8, 2026. Subject to approval by underwriting.
- Loan size
- $50,000 – $1,000,000 standard; larger loans need underwriter pre-screen
- Leverage
- Up to 90% of purchase + 100% of rehab, by experience and credit
- After-repair cap
- 70% of ARV (75% for the strongest deals)
- Term
- 12 months interest-only; 18–24 months for additions, conversions, ADUs
- Credit
- 660 minimum; 680 for first-time and lightly experienced investors; 600–659 case by case
- Rate and points
- From your personalized quote
A non-binding estimate as of November 8, 2026; not a pre-approval or pre-qualification. Terms as of November 8, 2026.
Who it's for
Investors who renovate, then sell or refinance
- An LLC or corporation buying or refinancing a 1–4 unit property to renovate, then sell or refinance.
- From first-timers (light rehab, same market) to 10+ finished projects: leverage rises with each experience tier.
- Guarantors with 660+ credit (680+ for first-time and lightly experienced investors).
How leverage is set
Your experience and credit set the numbers
Count the flips or rentals you have finished and exited in the last few years. That count sets your tier, and your credit sets where you land inside it.
Leverage by experience tier, up to
| Tier | Projects | Initial loan, up to | After-repair cap |
|---|---|---|---|
| Tier 1 | 0 | 75% at 680+; 80% at 720+ of the purchase price, by credit | 70% of ARV |
| Tier 2 | 1–2 | 80% at 680+; 85% at 720+; 90% at 740+ of the purchase price, by credit | 70% of ARV75% for the strongest deals |
| Tier 3 | 3–4 | 85% at 660+; 90% at 720+ of the purchase price, by credit | 70% of ARV75% for the strongest deals |
| Tier 4 | 5–9 | 90% at 660+ of the purchase price, by credit | 70% of ARV75% for the strongest deals |
| Tier 5 | 10+ | 90% at 660+ of the purchase price, by credit | 70% of ARV75% for the strongest deals |
How tiers, rehab and interest work
- Projects finished and exited in the last 3 years count one each.
- Older projects, up to 10 years back, count too: 2 older projects equal one recent one.
- A real estate or general contractor license moves you up 1 tier, and you start no lower than Tier 2.
- Light rehab is up to 25% of the purchase price.
- Moderate rehab is over 25% and up to 50%.
- Heavy rehab is over 50% and under 100%.
- Extensive rehab is 100% or more, or any addition, expansion, conversion or ADU.
- Loans under $100,000 pay interest on the whole loan from day one, including rehab money not yet drawn; loans of $100,000 and above pay interest only on money drawn.
Fees
- A wholesale fee is accepted up to 20% of the original contract price (10% on a rental loan).
- Each draw carries a $300 inspection and processing fee on one or two units, wire included, and more on three or more units, unless your loan sets another fee.
Not eligible Property types, locations and borrowers
Property types
- Mixed use
- 5+ units
- Condotels
- Co-ops
- Mobile or manufactured homes
- Commercial property
- Cabins and log homes
- Oil and gas lease property
- Leasehold property
- Operating farms, ranches and orchards
- Vacation or seasonal rentals
- Unique, exotic or luxury property
- Unpaved or dirt-road access
- Non-warrantable condos
Locations
- Property in Arizona, California, Idaho, Minnesota, Nevada, North Carolina, North Dakota, Oregon, South Dakota, Utah or Vermont
- Lee, Charlotte, Sarasota and Collier counties in Florida
Borrowers and use
- Individuals: borrow through an LLC or corporation
- Owner-occupied, personal or family use
What you'll need
Documents for a flip
You don't need all of this to start. Tyler tells you what's due when.
- The purchase contract (purchases), plus the contracts from each earlier sale if a wholesaler assigned it
- The settlement statement from your purchase, a breakdown of rehab costs spent to date against what remains, and a payoff letter if an existing loan is being paid off (refinances)
- A personal financial statement for each guarantor
- Your track record on the track record template we provide, with every column filled in; closing statements and before-and-after photos for buy-and-hold projects or large rehabs; and, if past projects were held in a different entity, that entity's filing information, EIN letter and operating agreement
- Your scope of work, itemized by trade and exported to Excel or PDF for the appraisal order
- Permits, or a signed and stamped architect letter, when you are adding square footage; plans, permits or an architect letter for any expansion or conversion; a structural engineer report if there was fire damage; a condo questionnaire for a condo; a contractor agreement or a letter of explanation for first-time borrowers or a new market; and your real estate or general contractor license if you are claiming professional status
- Entity documents: Certificate of Formation, EIN letter, Operating Agreement and a recent Certificate of Good Standing with the state's seal
- An attorney opinion letter when the loan is over $1,000,000 (over $500,000 in New Jersey and New York, over $2,000,000 in Hawaii)
Insurance: General liability of $1,000,000 per occurrence and $2,000,000 aggregate, or $1,000,000 per occurrence with no aggregate. Mortgagee clause: provided at closing.
Worked example
A moderate rehab at Tier 4
5–9 finished projects, 720 credit, and a rehab budget that is 33% of the price.
- Purchase price$300,000
- As-is value$300,000
- Rehab budget$100,000 (33%, Moderate)
- After-repair value$550,000
- Experience and creditTier 4, 720
Total loan, up to
$370,000
Plus closing costs, points and 1 month of interest reserve. At Tier 4 the exit test is at least a 0% projected return or a 1.10 DSCR. Subject to approval by underwriting.
A non-binding estimate as of November 8, 2026; not a pre-approval or pre-qualification. Terms as of November 8, 2026.
Run your own numbersHave a flip in front of you?
Questions
Fix & Flip questions
Do I need experience?
For rental loans, no experience is required. For Fix & Flip, first-time investors qualify at the first experience tier with a credit score of 680 or better, a light rehab (no more than 25% of the price and $100,000), a property in a market you already know, and a projected return of at least 30%. Ground-up construction needs prior ground-up projects: 1–2 for a standard loan. A multifamily bridge needs an experienced sponsor.
What credit score do I need?
On Fix & Flip loans the minimum is 660, or 680 for borrowers at the lowest experience tiers. Lower scores, down to 600, are considered case by case. Rental loans need a mid-score of 660 or better, and ground-up loans 680. A bankruptcy or foreclosure must be at least 4 years old on a Fix & Flip loan and 3 years old on a rental loan.
How much can I borrow on a flip?
Up to 90% of the purchase price and 100% of the rehab, capped at 70% of the after-repair value (75% for the strongest deals). Standard loans run up to $1,000,000 ; larger loans need an underwriter pre-screen. Where you land depends on your experience tier and credit, so run the estimator with your own numbers.
How is interest charged on rehab money?
On a loan below $100,000 , interest is charged on the whole loan from day one. On a loan at or above that amount, interest is charged only on the money you have drawn.
What are the terms?
A Fix & Flip loan is interest-only for 12 months, or 18–24 months for additions, conversions and accessory dwelling units. An extension of up to 50% of the term is available for a fee. There is no prepayment penalty.
Which property types are excluded?
Mixed-use properties, buildings over the unit limit for the program, condotels, co-ops, manufactured homes, commercial properties, log homes, oil and gas leases, leasehold properties, farms and ranches, vacation or seasonal rentals, luxury or unusual properties and properties on unpaved roads are not eligible. Rural properties are not allowed on rental loans, and non-warrantable condos are not eligible on either program.