Fix & flip
Fix and flip loans
Short-term, interest-only financing to buy a house, renovate it and sell or rent it out: the loan covers up to 90% of the purchase price and 100% of the rehab budget.
- Up to 90% of purchase and 100% of the renovation
- Interest only on the money drawn (loans $100K+)
- No prepayment penalty
Got it. Thank you.
We’ll review your deal and call you back. If it’s urgent, call 310-654-1577.
Fix and flip terms
- Purchase price financed
- Up to 90%
- Rehab budget financed
- 100%, released in draws
- Loan vs. after-repair value
- 70–75% max
- Loan amount
- $50K – $3M
- Term
- 12-month term, interest-only payments 18–24 months on additions and ADUs
- Prepayment penalty
- None
- Credit score
- From 660 680 for first-time investors
- Properties
- 1–4 unit homes, townhomes, condos
Program maximums for non-owner-occupied 1–4 unit property. Not a commitment to lend. Program guidelines current as of November 2026.
What is a fix and flip loan?
A fix and flip loan is a short-term, interest-only loan that pays for most of the purchase and all of the renovation of an investment property. Part of the price is funded at closing, the rehab budget is held back and released in draws as the work is done, and you repay the loan when you sell or refinance, usually within 12 months.
The loan is sized on the deal, not on your paycheck: the price, the budget, the after-repair value (ARV) and your track record.
How much can I borrow on a flip?
Up to 90% of the price plus 100% of the rehab, as long as the total loan stays within 70% of the ARV (75% for qualifying experienced investors). The math on a typical deal:
| Example deal | Amount |
|---|---|
| Purchase price | $500,000 |
| Rehab budget | $100,000 |
| After-repair value (ARV) | $800,000 |
| 90% of the purchase, funded at closing | $450,000 |
| 100% of the rehab, released in draws | $100,000 |
| Total loan | $550,000 |
| ARV check: 70% of $800,000 | $560,000, so the loan fits |
| Your cash to close | $50,000, plus closing costs and a one-month interest reserve |
Illustration only.
Leverage by experience
The more projects you’ve finished in the last three years, the more of the price is financed and the heavier the renovation can be. Licensed agents and contractors start one level up.
| Projects in 3 years | Credit from | Light / moderate rehab | Heavy rehab | Additions, ADUs | Rehab budget up to |
|---|---|---|---|---|---|
| None (first flip) | 680 | 75%–90% of purchase | — | — | $100,000 |
| 1–2 | 680 | 80%–90% of purchase | 75% | — | 2× your largest project, max $500K |
| 3–4 | 660 | 85%–90% of purchase | 80%–85% | 80%, no ADUs | 2× your largest project, max $500K |
| 5–9 | 660 | 90% | 85% | 85% | 2× your largest project, max $500K |
| 10+ | 660 | 90% | 90% | 85% | 2× your largest project, max $500K |
What you’ll need
- Your LLC or corporation borrows, and its owners personally guarantee the loan
- The purchase contract (and the assignment chain if a wholesaler is involved)
- Your scope of work, the renovation budget and a list of the projects you’ve completed
- Entity documents: articles, EIN letter, operating agreement, certificate of good standing
- Cash for the down payment, closing costs and a one-month interest reserve
What happens after you send a flip
One contact from your first call until the loan is paid off.
- Send the dealThe address, the price, the budget, the sale price or rent, and the projects you’ve done. Send it by form or call; there’s no application at this point.
- Get a straight answerWhich loan fits and roughly how much it covers, before you spend money on an appraisal. If the deal doesn’t work, you’ll hear that too.
- Written termsWe run a soft credit check that doesn’t affect your score and send a term sheet. Then we order the appraisal and coordinate title, insurance and your company documents.
- Close in your LLCFunds go to escrow at closing. Rehab and construction money is released in draws as the work is done.
Send me the flip first
Tell me the address, the purchase price, the rehab budget and the expected sale price. Before you pay for an appraisal, I’ll show you how much the loan covers and how much cash you need at closing.
State rules for fix and flip loans
- Available in many states, including California, Florida and Texas, except Lee, Charlotte, Sarasota and Collier counties in Florida.
- Florida and Travis, Harris and Bexar counties in Texas: 3+ completed projects, up to 85% of the price and 65% of the after-repair value, no first flips.
- Chicago (Cook County), Gary, Baltimore, Memphis, St. Louis and Cleveland: 3+ completed projects, 680+ credit, loans up to $1M.
- Condos qualify in every state we serve except Florida.
- Loans from $1M to $3M need an underwriter pre-screen and aren’t offered in the cities above.
- Flipping in California? You can also meet us in Burbank: fix and flip loans in California at West Coast Capital Mortgage.
Questions about fix and flip loans
Can you finance my first flip?
Yes. With no track record you can still get up to 90% of the price and 100% of a light or moderate rehab; the exact share depends on your credit. More on loans for first-time investors.
Can I get a fix and flip loan with no money down?
No. Plan on at least 10% of the price plus closing costs. The rehab itself can be financed at 100%.
What down payment do I need?
Plan on 10% to 25% of the price plus closing costs; the loan pays for 100% of the rehab.
What credit score do I need?
From 660, or 680 for a first flip.
Is interest charged on the full loan amount?
No. On loans of $100,000 or more, interest accrues only on the funds released so far.
How are renovation or construction funds paid out?
The budget stays in a holdback at closing and comes out in draws: you request one, an inspector checks the work and the money is released.
Is there a prepayment penalty?
No. You can repay it any time you sell or refinance.
Can I refinance a flip that’s already underway?
Yes, for investors with three or more completed projects and a property that’s at least half done.
Can I finance a wholesale deal?
Yes. Assignment fees up to 20% of the price are accepted.
Can I rent the property out after the renovation?
Yes. Once it’s rented, refinance into a 30-year DSCR loan or a portfolio loan qualified on the rent.
Do I need an LLC or corporation?
Yes. Your LLC or corporation is the borrower, and you can form the entity before closing.
Which states do you lend in?
Many states. California, Florida and Texas are our main markets; for a property anywhere else, check availability: tell us the state and the loan you need, and we’ll confirm what’s available.
Other loan programs
Have a flip under contract?
Share the address, price, rehab budget and ARV, and you’ll know the leverage before paying for an appraisal.