How fast can I get a business loan?

With Slate Financial, many business loans fund in as little as 24 hours. MCAs and lines of credit can fund same-day. Term loans typically fund in 24-72 hours. Real estate loans range from 5 days to 4 weeks depending on the product.

Can I get a business loan with bad credit?

Yes. Products like MCAs, MCA Bailouts, and Lines of Credit are primarily based on your business revenue, not your personal credit score. If your business generates consistent monthly revenue ($10K+/month), you likely qualify for funding.

What types of business loans does Slate Financial offer?

Slate Financial offers 14 loan products including Term Loans, Lines of Credit, Merchant Cash Advances, MCA Bailout, 0% Interest Business Credit Cards, Equipment Financing, Purchase Order Factoring, Commercial Real Estate Loans, Residential Mortgages, DSCR Loans, Fix and Flip Loans, Ground-Up Construction Loans, Mergers & Acquisitions Financing, and Form 1003 Mortgage Applications.

Does applying for a business loan affect my credit score?

No. Slate Financial's initial application uses a soft inquiry that does NOT impact your credit score. A hard pull is only done after you've reviewed and accepted a specific offer from a lender.

A DSCR (Debt Service Coverage Ratio) loan allows real estate investors to qualify based on the property's rental income rather than personal income. If the property's rent covers the mortgage payment, you can qualify without providing pay stubs, W-2s, or tax returns.

How does the draw schedule work for rehab funds?

The total rehab budget is held in escrow at closing and released in stages as work progresses. Typically, you complete a phase of renovation (for example, demolition and framing), then request a draw from the lender. The lender sends an inspector to verify the work is complete, and the corresponding funds are released to you or paid directly to your contractor within 2 to 5 business days.

Can I qualify for a fix-and-flip loan with no prior flipping experience?

Yes. Many lenders offer programs for first-time flippers, though the terms may be slightly more conservative (lower leverage, higher rates) compared to what experienced investors receive. Having a strong credit score, sufficient liquidity, and a detailed scope of work prepared with a licensed contractor will strengthen your application.

What happens if my project takes longer than the loan term?

Most fix-and-flip lenders offer extension options, typically in 3 to 6 month increments, for an additional fee. Extensions usually cost 1 to 2 points and may require that the project is substantially complete. It is important to build a realistic timeline and budget a contingency reserve to avoid the need for costly extensions.

How is the After-Repair Value (ARV) determined?

The ARV is determined by a licensed appraiser who inspects the property and compares it to recently sold comparable properties in the area in their renovated condition. The appraiser considers your scope of work and the expected finished condition of the property. Lenders typically cap the loan at 70 to 75% of the ARV to ensure there is an equity cushion.

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Fix and Flip

Fast, flexible financing for residential fix-and-flip projects with draws based on rehab completion.

LOAN RANGE

$75K – $5M

TURNAROUND

5–10 business days

Best for real estate investors looking for fast, flexible financing to purchase and renovate residential properties for resale at a profit.

About Fix and Flip

Fix-and-flip loans are short-term financing products designed specifically for real estate investors who purchase distressed or undervalued residential properties, renovate them, and sell them for a profit. These loans cover both the acquisition cost and the renovation budget, providing up to 90% of the purchase price and 100% of the rehab costs in many programs.

Unlike traditional mortgages that amortize over 15 to 30 years, fix-and-flip loans are structured as short-term bridge loans with terms of 6 to 18 months. Payments are typically interest-only during the renovation period, which keeps your carrying costs low while you complete the project. Rehab funds are distributed through a draw schedule, where the lender releases construction funds in stages as work is completed and inspected.

Slate Financial works with fix-and-flip lenders who specialize in speed and flexibility. Most loans close in 5 to 10 business days, allowing you to compete with cash buyers on acquisitions. Whether you are a first-time flipper or an experienced investor with dozens of completed projects, our lending partners offer programs scaled to your experience level and project scope.

How It Works

1Submit your application with the property's purchase contract, your detailed scope of work and rehab budget, property photos, and proof of funds for your down payment or equity contribution.
2The lender evaluates the deal based on the purchase price, estimated after-repair value (ARV), renovation scope, your experience, and your credit profile.
3You receive a loan commitment detailing the purchase financing, rehab holdback amount, interest rate, points, and draw schedule terms.
4At closing, the purchase portion is funded and you take title to the property. The rehab budget is held in escrow and released in draws as renovation milestones are completed.
5After each construction phase, you request a draw. The lender sends an inspector to verify the work, and the corresponding funds are released. Once complete, you sell the property and repay the loan from the sale proceeds.

Who Qualifies

Real estate investors purchasing residential properties (1-4 units) for renovation and resale
Minimum credit score of 640 (higher scores receive better rates and leverage)
Demonstrated liquidity or reserves sufficient to cover the down payment and carrying costs during renovation
A detailed scope of work and realistic rehab budget prepared by the borrower or a licensed contractor
First-time flippers qualify with many lenders, though experienced investors receive better terms and higher leverage

Typical Terms

Loan Amount	$75,000 - $5,000,000
Interest Rate	9% - 13%
Origination Points	1 - 3 points
Loan Term	6 - 18 months
LTC (Loan-to-Cost)	Up to 90% of purchase + 100% of rehab
LTV (After-Repair Value)	Up to 70-75% of ARV

Pros & Cons

Advantages

+Fast closings (5-10 business days) allow you to compete with cash offers on time-sensitive acquisitions

+Interest-only payments during the renovation period minimize carrying costs

+Rehab funds are included in the loan so you do not need separate financing for construction

+No income verification or tax returns required in most programs; qualification is asset-based

Considerations

-Interest rates and origination points are significantly higher than conventional mortgages (typically 9-13%)

-Short loan terms (6-18 months) mean you must complete the project and sell quickly to avoid costly extensions

-Renovation cost overruns or project delays can erode your profit margin or require additional capital

-Down payment of 10-20% of the purchase price is required, plus reserves for carrying costs

Ready to Apply for Fix and Flip?

Fill out the application below and a funding advisor will reach out within 1 business day.

Application Form

All fields marked * are required. Your information is encrypted and secure.

Property Info

Property Address *

Property Type *

Purchase Price *

After Repair Value (ARV) *

Estimated Rehab Budget *

Loan Details

Total Loan Requested (Purchase + Rehab) *

Exit Strategy *

Estimated Project Timeline *

Borrower Info

Borrower Full Name *

Email *

Phone *

Estimated Credit Score *

Flips Completed (Last 3 Years) *

How did you hear about us?

Document Upload

After submission, your advisor will send a secure upload link for required documents.

Credit Authorization

By checking the box below, I authorize Slate Financial and its designated partners to pull credit reports for the purpose of evaluating this funding application. I understand that:

A soft inquiry will be conducted on my personal credit (this will not impact my personal credit score)
A hard inquiry will be conducted on my business credit (this may be reflected on my business credit report)
These inquiries are used solely to assess eligibility for business funding products
My information will be kept confidential and used only for this application

I authorize Slate Financial to perform a soft pull on my personal credit and a hard pull on my business credit

🔒 256-bit SSL encrypted · Your data is never sold

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Program Highlights

Up to 90% of purchase + rehab

Interest-only payments

Draw schedule for rehab costs

Close in days, not months

Required Documents

Have these ready to speed up your approval:

📄Purchase agreement

📄Scope of work / rehab budget (line items)

📄Property photos (interior & exterior, all rooms)

📄Contractor bids or estimates

📄Comparable sales (3-5 comps for ARV)

📄3 months bank statements

📄Proof of funds for down payment

📄Government-issued ID

📄Real estate experience summary (track record)

📄Entity documents (if LLC)

📄Contractor license and insurance

Typical Timeline

5–10 business days

Timeline begins after all required documents are received and verified.

Need Help?

Talk to a funding advisor

📞 (843) 290-8928

Fix and Flip

About Fix and Flip

How It Works

Who Qualifies

Typical Terms

Pros & Cons

Ready to Apply for Fix and Flip?

Application Form

Property Info

Loan Details

Borrower Info

Credit Authorization

Program Highlights

Required Documents

Typical Timeline

Frequently Asked Questions

Application Form

Property Info

Loan Details

Borrower Info

Credit Authorization