Fix-and-Flip Loans: Close in 10 Days Without a Bank

You found the deal. ARV is solid, rehab scope is tight, and the seller needs to close fast. The one problem: your bank cannot move in 10 days – and distressed properties often do not even qualify for conventional financing.

Fix-and-flip bridge loans exist for exactly this scenario. If you are a real estate investor looking to close quickly on a rehab project, apply at Slate Financial to see what your deal qualifies for. Funding is subject to lender approval.

What Is a Fix-and-Flip Loan?

A fix-and-flip loan (also called a hard money loan or bridge loan for investors) is short-term financing designed for real estate investors purchasing distressed properties, renovating them, and reselling at a profit. Unlike conventional mortgages, these loans are underwritten on deal fundamentals – specifically the After Repair Value (ARV) and Loan-to-Cost (LTC) ratio – not just the borrower’s income or credit score.

• Loan terms: typically 6 to 18 months
• Loan-to-Cost: up to 90% LTC on purchase and rehab in many cases
• Close timeline: 7 to 14 days for experienced investors
• Property condition: distressed, not-yet-livable properties accepted
• Underwriting focus: ARV, exit strategy, and borrower track record

Why Banks Say No to Fix-and-Flip Deals

Banks are built for stabilized, owner-occupied properties. They require livability standards, assess W2 income, and take 6 to 10 weeks to close. Fix-and-flip investors need to close in days on properties that fail bank livability standards. This is not a credit problem – it is a product mismatch. Fix-and-flip lenders fill the gap the banking system was never designed to address.

The Deal Math: Does the Rate Actually Matter?

Hard money rates typically run between 9% and 13% annually. Consider this example (results not typical, funding subject to lender approval):

• Purchase price: $210,000 | Rehab budget: $55,000 | Total cost: $265,000
• ARV: $400,000 | Hold period: 5 months
• Interest at 11% annualized: approximately $12,100
• Gross profit: $135,000 minus $12,100 carry = net approximately $122,900

The deal that never closes because you are waiting on a bank approval is worth exactly $0.

What Fix-and-Flip Lenders Look At

1. ARV (After Repair Value): What will the property be worth once renovated? This sets the ceiling on your loan.
2. LTC (Loan-to-Cost): How much of your total project cost are you borrowing? Most lenders cap at 80-90%.
3. Exit Strategy: Are you selling or refinancing out? Your exit needs to be credible.

Credit history is reviewed, but it is not the primary gate it is in conventional lending. Experienced investors with a track record can often access higher LTCs and better rates.

Markets We Work In

Slate Financial connects investors with lenders across high-activity fix-and-flip markets including Florida, Texas, Georgia, and South Carolina. Ground-up construction loans with draw schedules on completion milestones are also available for builders and developers in these markets.

How to Apply

The application takes about 2 minutes. You need basic deal info: purchase price, rehab estimate, ARV, and property address.

Apply for a fix-and-flip loan at Slate Financial. Funding is subject to lender approval.

Frequently Asked Questions

Can I get a fix-and-flip loan with bad credit?

Deal fundamentals – ARV, LTC, exit strategy – carry more weight with fix-and-flip lenders than with banks. Subject to lender approval.

How fast can I close?

Experienced investors with complete documentation can often close in 7 to 14 days. Timeline depends on the lender and deal complexity.

Do you fund ground-up construction?

Yes. Slate Financial connects builders with ground-up construction loans that include draw schedules on completion milestones. Apply here.

Need Business Funding?

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