Fix-and-Flip Loans: How Real Estate Investors Close in 10-15 Days Without a Bank

If you have ever tried to get a fix-and-flip loan from a traditional bank, you already know the problem: the bank moves on a 60-90 day timeline, but the deal you want closes in two weeks. By the time underwriting is done, the seller has moved on and someone with private financing already owns the property.

This is not a personal failure. Banks were not built for real estate investors. They were built for 30-year mortgages on owner-occupied homes with W2 income. Fix-and-flip lending is a completely different product — and it requires a completely different kind of lender.

What Is a Fix-and-Flip Loan?

A fix-and-flip loan is a short-term bridge loan used to purchase and rehabilitate a distressed property. The goal is to renovate and resell for a profit — typically within 6 to 18 months. Unlike a traditional mortgage, a fix-and-flip loan is underwritten on the value of the deal, not the borrower’s personal income or tax history.

Key features:

• Loan term: 6-18 months (not 30 years)
• Loan-to-cost (LTC): up to 90% of purchase and rehab costs
• Underwriting: based on the after-repair value (ARV) and deal economics, not just FICO
• Close time: 10-15 business days vs. 45-90 for a conventional bank
• Draw schedule: funds released in draws as renovation milestones are completed

Why Banks Say No to Fix-and-Flip Investors

Banks have a checklist that was not designed with real estate investors in mind. They want two to three years of personal W2 income or tax returns. They want a 700+ FICO. They want stable personal cash flow — which a deal-focused investor may not show on paper. And they will not lend on a distressed property, which is exactly what a flipper needs to buy.

The irony is that a seasoned fix-and-flip investor might be buying a property at 60 cents on the dollar with a clear renovation plan and a strong exit, and the bank will still decline because the tax return does not fit the model or the property needs work.

Private lenders look at the deal. The bank looks at the folder.

How Private Fix-and-Flip Lending Works

Private and bridge lenders underwrite the asset first. They ask: What is the after-repair value? What is the purchase price and rehab budget? Does the deal math work at our loan-to-cost ratio? What is the investor track record?

If the deal works, the loan gets done. Closing in 10-15 days is completely standard in the private lending world. Some lenders move faster for experienced borrowers with a proven track record.

What Loan Amounts Are Available?

Fix-and-flip loans at Slate Financial start at $50,000 and go up to several million dollars, depending on the deal and the market. We work with lenders across Florida, Texas, Georgia, South Carolina, and most of the continental United States.

The application takes about 3 minutes. You describe the deal — purchase price, estimated rehab, expected ARV — and we match you with the lenders in our network who fit your deal profile. Funding is subject to lender approval.

Ready to see what your deal qualifies for? Apply at slatefinancial.io/apply/fix-and-flip — it takes 3 minutes and there is no bank involved.

The BRRRR Strategy and Bridge Loans

Many experienced investors use the BRRRR method: Buy, Rehab, Rent, Refinance, Repeat. A fix-and-flip bridge loan covers the buy and rehab phase. Once the property is stabilized and rented at market rate, the investor refinances into a DSCR loan — a long-term rental product where the property income qualifies the borrower, not their personal tax return.

This is how real estate portfolios are built. Not by waiting for bank approval. By using leverage intelligently, recycling capital, and working with lenders who understand the model.

Common Questions About Fix-and-Flip Loans

Do I need perfect credit?
Not necessarily. Many private lenders will work with credit scores in the 600s if the deal is strong and the borrower has experience. Credit is one factor, not the only factor. Funding is subject to lender approval.

How much do I need to put down?
At 90% LTC, you need 10% of the total project cost — purchase price plus rehab budget. Some lenders offer higher leverage for experienced investors with a track record.

What markets do you cover?
We work with lenders nationwide, with strong coverage in Florida, Texas, Georgia, and South Carolina.

How fast can I close?
Experienced borrowers with clean deal packages can close in as few as 10 business days. First-time investors should expect 15-20 days. Funding is subject to lender approval and varies by lender and deal structure.

What to Prepare Before You Apply

The faster you provide this information, the faster the loan closes:

• Property address and purchase price
• Your estimated rehab budget (a rough number is fine to start)
• Comparable sales in the area, or let the lender pull them
• Your real estate investing background and number of deals completed
• Entity documents if purchasing in an LLC, which is strongly recommended

Stop Losing Deals to Slow Financing

Every week a good fix-and-flip deal dies because the financing was not in place. The seller could not wait. Another investor with a private lender already under contract closed the deal first.

The fix is simple: stop trying to use a bank for a short-term investment product it was never designed to fund. Get connected with a private lender before the deal is even found, so when the opportunity hits you can move in days.

Apply at Slate Financial today — 3-minute application, no bank required. We work with 14+ lenders to match your deal to the right terms. Funding is subject to lender approval.

Funding is subject to lender approval. Results not typical. Loan parameters vary by lender and market conditions.

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