Fix-and-Flip Loans: How Real Estate Investors Fund Deals in 10-15 Days (Without a Bank)

If you’re a real estate investor, you already know the pain: you find a deal, the numbers work, and then the bank kills the momentum. Six to eight weeks of underwriting. A W2 requirement for a six-month project. A loan committee that doesn’t understand what ARV means. The deal dies while you wait.

Fix-and-flip loans exist specifically to solve this. At Slate Financial, we work with private and institutional lenders who fund the deal – not your tax return. Here’s exactly how it works.

What Is a Fix-and-Flip Loan?

A fix-and-flip loan is a short-term real estate loan used to purchase and renovate a distressed property with the intent to sell for a profit. Unlike a traditional mortgage that evaluates your personal income, fix-and-flip lenders primarily look at:

• The deal itself – purchase price, after-repair value (ARV), scope of work
• Your experience – number of flips completed, track record with comparable properties
• The property – location, condition, comparable sales in the market

Most fix-and-flip loans are 6-18 month terms, interest-only during the renovation period, with a balloon payoff at sale. Some lenders go up to 90% of the purchase price plus 100% of rehab costs. The deal is the collateral – not your W2.

Why Banks Say No (and Why It Doesn’t Matter)

Traditional banks evaluate fix-and-flip deals using residential mortgage guidelines designed for owner-occupants, not investors. They require 30-45+ day underwriting timelines – by which point most distressed deals are gone. They want full income documentation, debt-to-income calculations, and occupancy certifications that make no sense for a property you’re going to gut and resell in six months.

Private lenders do not use these guidelines. They evaluate the deal directly. If the purchase price is sound relative to ARV, if the scope of work is documented, and if the exit strategy is clear, the loan funds – typically in 10-15 business days from application.

How the 10-15 Day Close Actually Works

Here’s the timeline we see with our lender network:

• Day 1-2: Application submitted. Basic deal profile reviewed. Term sheet issued.
• Day 3-5: Property appraisal ordered. Many lenders use drive-by or desktop appraisals for speed.
• Day 6-9: Underwriting review. Scope of work and contractor estimates reviewed.
• Day 10-12: Commitment letter issued. Title ordered – start title early, it’s often the bottleneck.
• Day 13-15: Close. Funds wire.

The key to hitting that timeline: have your purchase contract, scope of work, contractor bids, and entity docs ready on day one. The investors who close fastest are the ones who walk in fully prepared.

What Terms Actually Look Like in the Current Market

Fix-and-flip loan terms vary by lender, deal quality, and borrower experience. General ranges in the current environment:

• LTC (Loan-to-Cost): 80-90% of purchase, up to 100% of verified rehab budget
• LTARV (Loan-to-After-Repair-Value): Typically capped at 65-75%
• Loan term: 6-18 months, interest-only during renovation
• Funding timeline: 10-15 business days from complete application

Specific rates are quoted per deal and depend on the lender, your experience, and property characteristics. Funding is subject to lender approval and underwriting review.

Who Qualifies?

You do not need perfect credit. You do not need a W2. What you do need:

• A signed purchase contract or executed letter of intent
• A realistic scope of work with contractor estimates
• Comparable sales supporting your ARV
• An LLC or entity structure – most lenders require this
• Skin in the game – most lenders require 10-20% of purchase price at closing

First-time flippers can qualify, though terms are typically tighter than for experienced investors. If you’ve completed three or more flips, you’re in a significantly stronger position with most lenders in our network.

The BRRRR Strategy: Making Capital Work Twice

Many of the investors we fund use the BRRRR method: Buy, Rehab, Rent, Refinance, Repeat. The fix-and-flip loan funds the acquisition and rehab. Once the property is stabilized with a tenant and documented rental income, they refinance into a DSCR loan – which qualifies on the property’s rental income, not the investor’s personal income – and pull most of their capital back out for the next deal.

It is one of the fastest ways to build a rental portfolio without keeping capital locked in each property indefinitely. We have lenders who do both sides of this transaction.

Ground-Up Construction: A Related Path for Builders

If you own a lot and are ready to build a spec home – or if you’re acquiring land to develop – ground-up construction loans operate on a similar fast-lender model. Capital is released in draws as construction milestones are inspected and verified. We fund ground-up construction projects in FL, TX, GA, and SC from $150K to $5M.

The draw schedule is the most common trip-up for first-time builders: capital is released when work is verified, not when you need it for the next phase. Plan a 10-15% contingency buffer into your budget before day one.

Apply in 3 Minutes

If you have a deal under contract – or even a deal you’re evaluating – apply at slatefinancial.io/apply/fix-and-flip. We review every application and match you with lenders based on your deal specifics and experience level.

No bank required. No six-week wait. The deal doesn’t stop because the bank took a holiday.

Apply now at slatefinancial.io/apply. Funding is subject to lender approval.

Slate Financial is a commercial lending brokerage connecting real estate investors and business owners with private and institutional capital. We are not a bank or direct lender. All funding subject to lender approval and underwriting.

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