Fix-and-Flip Loans: How to Close in 10-15 Days Without a Bank

Every real estate investor knows the feeling: you find a distressed property at a great price, the numbers pencil out, and the timeline is tight. Then you walk into a bank. Six to eight weeks of underwriting, a stack of paperwork three inches thick, 20% down minimum, and a W2 proving you have a day job – for a six-month project.

The property closes in three weeks. Someone else buys it while you’re waiting on the bank.

That gap is exactly why fix-and-flip lending exists – and why investors who understand it close more deals and build portfolios faster than those who don’t.

What Is a Fix-and-Flip Loan?

A fix-and-flip loan (also called a rehab loan or hard money loan) is short-term bridge financing designed specifically for investors buying, rehabbing, and reselling distressed properties. The underwrite is built around the deal, not the borrower’s employment history or tax returns.

The key metrics a fix-and-flip lender cares about:

• Purchase price – what you’re paying for the property
• After-repair value (ARV) – what the property will be worth after renovation
• Rehab scope and timeline – what the work is and how long it takes
• Loan-to-cost (LTC) – the percentage of total project cost the lender will fund

That’s the underwrite. No W2 required. No employer verification. The deal qualifies itself.

The Fix-and-Flip Math: Why 90% LTC Changes Everything

Here’s a simple example that illustrates why leverage matters in this strategy:

Assume you find a property with a $200,000 purchase price and $80,000 in rehab needed. Total project cost: $280,000. ARV: $380,000.

At 90% LTC, the lender funds $252,000. You bring $28,000 – your 10% equity position.

If the flip executes on plan and sells at $375,000, your gross profit is $95,000 on $28,000 deployed. That’s a 3.4x return on capital – before loan costs. Results not typical and depend on execution, market conditions, and lender approval.

Banks won’t fund that deal. The right lender will – and will close in 10-15 days.

Who Qualifies for a Fix-and-Flip Loan?

Fix-and-flip lenders evaluate deals differently than banks. Here’s what matters:

• The ARV spread – lenders want to see clear upside between purchase price + rehab and the after-repair value
• Experience level – first-time flippers can still qualify; experience earns better terms
• Realistic rehab scope – lenders who specialize in this have seen thousands of projects; a credible, detailed scope goes a long way
• Exit strategy – are you selling or refinancing into a DSCR rental loan? Both are valid

Credit score matters less than the deal. Some programs are available with scores as low as 620. The question is always: does the deal work?

What About Ground-Up Construction?

If you’re a builder or developer doing spec homes, ground-up construction loans work on a draw-schedule model: the lender funds in stages as construction milestones are hit, rather than releasing the full amount at closing. This keeps your cost of carry low and the lender’s risk aligned with project progress.

Draw-schedule financing is available in FL, TX, GA, SC and other major markets. The underwrite focuses on the lot value, construction budget, and projected end value – not your employer. Apply for construction financing at slatefinancial.io.

Speed Is the Competitive Advantage

Fix-and-flip lenders close in 10-15 days. Some close faster. Banks take 45-90 days. In a competitive market where distressed deals attract multiple offers, speed is not a nice-to-have – it’s the deciding factor.

The investor who can close in two weeks wins deals that the bank-financed buyer never sees. Every week you wait on a bank approval is margin that walks out the door.

How to Get Started

The application process is simple: purchase price, ARV, rehab scope, and a few property details. Three minutes to apply.

If your deal makes sense – if the numbers pencil – we’ll match it with a lender who closes fast. Apply for a fix-and-flip loan at slatefinancial.io. Funding subject to lender approval.

Don’t let a six-week bank process cost you the deal. The right lender funds the deal, not the paperwork.

Frequently Asked Questions

Do I need a W2 or proof of employment?

No. Fix-and-flip lenders underwrite the deal, not your employment history. Some programs do verify income or assets, but W2 income is not the primary qualification factor. Funding subject to lender approval.

What’s the minimum credit score?

Programs vary by lender. Some require 680+, others go to 620 or below for experienced investors with strong deals. The deal quality is the primary lever – not your credit profile alone.

How fast can I close?

Typically 10-15 business days from application to close. Rush closings are possible in some cases. Timeline depends on property location, title, and appraisal scheduling.

What LTC is available?

Up to 90% LTC on the total project cost (acquisition + rehab) in many programs. Exact terms depend on experience, deal quality, and lender guidelines.

Ready to move on your next deal? Get matched with a fix-and-flip lender in minutes at slatefinancial.io. Funding subject to lender approval.

Need Business Funding?

Slate Financial matches you with the best funding options. Apply in minutes.

Tags