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

If you have tried to fund a fix and flip through a traditional bank, you already know how it ends. Six to eight weeks of processing. A moving target of documentation requests. And a quiet “no” that arrives three days after your seller extension expires.

The good news is the bank is not your only option – and for most fix and flip deals, it should not even be your first call. Private lenders and hard money lenders have built an entire market specifically to fund what banks will not touch, at speeds banks cannot match.

What Is a Fix and Flip Loan?

A fix and flip loan is short-term financing designed for real estate investors who buy distressed or undervalued properties, renovate them, and resell at a profit. Unlike a 30-year mortgage, these loans typically run 6-18 months, close fast, and are structured around the deal – not the borrower’s tax returns.

The right fix and flip loan does three things:

• Covers the purchase price (and sometimes the rehab budget too)
• Closes fast enough to keep your deal alive
• Gets out of your way when you sell – no prepayment headaches

Most private fix and flip loans finance up to 85-90% of the total project cost (purchase price plus rehab budget), based on the after-repair value (ARV) of the finished property.

Why the Bank Keeps Saying No

Banks are not built for fix and flip lending. Their underwriting models look backward – at W2 income, tax returns, and debt-to-income ratios. A seasoned investor doing their fourth flip often shows losses on paper because of depreciation and cost segregation. To a bank, that looks risky. To any experienced lender in this space, that is exactly what a healthy real estate investment portfolio looks like.

Banks also do not like complexity. Draw schedules. Short loan terms. Properties in distress at purchase. These do not fit neatly into a bank’s product matrix, so the deal gets sent to a committee, and the committee says no while your contract deadline passes.

How Private Fix and Flip Lenders Work Differently

Private lenders look at the deal first. The questions they care about:

• What is the ARV? The after-repair value is the projected resale price once renovations are complete. This drives the loan ceiling.
• What is the LTC? Loan-to-cost – most programs finance up to 85-90% of purchase plus rehab.
• What is the exit strategy? Resale, refinance into a DSCR loan, or a wholesale assignment.
• Has the borrower done this before? Experience helps but is not always required on a strong deal.

This approach lets private lenders issue term sheets in 24-48 hours and close in 10-15 business days on most deals – not because they are taking shortcuts, but because they are underwriting the right thing from the start.

The Real Cost of Waiting on the Bank

Here is the math most investors skip until it is too late.

A distressed property goes under contract for $210,000. The ARV after $45,000 in rehab is $320,000. The investor’s all-in profit projection: $55,000. The bank tells them 6-8 weeks to process.

At week 7, the seller walks. The property sells two weeks later to a cash buyer at $225,000. The investor loses the earnest money, the 7 weeks, and the $55,000 in projected profit.

Private capital costs more per point than a bank loan. But a funded deal that closes beats a perfect loan that arrives too late – every single time.

What Slate Financial Does

Slate Financial is a funding brokerage – which means we do not just offer one fix and flip product. We match your deal to the private lender in our network most likely to approve it quickly and at the best terms available for your specific project, market, and exit strategy.

Our fix and flip loan options include:

• Up to 90% LTC on purchase and rehab combined
• Close in as little as 10 business days
• Credit-flexible – we fund the deal, not your FICO score
• No W2 or income verification required on most deals
• Available for fix and flip, ground-up construction, and bridge loans nationwide

For most deals, lender compensation is paid inside the transaction – meaning there is no out-of-pocket fee to you at application. Funding is subject to lender approval.

Apply in 2 minutes and see what your fix and flip deal qualifies for.

How to Apply

The application is fast. Give us the property address, your estimated purchase price, your rehab budget, and your target ARV. We run it against our network and come back with lender options – usually same day or next business day.

Whether your deal is a single-family flip in Florida, a multi-unit rehab in Texas, or a ground-up spec home in Georgia – if the numbers make sense, there is likely a lender in our network who will look at it seriously.

Start your fix and flip loan application here.

Funding is subject to lender approval. Not all applicants will qualify. Loan terms vary by lender, deal profile, and market. Results not typical.

Need Business Funding?

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

Tags