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

If you have ever tried to get a fix-and-flip loan from a conventional bank, you already know the problem: by the time they finish underwriting, your deal is gone.

Banks were built for 30-year homeowners. Real estate investors close in 14 days or less. The two models do not mix – and that gap is exactly where private lenders live. Apply at Slate Financial in 3 minutes and we will match you with the right lender for your deal.

What Is a Fix-and-Flip Loan?

A fix-and-flip loan is a short-term bridge loan designed for investors who buy distressed properties, renovate them, and resell – typically within 6-12 months. Unlike a conventional mortgage, these loans are underwritten primarily on the after-repair value (ARV) of the property, not the borrower’s W2 income or FICO score.

Key features:

• Loan term: 6-18 months (bridge, not 30-year)
• Loan-to-cost (LTC): up to 90% in many programs
• Underwriting: ARV-based, not income-based
• Speed: close in 10-15 business days
• No tax returns required in most programs

Why Banks Say No to Fix-and-Flip Deals

Banks evaluate loans the same way they have for decades: W2 income, two years of tax returns, a 680+ FICO, and 45-60 days for underwriting. None of those criteria are relevant to a 6-month rehab deal.

The property is the collateral. The deal math is the qualifier. A bank’s loan officer often does not even have a framework for analyzing ARV, scope of work, or exit strategy – because their entire model was built around homeowners with 30-year timelines, not investors with 14-day windows.

If you have been rejected by a bank on a deal with solid numbers, the problem is not your creditworthiness. The problem is you are talking to the wrong type of lender.

How Private Fix-and-Flip Lenders Underwrite Differently

Private lenders – also called hard money or bridge lenders – look at four things:

1. ARV (After-Repair Value): What will the property be worth after renovations are complete? This is the single most important number. Most programs cap their loan at 65-75% of ARV.
2. Loan-to-Cost (LTC): What percentage of your total project cost (purchase plus rehab) are you borrowing? Up to 90% LTC is available in some programs for experienced investors.
3. Scope of Work: A detailed rehab budget. Lenders want to see that your renovation costs are realistic and that you have the team to execute.
4. Exit Strategy: Are you selling (flip) or refinancing (BRRRR)? Lenders want a clear path to payoff before the loan term ends.

Your FICO score may be reviewed but it is rarely the dealbreaker. Your deal math matters more.

Fix-and-Flip Funding in Florida, Texas, Georgia, and South Carolina

Slate Financial works with investors across the Southeast and Sun Belt – markets with strong demand, active flipper communities, and favorable price-to-cost ratios for rehab projects.

We are active in:

• Florida: Jacksonville, Orlando, Tampa, South Florida, Panhandle
• Texas: Dallas-Fort Worth, Houston, San Antonio, Austin
• Georgia: Atlanta metro and surrounding markets
• South Carolina: Charleston, Columbia, Greenville

We also fund in other states – if you have a deal, let us look at it.

The BRRRR Strategy: Bridge Into a Rental Portfolio

BRRRR stands for Buy, Rehab, Rent, Refinance, Repeat. Here is how it works with a bridge loan:

1. Buy a distressed property using a fix-and-flip bridge loan.
2. Rehab it to rental-ready condition.
3. Rent it to a qualified tenant.
4. Refinance with a DSCR loan – the rental income qualifies you, not your tax return.
5. Use the cash-out to repeat the cycle.

Slate can connect you to lenders for both sides of this strategy – the bridge loan and the DSCR refinance. Funding is subject to lender approval.

Frequently Asked Questions

What credit score do I need?

Requirements vary by lender, but many programs in our network work with FICO scores as low as 620. A clean, well-structured deal often matters more than your score.

How fast can I close?

Many programs close in 10-15 business days. Speed depends on clean title, a complete application, and the lender relationship. Funding subject to lender approval.

Do I need a down payment?

Most programs fund up to 80-90% of total project cost. You typically bring 10-20% to the table.

Can I finance both purchase and rehab?

Yes. Most fix-and-flip programs include a construction holdback released in draws as work is completed. You only pay interest on drawn amounts.

Apply for your fix-and-flip loan at slatefinancial.io/apply/fix-and-flip

Slate Financial is a commercial capital brokerage. All funding is subject to lender approval. This post does not constitute a commitment to lend.

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