How to Close a Fix-and-Flip Loan in 10 Days (Without a Bank)

If you have ever tried to get a bank to fund a fix-and-flip deal, you already know what happens next. Week one they want three years of tax returns. Week two they need your W2 from 2020. Week four the credit committee is still reviewing. By week six, the deal is gone – closed to another buyer who used the right lender on day ten.

The bank is not the enemy. It was just never designed for a 90-day rehab project. A 30-year mortgage institution underwriting short-term construction risk is the wrong tool for the job. The real question is: what is the right tool?

What Is a Fix-and-Flip Loan?

A fix-and-flip loan – also called a hard money loan or bridge loan – is short-term financing designed for real estate investors who buy distressed properties, renovate them, and sell at a profit. Unlike conventional mortgages, these loans are underwritten on the deal, not the borrower’s credit score or employment history.

• Loan terms of 6-18 months (not 30 years)
• Based on After-Repair Value (ARV) – what the property is worth after renovation
• Up to 90% Loan-to-Cost (LTC) on many deals
• Close in 10-21 days vs. 45-90 days at a bank
• No W2 or tax-return saga required

The 10-Day Fix-and-Flip Funding Timeline

Day 1-2: Application and deal submission. One application, deal summary, purchase contract, and property address. No mountains of personal documents. Apply at Slate Financial here and get your deal in front of lenders the same day.

Day 3-5: Lender review and term sheet. Private bridge lenders underwrite the ARV, rehab budget, and your exit strategy. Most experienced investors get a term sheet within 48-72 hours.

Day 6-8: Appraisal and title. A drive-by or desktop appraisal is ordered. Title company runs the search in parallel – not sequentially like a bank.

Day 9-10: Closing. Docs signed, wire sent, you own the property. The deal is yours before the buyer using a bank has even submitted their income verification package.

What Do Fix-and-Flip Lenders Actually Look At?

The ARV (After-Repair Value) – What will the property sell for after renovation? A deal with a strong ARV and a conservative rehab budget is a good deal regardless of your FICO score.

Your Loan-to-Cost (LTC) – Most hard money lenders will fund up to 85-90% of the total project cost (purchase plus rehab). Bring 10-15% skin in the game and the deal works on most platforms.

Your exit strategy – Selling or refinancing? A clear exit with a realistic timeline closes deals that banks would never touch.

Experience (helpful, not required) – First-time flippers can still get funded. Experienced investors get better terms and faster approvals.

Why Slate Financial for Fix-and-Flip Deals

At Slate Financial, we work with a network of private lenders and hard money funds who specialize in fix-and-flip and ground-up construction. One application from you goes to lenders who actually fund investors – not the bank branch manager who has never seen a rehab budget.

We have funded fix-and-flip deals in Florida, Texas, Georgia, South Carolina, and across the Southeast. If your deal has a strong ARV and a clear exit, we want to see it.

Ready to close your deal without the bank saga? Apply in 2 minutes at slatefinancial.io/apply/fix-and-flip and see what your deal qualifies for. Funding is subject to lender approval.

Frequently Asked Questions

Can I get a fix-and-flip loan with bad credit? Yes – private lenders underwrite the deal, not your FICO. A strong ARV and a credible rehab plan matter more than your credit score. Most investors with a real deal can get funded even below 600 FICO.

How much do I need to put down? Most fix-and-flip lenders require 10-15% of the total project cost. Some programs go up to 90% LTC.

Do I need to be an experienced investor? No. First-time fix-and-flip investors can get funded. A solid deal with a realistic ARV and budget matters more than your deal count.

How fast can I actually close? With a complete file and a strong deal, 10-15 business days is realistic. Compare that to 45-90 days at a conventional bank – if they say yes at all.

The Bottom Line

The bank was not built for your fix-and-flip. Private bridge lenders were. The difference is 6 weeks vs. 10 days – the difference between losing the deal and closing it.

Stop waiting on the wrong institution. Apply at Slate Financial today and see if your deal qualifies. Funding is subject to lender approval.

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