When the right deal presents itself, you can’t afford to waste time sifting through red tape. We’ll customize your fix and flip loan to your strategy, so you can act fast when opportunity knocks.
Close your flip with less money down.
Tackle multiple flips at once with a Line of Credit.
Keep more cash on hand upfront.
Pay interest only on funds drawn.
Compete like a cash buyer with pre-approved lines up credit up to 10x your liquidity, or pay cash and get up to 90% of your money back with a delayed purchase refinance.
Get up to 95% LTC on eligible FixNFlip projects, so you can keep more cash in play for the rehab and the next deal.
Finance up to 100% of your rehab budget with available 24-hour draws, so the project keeps moving when the work is ready.
Refinance into Fix2Rent® with waived seasoning and discounted fees, or use BridgePlus to buy more time before a sale.
Markets shift, timelines move, and your exit strategy may need to change with them. Fix2Rent® and Bridge Plus give you the flexibility to hold, refinance, or buy more time to prep for sale—with waived seasoning on Fix2Rent® to help you pivot quickly when the moment calls for it.
Fix and Flip loan Project Types
We’re entrepreneurs ourselves, so we’re not big on restrictions. Regardless of your real estate project’s rehab needs, we’ll create fix and flip loans that set you up for profitability.
Just a quick carpet-and-paint project? We’ll make fix and flip loans that move as quickly as you do. If your rehab budget is less than 50% of the purchase price, we offer up to 95% Loan-To-Cost.
Creating more value with the rehab budget? Updating the kitchen, baths, or bedrooms? All the above? We’ll help you add value and sell for higher profit with our fix and flip loans.
Materially changing the property by tearing down walls or adding square footage? Our rehab loan programs will help you make the property as good as new — or better.
Whether you are buying or refinancing, our Basic Bridge Loan can take you from point A to Z with no rehab finance.
A fix and flip loan gives a real estate investor the funds to purchase and rehab a distressed property. At Lima One, a fix and flip loan funds a percentage of the cost of the property and up to 100% of the rehab budget. The loan is an interest-only loan, and investors only pay interest on rehab funds after drawing them from the loan based on completed work.
To get a loan for a house flip, you must find a property that you can add value to through rehab. This rehab could be cosmetic or heavy rehab where you add square footage to the property. As a business purpose lender, Lima One will only finance house flips for investment purposes, not for homes the owner plans to occupy.
An investor looking for a rehab loan needs to have a contract on a property to purchase or own the property already. The investor also needs to have a documented rehab plan and a construction budget in place. Lima One will also require the investor to cover a portion of the property's purchase price at closing.
Lima One requires investors to have a minimum credit score of 660 to get a fix and flip loan. We also require one exit of an investment property in the last 36 months. This exit can be a previous flip, or the sale or refinance of an investment property the investor was on title for. Flippers with more experience will get higher leverage and lower interest rates and origination fees.
Lima One can fund a fix and flip loan within 3 weeks for repeat borrowers. Investors can speed up the process by completing borrower underwriting and experience verification before finding a property, and by providing all requested documentation at the time of loan submission. Lima One also offers options for faster appraisals on certain loans, to enable even faster timelines.
After completing a fix and flip project, investors have several options to exit their Lima One fix and flip loan. All these options are available with no prepayment penalty. Investors who sell the property can pay off the fix and flip loan and claim the profit from the project. Investors who choose to hold a property as a rental can refinance the property into a Lima One rental loan with a DSCR structure. Investors who need more time to sell the property, or who aren’t sure of their exit strategy, can refinance into a Lima One bridge loan. Lima One offers discounts on origination fees for internal refinances and waives seasoning requirements on those refinances.
Yes, Lima One can finance both the purchase and refinance sides of a BRRR or fix-to-rent project. Our Fix2Rent® loan program is designed to help flippers buy, rehab, rent, and refinance properties. An investor who uses Lima One loans for both the flip, and the long-term takeout loan will get origination fee discounts on the DSCR loan.
Lima One’s loan process includes a rehab budget review by our in-house construction management team. This step is meant to ensure the budget is appropriate to avoid cost overruns and successfully complete the project on time. If a project takes longer than expected due to bad weather, materials shortages, or other factors, Lima One offers loan extension options. Investors facing potential delays should speak to their assigned in-house servicing analyst as soon as possible for the best possible solution for any issues that arise.
Lima One offers fix and flip loans on single-family properties, multifamily properties up to four units, and warrantable condominiums. These properties may require light rehab or heavy rehab during the fix and flip project. The minimum as-is value or purchase price of a property before the flip must be $100,000.
Yes, foreign nationals can qualify for fix and flip loans, even if they do not have an established credit score. A Lima One loan consultant can provide more information on the borrower underwriting process for foreign nationals.
Fix and Flip Insights
