Short-term project capital

Fix and Flip Loans

Financing for buying, renovating and exiting a property inside a defined timeline.

Offered Term Sheet within 12-24 hours

A house mid-renovation: roof part re-tiled, a ladder against the wall, plans and a toolbox at its feet

What a Fix and Flip Loan Is

A fix and flip loan is built around the work you are doing to a property, not just the property as it stands. We look at the purchase, the scope of the renovation, what the finished asset should be worth, and how you plan to exit. Funding is structured so the money is there when the project needs it, and the terms reflect the plan rather than a fixed template.

A fix and flip loan is a short-term hard money loan for buying a property that needs work, renovating it and selling it. Hard money lenders focus on the property and the project more than on tax returns, and they will lend on houses that need too much work for a bank mortgage.

Two things set it apart from a regular mortgage. First, the loan pays for the renovation as well as the purchase. With Apex that can be up to 100% of the rehab budget, with total financing up to 92.50% of the project cost. Second, the term is short, 12 to 24 months, because the loan is meant to be paid off when you sell or refinance, not carried for 30 years.

Renovation money is not paid out at closing. It sits in a draw budget and is released as the work gets done and inspected, which keeps the money tied to finished work.

Key Highlights

Newbies are welcome
Up to 92.50% Loan to Cost (LTC)
Up to 100% of rehab budget
Minimum FICO 650 — lower scores considered case by case
Funded in as fast as 15 days, subject to required documents
Transparent, competitive rates — no hidden fees

How a Fix and Flip Loan Works, Step by Step

01
Run the numbers
Start with three figures: what you will pay, what the renovation will cost and what the house should sell for when it is done. Recent sales of renovated homes nearby are the best guide to that last number.
02
Send the deal
Share the address, purchase price, scope of work, budget and exit plan. Apex sends a term sheet within 12 to 24 hours with the loan amount and terms for that deal.
03
Underwriting
The property is valued, the budget is checked against the scope, and your credit and documents are reviewed. The minimum FICO is 650, and lower scores are considered case by case.
04
Close and buy
At closing the loan funds its share of the purchase and your cash covers the rest plus closing costs. Qualified deals with complete documents can fund in as fast as 15 days.
05
Renovate and draw
As each phase is finished you request a draw. A third-party inspector confirms the work, Sitewire inspections are accepted, and the draw is paid within 24 hours of the inspection clearing.
06
Sell or refinance
When the work is done you sell, and the loan is paid off from the proceeds. If you decide to keep the house as a rental, a long-term DSCR rental loan can refinance it instead.

Who It Suits

Investors acquiring a property to renovate and resell
Operators refinancing a project already underway
Sponsors who need renovation costs funded alongside acquisition
Repeat borrowers running several projects at once

Common Uses

Buying a dated or distressed house to renovate and resell
Cosmetic rehabs: kitchens, baths, flooring, paint and fixtures
Heavier rehabs with roof, mechanical or layout changes
Refinancing a project already underway to fund the rest of the work
Running several projects at once as a repeat investor
Buy, renovate and rent: rehab with a hard money loan, then refinance into a DSCR loan

When Another Loan Fits Better

If you plan to keep the property as a rental from day one and it needs little work, a DSCR rental loan with a 30-year term usually fits better than a short-term hard money loan.

If you are building from the ground up rather than renovating, a new construction loan funds up to 100% of the construction budget in stages.

This is business-purpose financing only. It cannot be used for a home you or your family will live in.

What We Look At

Every file is reviewed by a person. These are the parts of a fix and flip deal that carry the most weight.

01

Structured Around The Scope

Purchase, rehab budget and expected finished value are assessed together.

02

Built For A Timeline

Terms are set against the project schedule and the exit you have planned.

03

Direct Decisions

You deal with people who understand renovation work, not a call center.

How the draws work

Renovation money is released against work completed rather than handed over at closing. There is no cap on the number of draws, so the schedule follows the job instead of the job following the schedule.

Inspections are carried out by a third party, and Sitewire inspections are accepted. Once an inspection clears, the draw is disbursed within 24 hours.

Plan for the gap: you pay the contractor for completed work, then draw to reimburse it. First-time flippers are caught out by this more than by anything else on the deal.

Number of draws: No set limit, released against completed work
Inspection: Third-party inspection; Sitewire accepted
Disbursement: Within 24 hours of the inspection clearing

Terms at a glance

Maximum leverage: Up to 92.50% loan to cost
Term: 12 to 24 months
Minimum loan size: $50,000
Rehab budget: Up to 100% of the renovation budget
Minimum FICO: 650, lower scores considered case by case
Origination points: Set deal by deal
Extensions: Available; the fee is set case by case
Term sheet: Within 12–24 hours
Funding: As fast as 15 days, subject to required documents
Experience: First-time investors are eligible to apply

Property types

Fix and flip financing is available on the following, subject to underwriting and the specifics of the deal.

Single family
2–4 units
Condominiums
Townhomes
Mixed use
Multifamily, 5+ units

A Sample Flip, Worked Through

The numbers below are made up to show how the stated maximums fit together. Your own loan amount, structure and costs are set in underwriting and shown on your term sheet.

Purchase price: $200,000
Rehab budget: $60,000
Total project cost: $260,000
Loan at up to 92.50% of cost: Up to $240,500
Rehab funds inside that loan (up to 100% of budget): Up to $60,000, released in draws
Purchase money from the loan ($240,500 − $60,000): $180,500
Your cash toward the purchase: $19,500, plus closing costs
Projected sale price after repairs (assumed): $340,000
Spread before costs ($340,000 − $260,000): $80,000

The $80,000 is not profit. Interest, points, closing costs on both ends, agent commissions, insurance, property taxes and utilities during the project all come out of it. Experienced flippers price these in before they make an offer.

Draws reimburse finished work. If the first phase costs $15,000, you or your contractor pay for it, the inspector signs off, and the draw pays you back. Keep enough cash on hand to carry at least one phase.

If the sale takes longer than planned, the 12 to 24 month term gives room, and extensions are available with the fee set case by case.

All financing programs, rates, leverage, terms, and closing timelines are subject to lender guidelines, underwriting approval, property eligibility, satisfactory due diligence, and borrower qualifications. A preliminary review or quote is not a commitment to lend.

Fix and Flip Loan FAQs

Is a fix and flip loan a hard money loan?

Yes. Fix and flip loans are short-term hard money loans, sometimes called private money. They are underwritten mainly on the property and the project: the purchase, the rehab budget, the finished value and the exit. They are paid off when you sell or refinance, which is why they can close on houses a bank will not touch in their current condition.

Can a first-time flipper get a fix and flip loan?

Yes. First-time investors are welcome to apply. Without a track record the deal itself carries more weight, so bring a realistic budget, a clear scope of work and a sale price backed by recent comparable sales. A contractor already lined up and cash set aside for the first draw make a new investor's file much stronger.

How much of the purchase and rehab can be financed?

Up to 92.50% of the total project cost, meaning purchase plus rehab, and up to 100% of the rehab budget. Actual leverage depends on the property, your credit and experience, and the numbers in the deal. The term sheet shows the exact amounts.

What credit score do I need for a fix and flip loan?

The minimum FICO is 650. Lower scores are considered case by case, usually when the rest of the deal is strong. Credit is one part of the review, alongside the property, the budget and the exit.

How fast can a fix and flip loan close?

A term sheet comes within 12 to 24 hours of receiving the deal. Qualified deals with complete documents can fund in as fast as 15 days. Missing paperwork is the usual cause of delay, so have the purchase contract, scope of work and budget ready when you apply.

What are the interest rates and points?

Rates and origination points are set deal by deal, based on the leverage, the property, the plan and your experience. We do not publish a rate sheet because two flips rarely carry the same risk. Send the deal and you will have a term sheet with the numbers within 12 to 24 hours.

How do rehab draws work?

Rehab money is held back at closing and released as work is completed. There is no set limit on the number of draws. A third-party inspector checks each phase, Sitewire inspections are accepted, and funds are disbursed within 24 hours of the inspection clearing.

Can I use a fix and flip loan on a home I will live in?

No. Apex provides business-purpose financing for investment property only. The loan cannot be used for a home you or your family will live in.

Application

Tell Us About The Deal

The more detail you give, the faster we can come back with something useful. Everything is reviewed by a person.