We review the 5 best fix and flip lenders with the fastest and highest LTV loans. Compare loan terms, requirements, and application processes.
There are generally three things you need to look out for when selecting a fix and flip lender:
In this article, we cover five fix and flip lenders that offer fast funding and high LTV.
First, we explain how we created Constitution Lending to help real estate investors purchase properties quickly — without worrying about their loans falling through at the last second. Then, we review Loan Ranger Capital, Lima One Capital, LendingOne, and Anchor Loans, allowing you to compare options on your own.
If you'd like to see the highest LTV loan you qualify for, use our fix and flip pricer to generate an instant quote.
Constitution Lending is a direct lender that provides real estate investors with reliable, high LTV fix and flip loans.
We created Constitution Lending because we've been flipping properties for the last decade and found that many lenders had no problem with delaying closing by weeks or not closing at all after a long underwriting process.
In addition, many fix and flip “lenders” weren't actually lending us their money but were simply brokers connecting us with another lender. Because they weren't funding the loan and, therefore, didn't have a deep understanding of the lending requirements, they couldn't tell us if we qualified until after the lender had finished underwriting.
This led to scenarios where our loan application would get rejected at the last minute due to a detail the broker didn’t think to clarify upfront. We effectively had to start the application process from scratch with another lender. By then, the property we were looking to buy had already been sold.
With Constitution Lending, we simplify this process by closing loans within seven to 14 days and giving borrowers an upfront yes or no before we start underwriting.
For example, using our fix and flip pricer, you can generate an instant quote and see the highest LTV loan you qualify for. All you have to do is enter details like the property's location, asking price, construction budget, and after-repair value.
This way, you know what LTV and interest rates you can receive without spending an hour on the phone with a loan officer.
You can then adjust these values and see how that impacts your maximum LTV. From here, you can choose one of the three quotes, enter your email address and full name, and we’ll send you a term sheet immediately.
Once you submit the necessary documents, we do the appraisal and fund the loan, which takes seven to 14 days. But there have been instances where borrowers had their paperwork ready and wanted to close quickly, and we funded their loan within four days.
Additionally, since we're a direct lender and have a detailed understanding of our requirements, we can give you a definitive yes or no before we start underwriting. We won’t underwrite for a week before telling you that your application has been rejected.
Once you’ve received a quote and term sheet, you can submit your scope of work, entity documents, and other paperwork through our documents portal.
An appraiser then analyzes your scope of work as well as the property’s current value and after-repair value. When the appraiser approves everything, we send you the finalized loan terms and close the loan.
This entire process — from receiving a term sheet to closing the loan — takes around 7 to 14 days.
However, like almost all fix and flip lenders, we don’t fund the construction of your property upon closing. We fund your construction loan as you complete your scope of work.
For example, say you begin the rehab by adding new windows and doors. You need to install these windows and doors first, send us the quotes for the materials and labor, and we reimburse you within a day or two.
As mentioned earlier, Constitution Lending is a direct lender. We fund your fix and flip loan; we aren't intermediaries between you and another lender.
This means that we have a thorough understanding of what criteria you have to meet (because we set the criteria, not another lender) and can tell if you qualify upon looking at your application. We won't notify you that your loan has been rejected after a week of underwriting.
Contrast this to brokers who connect you with the actual lender. Because they aren't lending you the funds, they aren't the real decision-makers in whether your loan is approved or not. They don't know if you qualify until the lender has finished underwriting, which can lead to your loan getting rejected at the last second.
In addition to fix and flip loans, Constitution Lending offers DSCR loans, which are essentially 30-year loans underwritten based on an investment property’s ability to generate cash flow, rather than the borrower’s income, credit score, or personal debt.
It’s quite common for real estate investors to rent out a property after fixing it up instead of immediately selling it for a profit. So, if you’re looking to employ this strategy, you can apply for a fix and flip loan with Constitution Lending and convert it into a DSCR loan once the rehab is finished.
This way, you don’t have to source loans from various lenders. You receive both your fix and flip and 30-year rental property loan from the same place.
Read more: DSCR loan requirements: 5 Key Factors Lenders Consider
Use our automated fix and flip pricer and receive your personalized quote within seconds.
Loan Ranger Capital is a hard money lender based in Austin, Texas that specializes in fix and flip loans, new construction loans, and bridge loans. They currently provide loan products to investors looking to purchase investment properties in Texas and Tennessee.
Here's the lowdown of the criteria you need to meet in order to qualify for a fix and flip loan with Loan Ranger, plus some additional information:
When applying for a fix and flip loan with Loan Ranger, you'll need to create an account on their website and complete one of their loan application forms. Within the application, you’ll detail what loan amount you're applying for, where the property is located, and the closing date.
From here, a loan officer will contact you and schedule a call. You'll have to submit documents like your scope of work and bank statements to the loan officer and answer any additional questions they may have.
Lima One Capital is a hard money lender that offers loan programs tailored to real estate investors' needs. In addition to fix and flip loans, they also have bridge loans, construction loans, short-term rental loans for Airbnb properties, and long-term DSCR loans.
Here's a summary of everything you need to know about Lima One’s hard money loans and requirements:
To apply for a fix and flip loan with Lima One, you need to first fill out a contact form on their website. In this form, you must tell them more about the real estate investment property you want to rehab, which includes the purchase price, current value, and approximate after-market value. Then, a loan officer will contact you to request certain paperwork before booking a call.
Another lender you're likely to encounter when researching fix and flip loans is LendingOne. They are based in Florida but can issue loans to borrowers in all U.S. states except Alaska, Nevada, North Dakota, and South Dakota.
To get started with LendingOne, you can complete an application form on their website and they’ll send you an instant pre-approval letter. Then, you submit the required business paperwork, and they'll fund your loan within a few business days.
Founded in 1998, Anchor Loans is a private money lender that markets itself toward experienced real estate investors and builders. They currently lend in 48 U.S. states and have helped investors fix and flip single-family homes, multi-family homes, and condos.
To apply for a short-term loan with Anchor Loans, you need to fill out an application form on their website, telling them more about how you'll use the loan, how much funding you'll need, and how soon you need it. A loan officer will get back to you with a pre-approval letter and provide you with your finalized loan terms. Once you sign the contract, they'll close the loan on the same day.
If you want to quickly finance the purchase and rehab of a property, you can use our fix and flip pricer to get an instant quote.
| Qualification | Requirement |
|---|---|
| Minimum and maximum loan amount | $150,000 to $3,000,000 |
| Type of property | Non-owner occupied single-family, multi-family, and 5-8 unit properties |