Start with the whole project
A fix and flip project involves more than buying a property and paying for repairs. Before you apply for financing, organize the purchase price, planned work, expected timeline and proposed sale into one clear project summary. This gives you a useful basis for discussing the property with a financing team.
Build a detailed renovation budget
Break the work into specific items rather than relying on one overall estimate. Include contractor estimates, materials and any permits your project needs. Identify which improvements are essential and which depend on the available budget. Keep a separate allowance for unexpected work and consider carrying costs while the property is under renovation.
Understand purchase and rehab funding
Purchase financing and renovation funding can be treated differently within a loan. Ask how the purchase portion is calculated, how renovation funds are released and what inspections or documentation are needed for each draw. A high advertised financing percentage does not describe every cost you may need to pay.
Prepare your exit strategy
Explain whether you expect to sell the renovated property or retain it as a rental. Support your expected after repair value with relevant property information and discuss your timeline. Consider how delays in construction or marketing could affect your plan.
Organize the information for review
Have the property address, purchase details, renovation scope, budget and project experience ready. The financing team can then explain the documents and program requirements that apply to your situation. Approval and final terms depend on the property, borrower and selected program.
Explore the available programs
Review our fix and flip loan programs or start a prequalification request to discuss your project.
