You may need to borrow money to buy the house you’d like to flip. That’s OK. Every investor has to start somewhere.
That said, the typical 30-year fixed-rate mortgage won’t work. These loans finance move-in ready homes that you’ll live in for years — not homes you’ll sell in a few months. Instead, check out specialized fix and flip loans.
Below you’ll find some of the best fix and flip lenders on our radar.
11 Best Fix and Flip Lenders
Since the federal government monitors conventional and FHA lenders, those loans work about the same, no matter which lender you choose.
Not so with fix and flip lending. The best fix and flip lenders have more regulatory freedom to develop unique strengths and weaknesses. For you, the borrower, this can be good. It means you can find a lender whose loans line up closely with your goals.
We recommend checking out these 10 best fix and flip lenders for 2023.
Park Place Finance
This Austin, Texas-based lender can help new and experienced house flippers finance their next project. Like most of our favorite lenders on this list, Park Place has a people-first approach to underwriting. Once you’re connected with a loan officer, you can discuss your project in person.
Be prepared to share details about your project — its purchase price, rehab budget, and anticipated after-repair value (ARV). But, in most cases, Park Place won’t need to verify your personal income and finances, aside from checking your credit score.
Borrowers with credit scores as low as 680 can qualify, but if you’re a first-time flipper, Park Place might want to see a higher number.
- Loan Amount: $75,000 to $2 million
- Down payment: 30% of after-repair value (ARV)
