There are generally three things you need to look out for when selecting a fix and flip lender:

• How fast can they fund your loan? When competing with cash buyers to purchase a property, you can't wait several weeks before closing your loan. So go with a lender that offers quick funding. The fastest lenders can fund loans within 7 to 14 days.

• Are they funding the loan with their own capital? Brokers simply connect you to a lender; they sometimes don't know the lender's requirements, so they can only tell if you qualify after underwriting. This can cause your loan to fall through right before you’re about to close. Instead, we recommend going with a direct lender because it means you're dealing directly with the people funding your loan, allowing them to determine your qualification early on.

• What's their maximum LTV? You should partner with a lender that offers a high LTV, preferably around 85%. This allows you to leverage your capital to flip multiple properties instead of tying up everything in one fix and flip.

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.

1. Constitution Lending: Quick Funding for Real Estate Investors

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.

Constitution Lending Closes Loans in Seven to 14 Days

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.

Constitution Lending is a Direct Lender

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.

Bonus: Constitution Lending Also Offers DSCR Loans

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

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2. Loan Ranger Capital

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. 

Loan Requirements and Additional Information

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:

• Loan terms range from six to 12 months.
• Loan amounts start at $50,000 and go up to $5 million.
• Borrowers can qualify for a maximum LTV of 75%.
• Loans can be used to flip residential homes, condos, and townhouses.
• Loans cover 100% of the renovation costs.
• No income verification or application fee.
• No pay stubs or W2 forms are required.

How to Apply

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.

3. Lima One Capital

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.

Loan Requirements and Additional Information

Here's a summary of everything you need to know about Lima One’s hard money loans and requirements:

• Flexible interest rate options are available.
• Fix and flip loan amounts range from $75,000 to $3 million.
• A maximum of 75% LTV loans are available.
• Loans cover 100% of the rehab cost.
• Includes 13-month, 19-month, and 24-month terms.
• Fix and flip loans can be used for one to four-unit residential properties.
• No personal income verification is required.
• Loans can be used to purchase or refinance.

How to Apply

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.

4. LendingOne

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.

Loan Requirements and Additional Information

• Up to 92.5% LTC.
• Up to 75% ARV.
• Terms range from 12 to 24 months.
• Loans are available for single family homes, 2 to 4 unit properties, condos, and townhouses.
• Loan amounts range from $100,000 to $3,000,000.
• No prepayment penalties.
• Paperwork required to apply includes a sales contract, construction budget, one month bank statements, and entity documents.
• Loan closing within one week.

How to Apply

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.

5. Anchor Loans

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.

Loan Requirements and Additional Information

• Loan amounts range from $50,000 to $10 million.
• Borrowers can receive up to 95% LTC and 100% of the rehab cost.
• The maximum repayment term is 12 months.
• 0.75% to 3% origination points.
• A minimum credit score of 650 is required.

How to Apply

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.

Get Started

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.