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Researched by the Hard Money Lenders by State team. Updated October 22, 2026. Based on each lender's published information; we did not apply for loans.
Fix-and-flip lenders compared
| Lender | Advertised rate | Max leverage | Term | Payments | Min credit |
|---|---|---|---|---|---|
| Lima One Capital | As low as 7.75% | Up to 95% LTC, 75% of ARV, 100% of rehab | 13, 19 or 24 months | Interest only, charged only on funds disbursed (non-dutch) | 660 |
| Kiavi | As low as 8.25% | Up to 100% LTC / 80% ARV (an FAQ on the same page says up to 95% LTC) | 12, 18 or 24 months | Interest-only options | Not stated |
| Easy Street Capital | Starting at 8.90% | Up to 93% LTC (90% of purchase, 100% of rehab), up to 75% of ARV | 6 to 18 months | Interest only, with extension options | 600 |
| Groundfloor | Starting at 9% | Up to 70% of ARV | 12 to 18 months | Deferred or monthly payments | Not stated |
| New Silver | 9% to 11% | Up to 90% LTC | Not stated for this program (its page says hard money terms are usually 12 to 24 months) | Not stated | Not stated |
| RCN Capital | As low as 9.49% (its tier table starts at 9.24% for experienced borrowers with 720+ FICO) | Up to 100% of purchase and 100% of renovation, capped at 75% of ARV | 12 to 18 months (extended terms available) | Interest only, charged on the outstanding balance | 650 |
| Sherman Bridge | As low as 9.99% | Not stated | Not stated | Not stated | Not stated |
| Express Capital Financing | 10% to 12% | Up to 90% of acquisition and 100% of renovation (its meta description says up to 75% of total project cost) | 12 months (its FAQ also says 6 to 12 months) | Interest only | 600 |
| LendingOne | Not published | Up to 92.5% LTC, 100% of rehab | 12 months | Interest only | Not stated |
| CoreVest | Not published | Up to 93.5% LTC (1 to 4 units) | 6 to 24 months, with extension options | Not stated | Not stated |
| Upright | Not published | Up to 90% of purchase, 92.5% of total cost, 75% of ARV; 100% of rehab | 6 to 24 months | Interest only | Not stated |
| Ternus | Not published (priced by experience, credit and leverage) | Up to 90% of purchase (100% on Elite), 100% of renovation, capped at 70% of ARV (75% on Elite) | 12 months (extensions are not part of the loan terms) | Interest only | 660 for loans above $500K |
| Griffin Funding | Not published | Not stated | Typically 12 to 24 months (its RTL page) | Interest only (its RTL page) | Not stated |
From each lender's own fix-and-flip page, read October 22, 2026. Rates are advertised starting rates. Full profiles, fees and state lists are on the lender comparison.
Best fix-and-flip lender by situation
As low as 7.75%, 13 to 24 month terms, interest charged only on funds disbursed. Needs a 660 credit score and one investment property exit in the last 36 months.
DetailsUp to 80% of after-repair value and 100% of rehab, 12 to 24 month terms, no appraisal and no income verification advertised.
Details600 minimum credit score, 6 to 18 month terms with extension options, draws in 48 hours.
DetailsSays first-time investors are welcome; 6 to 24 month interest-only terms; loans from $125,000.
DetailsOffers deferred or monthly payments, 12 to 18 month terms and no prepayment penalty; lends up to 70% of ARV.
Details$50,000 to $1,000,000, no appraisal up to $500,000, 12-month interest-only term with no prepayment penalty.
DetailsHow much you can borrow: a worked deal
Take a $250,000 purchase with a $60,000 rehab budget ($310,000 total cost). Each lender's published limits work together, and the lowest one sets the loan. Here is what each set of published rules allows if the appraiser puts the after-repair value at $420,000, and if it comes in at $360,000.
| Lender | Leverage rules it publishes | Loan, ARV $420,000 | Your cash, ARV $420,000 | Loan, ARV $360,000 | Your cash, ARV $360,000 |
|---|---|---|---|---|---|
| Lima One Capital | 95% of total cost, max 75% of ARV | $294,500 | $15,500 | $270,000 | $40,000 |
| Easy Street Capital | 90% of purchase + 100% of rehab, max 93% of cost and 75% of ARV | $285,000 | $25,000 | $270,000 | $40,000 |
| Upright | 90% of purchase + 100% of rehab, max 92.5% of cost and 75% of ARV | $285,000 | $25,000 | $270,000 | $40,000 |
| LendingOne | 92.5% of total cost (no ARV cap published) | $286,750 | $23,250 | $286,750 | $23,250 |
| Ternus (standard) | 90% of purchase + 100% of renovation, max 70% of ARV | $285,000 | $25,000 | $252,000 | $58,000 |
| RCN Capital, new investor | 80% of purchase + 100% of renovation, max 70% of ARV | $260,000 | $50,000 | $252,000 | $58,000 |
| RCN Capital, experienced | 95% of purchase + 100% of renovation, max 75% of ARV | $297,500 | $12,500 | $270,000 | $40,000 |
Two things stand out. With a strong ARV, the purchase and cost limits decide the loan, so cash in runs from $12,500 to $50,000. With a weaker ARV, the 70% caps at Ternus and RCN's new-investor tier bite and your cash in rises. "Your cash" is before closing costs, points and interest. Limits are maximums; lenders can offer less.
How experience changes your terms
Lenders price flips by track record. RCN Capital publishes its tiers:
| RCN Capital tier | Experience | Leverage | Starting rate |
|---|---|---|---|
| New investor | Up to 2 flips in the last 3 years | Up to 80% of purchase + up to 100% of renovation, max 70% of ARV | From 10.74% |
| Intermediate investor | 3 to 5 flips in the last 3 years | Up to 90% of purchase + up to 100% of renovation, max 72.5% of ARV | From 10.24% |
| Experienced investor | More than 10 flips in the last 3 years, 720+ FICO | Up to 95% of purchase + up to 100% of renovation, max 75% of ARV | From 9.24% |
RCN's page does not say which tier applies at 6 to 10 flips.
- Lima One Capital requires one exit of an investment property in the last 36 months (a flip, or a sale or refinance of a property you were on title for) and gives more leverage and lower rates to more experienced flippers.
- Ternus offers an Elite tier (up to 100% of purchase and renovation, capped at 75% of ARV) for borrowers with 10 or more completed projects in 36 months, 720+ credit and U.S. citizenship or permanent residency.
- Upright and Easy Street Capital say first-time investors and flippers are welcome.
Draws and how interest is charged
The rehab part of the loan is held back and paid out in draws as work is completed and checked. Slow draws stall contractors, so turnaround matters: Lima One advertises 24-hour draws, Easy Street Capital 48 hours, Upright about 2 days, and LendingOne a virtual draw process.
Interest is the other half. On a $285,000 loan where $60,000 is still held back, interest at 9.49% on the full balance is $2,253.88 a month; charged only on the $225,000 disbursed at closing, it is $1,779.38. Lima One ("non-dutch" interest) and RCN Capital (interest on the outstanding balance) say they charge only on disbursed funds.
Loan term and your exit
Published terms: Easy Street 6 to 18 months, Upright and CoreVest 6 to 24 months, Ternus, LendingOne and Express Capital Financing 12 months, Groundfloor 12 to 18 months, RCN 12 to 18 months with extended terms available, Kiavi 12, 18 or 24 months and Lima One 13, 19 or 24 months. Ternus says extensions are not part of its loan terms and are never assured, so plan the timeline before you close.
Selling
The sale pays off the loan. Groundfloor, RCN Capital, Express Capital Financing, LendingOne and Ternus say their fix-and-flip loans have no prepayment penalty, so an early sale costs nothing extra there.
Refinancing into a rental
Lima One offers waived seasoning and up to 50% off its origination fee when you refinance into its rental loan. LendingOne takes 0.5% off a fix-to-rent loan's rate but adds 1 point at payoff if you do not refinance with it (the loan has a 9-month maturity). See DSCR loans.
Costs beyond the rate
Points and fees matter as much as the rate on a short loan. Published examples: New Silver 1% to 1.75% origination; Easy Street 0 to 2 points plus a $1,995 document fee; LendingOne 1 point or $2,000 (whichever is greater) plus $1,395. Lima One lets you defer origination to exit, and Groundfloor finances points and fees into the loan. Our hard money rates guide works through total cost examples.
Not financial advice. Every rate and term here is the lender's own published figure on October 22, 2026; confirm current terms with the lender before you apply.
Related guides
Frequently asked questions
What is a fix-and-flip loan?
A short-term loan, usually interest only, that funds the purchase and renovation of a property you plan to sell. The lender holds back the rehab money and releases it in draws, and you repay the loan from the sale. Published terms among the lenders we compared run from 6 to 24 months.
How much down payment do you need for a fix-and-flip loan?
Whatever the lender's limits leave uncovered, plus closing costs. In our worked example ($250,000 purchase, $60,000 rehab), published rules leave you bringing $12,500 to $50,000 if the ARV is $420,000, and more if the ARV comes in lower.
Can a first-time flipper get a fix-and-flip loan?
Yes, from some lenders. Upright and Easy Street Capital say first-time investors are welcome, and RCN Capital has a new-investor tier (up to 2 flips in 3 years) at up to 80% of purchase and 70% of ARV, starting at 10.74%. Lima One requires at least one investment property exit in the last 36 months.
What credit score do you need for a fix-and-flip loan?
Published minimums: 600 at Easy Street Capital and Express Capital Financing, 650 at RCN Capital (720+ for its experienced tier), 660 at Lima One Capital, and 660 at Ternus for loans above $500,000.
Do fix-and-flip lenders require an appraisal?
Not always. Easy Street Capital says no appraisal is required, Kiavi advertises no appraisal, and Ternus requires an appraisal only for loans above $500,000.
How long is a fix-and-flip loan?
Published terms run from 6 months (Easy Street Capital, Upright, CoreVest minimums) to 24 months (Kiavi, Lima One, Upright, CoreVest maximums). Ternus, LendingOne and Express Capital Financing quote 12 months.
Can I refinance a fix-and-flip loan into a rental loan?
Yes. Lima One waives seasoning and offers up to 50% off its origination fee when you refinance into its rental loan, and LendingOne offers a fix-to-rent loan with a 0.5% rate discount. Any DSCR lender can refinance the property if it meets that lender's rules.