On this page
- Hard money lenders for first-time flippers
- How experience changes the loan
- Worked example: what a beginner brings to closing
- The same deal at four beginner-friendly lenders
- What first-time flippers should expect to bring
- How lenders count your experience
- What sets a beginner's rate and leverage
- Your first deal, step by step
- Questions to ask as a first-time borrower
- How beginners get better terms
- Related guides
- Frequently asked questions
Based on each lender's published information; we did not apply for loans.
Hard money lenders for first-time flippers
Most national fix-and-flip lenders will lend to a first-time flipper. What changes is how much they lend, the rate, and sometimes which programs you can use. The table shows what each lender publishes for borrowers without a track record.
| Lender | Experience rule | Leverage a beginner can get | Min credit | Starting rate |
|---|---|---|---|---|
| RCN Capital | Tiers by flips completed in the last 3 years | New investor (up to 2 flips): up to 80% of purchase + 100% of renovation, max 70% of ARV. Its 0-flip table: up to 85% of purchase + 100% of rehab, 70% of ARV (light rehab) | 650 | From 10.74% (new investor) |
| New Silver | Its fix-and-flip listing says no experience required (another section says a hard money loan may require experience); experience affects the final rate | Up to 90% loan-to-cost, up to 75% of ARV | 650 | 8.5% to 11% |
| Easy Street Capital | Markets EasyFix to first-time flippers | 90% of purchase, 100% of rehab, up to 75% of ARV | 600 (may vary with experience) | Starting at 8.90% |
| Kiavi | Serves first-time flippers | Headline maximums: up to 100% of purchase, 80% of ARV | Not stated | As low as 8.25% |
| LendingOne | Emerging-investor program; experience is a common factor | Up to 92.5% loan-to-cost | Not stated | Not stated |
| Ternus | Rate set by experience and loan-to-cost tier | Up to 100% of purchase + 100% of rehab, capped at 75% of ARV | Not stated | From 9.5% |
| Sherman Bridge | Rehab80 requires previous flips; Purchase75 previous property ownership | Rehab80: lesser of 80% of purchase + up to 100% of repairs, or 65% of ARV | 680+ | Rehab80 from 10.99%, points from 2.0% |
| The Investor's Edge Atlanta, Georgia page | No experience required | Up to 100% financing, up to 75% of ARV | No minimum credit score | From 12%; origination as low as 3.5% |
From each lender's own website, read October 29, 2026. "Not stated" means the pages we read do not say. Terms change; confirm with the lender. Not financial advice.
How experience changes the loan
RCN Capital publishes the clearest ladder. Its headline tiers start new investors (up to 2 flips in 3 years) at up to 80% of the purchase price and 70% of ARV, from 10.74%, while investors with more than 10 flips and 720+ credit get up to 95% and 75%, from 9.24%.
A conflict on RCN's own page: the same page has a detailed table for borrowers with 0 flips in the last 3 years that allows up to 85% of the purchase price on a light rehab (70% of ARV), more than the 80% in its new-investor tier. On a heavy rehab that table drops to 70% of purchase and 60% of ARV. Ask RCN which figure applies to your deal.
Worked example: what a beginner brings to closing
A $200,000 purchase with a $50,000 rehab and a $330,000 after-repair value, run through each RCN Capital tier (each lends 100% of the rehab):
| RCN Capital tier | Loan | Your cash before costs | Monthly interest once fully drawn | Cap that sets it |
|---|---|---|---|---|
| Experienced (10+ flips, 720+) | $240,000 | $10,000 | $1,848.00 | purchase and rehab |
| Intermediate (3 to 5 flips) | $230,000 | $20,000 | $1,962.67 | purchase and rehab |
| New investor (up to 2 flips) | $210,000 | $40,000 | $1,879.50 | purchase and rehab |
| 0 flips, light rehab | $220,000 | $30,000 | Rate not stated | purchase and rehab |
| 0 flips, heavy rehab | $190,000 | $60,000 | Rate not stated | purchase and rehab |
The same deal needs $40,000 of your cash as a new investor against $10,000 as an experienced one, before points, closing costs and holding costs. A heavy rehab with no track record needs $60,000. Monthly interest assumes the full loan is drawn; RCN charges interest only on the outstanding balance.
The same deal at four beginner-friendly lenders
The $200,000 purchase, $50,000 rehab and $330,000 ARV again, at four lenders that publish terms for borrowers without a track record. Each loan is the smallest of that lender's published caps; interest is 6 months on the full loan at its published starting rate (New Silver at both ends of its 8.5% to 11% range).
| Lender | Loan | Your cash for the project | Interest, 6 months | Points and fees | Cash over the hold |
|---|---|---|---|---|---|
| RCN Capital, new investor | $210,000 | $40,000 | $11,277 | Points not stated | $51,277 |
| New Silver | $225,000 | $25,000 | $9,562 to $12,375 | Origination 1% to 1.75% | $36,812 to $41,312 |
| Easy Street Capital | $230,000 | $20,000 | $10,235 | 0 to 2 points + $1,995 document fee | $32,230 to $36,830 |
| The Investor's Edge | $247,500 | $2,500 | $14,850 | Origination as low as 3.5%; rate from 12% | $26,012 |
The Investor's Edge needs the least project cash because it lends up to 100% (capped at 75% of ARV), but its 12% starting rate and 3.5% origination make the loan itself the most expensive here. RCN's new-investor tier needs the most cash because it lends 80% of the purchase. "Cash over the hold" adds your share of the project, six months of interest and published points and fees; title, insurance, holding and selling costs come on top, and RCN's points are not published.
Planning to keep the property instead of selling? Compare the exit too: Lima One waives seasoning when you refinance its own fix-and-flip loan into its rental loan, and Kiavi allows rental cash-out after 90 days of ownership.
What first-time flippers should expect to bring
Cash
- The gap between the loan and the purchase price (above).
- Points and origination at closing. On a $210,000 loan:
| Fee | Published | On $210,000 |
|---|---|---|
| New Silver origination | 1% to 1.75% | $2,100 to $3,675 |
| Sherman Bridge Rehab80 points | from 2% | $4,200 |
| The Investor's Edge origination | as low as 3.5% | $7,350 |
Credit and paperwork
- Published credit minimums run from 600 (Easy Street Capital, which says requirements may vary with experience) and 650 (RCN Capital, New Silver) to 680+ (Sherman Bridge). The Investor's Edge states no minimum score on its Atlanta page.
- A scope of work and rehab budget, since the lender pays the rehab in draws.
- Any real estate history you have. LendingOne counts investors who own one to five properties as early stage, and says experience is a common factor.
How lenders count your experience
- Completed flips in the last 3 years: RCN Capital's tiers run from 0 flips to more than 10.
- Properties you own: LendingOne calls investors who own one to five properties early stage, often on their first flip.
- Program by program: Sherman Bridge asks for previous property ownership on Purchase75, previous investment properties for maximum leverage on Simple70, and previous flips on Rehab80 (below).
- A partner's record: Ternus says prior new construction experience, yours or a partner investor's, may be required on ground-up loans.
- Not required: New Silver's fix-and-flip listing and The Investor's Edge say no experience is required, although another section of New Silver's page says a hard money loan may require previous investing experience.
| Sherman Bridge program | Experience | Leverage and rate | Points at closing | Credit |
|---|---|---|---|---|
| Purchase75 | Previous property ownership required | 75% of purchase, not to exceed 50% of ARV; 10.75% | 3.0% | 680+ |
| Simple70 | Previous investment properties for maximum leverage | Up to 100% of total cost, max 70% of ARV; 11.99% | 3.0% | 680+ |
| Rehab80 | Previous flip experience required | Lesser of 80% of purchase + up to 100% of repairs, or 65% of ARV; from 10.99% | From 2.0% | 680+ |
What sets a beginner's rate and leverage
| Lender | What it says decides your terms |
|---|---|
| New Silver | The final rate is based on the collateral, the borrower's experience, census data and the borrower's credit. |
| Easy Street Capital | Credit requirements may vary with deal structure, experience level and the overall project. |
| Ternus | The rate is set by experience and loan-to-cost tier. |
| RCN Capital | Leverage and rate step up by completed flips in the last 3 years; the top tier also needs 720+ FICO. |
| LendingOne | Property value, condition, projected rental income and the borrower's experience level are common factors. |
Experience is one input among several, so a first-timer with strong credit, a well-bought property and a light rehab can still get good terms. Building a record pays quickly: on the example deal, moving from RCN's new-investor tier to its intermediate tier (3 to 5 flips) cuts your project cash from $40,000 to $20,000 and the starting rate from 10.74% to 10.24%.
Your first deal, step by step
- Check your credit against the minimums above, from 600 to 680+, before you make offers.
- Pick a light rehab. Lenders lend more on cosmetic projects (RCN: 85% vs 70% of purchase with no track record).
- Write the scope of work and budget. The lender pays the rehab in draws against it.
- Get prequalified and ask which tier you are in, then make offers that fit the ARV cap.
- Line up your cash: the purchase gap, points, closing costs, holding costs, and any interest reserves (Ternus may require 6 months plus 10% of the rehab budget).
- Plan two exits: the sale, and a refinance into a DSCR rental loan if the sale is slow.
Questions to ask as a first-time borrower
| Ask the lender | What lenders publish |
|---|---|
| How do you count experience? | RCN counts flips completed in the last 3 years; LendingOne treats investors with one to five properties as early stage. |
| Is my project a light or heavy rehab? | RCN's 0-flip table lends up to 85% of purchase on a light rehab and 70% on a heavy one. |
| Which tier and rate am I in? | RCN's new-investor rate starts at 10.74% against 9.24% for its experienced tier; New Silver bases the final rate partly on experience. |
| What credit score do you need from me? | 600 at Easy Street (may vary with experience), 650 at RCN and New Silver, 680+ at Sherman Bridge. |
| What do I pay at closing? | Points and origination: New Silver 1% to 1.75%, The Investor's Edge as low as 3.5%, Sherman Bridge's Rehab80 from 2.0%. |
How beginners get better terms
- Start with a light rehab. RCN's 0-flip table lends up to 85% of purchase on a light rehab but 70% on a heavy one.
- Build credit before you apply. RCN's best tier needs 720+; Sherman Bridge's programs need 680+.
- Pick a lender that does not require experience. New Silver's fix-and-flip listing and The Investor's Edge say no experience is required; Sherman Bridge's Rehab80 requires previous flips.
- Keep the deal inside the 70% rule so the ARV cap does not cut your loan. Test it in the fix and flip calculator.
- Leave ground-up building for later. Lima One requires ground-up, general contractor or fix-and-flip experience for new construction loans; see construction loans.
New to the whole process? Start with what fix and flip is, then check hard money loan requirements and credit minimums by lender.
Related guides
Learn the loan itself: what is a hard money loan?
Frequently asked questions
Can a first-time flipper get a hard money loan?
Yes. New Silver's fix-and-flip listing says no experience is required, Easy Street Capital and Kiavi market to first-time flippers, and RCN Capital has a new-investor tier. Expect less leverage and a higher rate than experienced investors get.
How much down payment does a beginner need for a fix and flip loan?
It depends on the lender's caps. At RCN Capital's new-investor tier (80% of purchase, 100% of rehab, max 70% of ARV), a $200,000 purchase with a $50,000 rehab needs $40,000 of your cash before points and closing costs, against $10,000 at its experienced tier.
Do hard money lenders require experience?
Some do for some programs. Sherman Bridge's Rehab80 requires previous flips, and Lima One requires experience for new construction. New Silver's fix-and-flip listing and The Investor's Edge say no experience is required.
What credit score do first-time flippers need?
Published minimums run from 600 at Easy Street Capital and 650 at RCN Capital and New Silver to 680+ at Sherman Bridge. RCN's best tier requires 720+.
Can I get a hard money loan with no experience and bad credit?
Possibly. The Investor's Edge states no minimum credit score and no experience requirement on its Atlanta page, and Easy Street Capital's 600 minimum may vary with experience. Expect a higher rate and fees: The Investor's Edge starts at 12% with origination as low as 3.5%.
Which hard money lenders are good for first-time investors?
Lenders that publish beginner-friendly terms include New Silver (its fix-and-flip listing says no experience required), Easy Street Capital and Kiavi (both market to first-time flippers) and RCN Capital (a published new-investor tier). Compare the leverage and rate each offers you.