Delaware is small, but its three counties flip very differently. A Wilmington rowhome, a Dover ranch and a house near the beaches each call for a lender that funds draws on time.
In short: The best fix and flip lender in Delaware is the one that fits your specific project: lowest total cost in dollars, enough leverage on purchase and rehab, quick and predictable draws, and a term with room to spare. LendingStreet finances investment property in Delaware, with rates from 9.99% for qualified borrowers, up to 90% of the purchase price and up to 100% of the rehab budget paid in draws after work is inspected. On rehab-heavy deals, such as older Wilmington rowhomes, the draw process can matter more than a small difference in rate.
On a heavy rehab, you or your contractor front the cost of each phase and the lender reimburses it after inspection. If draws take two weeks instead of a few days, crews stop, and every idle week adds interest and holding costs.
Ask each lender how inspections are scheduled, whether photo or video inspections are accepted, how many draws the budget can be split into and how many days it takes to fund once a draw is approved.
We finance flips from $150,000 to $5M+, with rates from 9.99% for qualified borrowers and terms that typically run 12 to 18 months. A complete file can close in as little as 10 days.
Leverage goes up to 90% of the purchase price and up to 100% of the approved rehab budget, paid in draws after each phase is completed and inspected. Experience helps pricing and leverage, and first-time flippers can qualify on some programs, often at lower leverage. The financing team reviews your scenario and comes back with 2 to 3 options.
New Castle County holds Wilmington, the state's largest city, with its long blocks of older brick rowhomes and twins. Newark, home to the University of Delaware, has student-area housing and family neighborhoods, and Middletown has grown with newer subdivisions to the south.
Kent County centers on Dover, the state capital and home to Dover Air Force Base, where ranch and split-level homes are common. Sussex County runs from inland towns like Georgetown and Seaford to the beach communities around Lewes, Rehoboth Beach and Bethany Beach, where seasonal and second-home buyers set the tone.
| Area | Typical flip profile | Watch for |
|---|---|---|
| Wilmington | Older rowhomes and twins, often full gut rehabs | Party walls, older wiring and plumbing, permit timing |
| Newark | Single-family homes near the university | Rental-oriented layouts that may need rework for buyers |
| Dover and Kent County | Ranch and split-level homes | Roof, HVAC and cosmetic updates |
| Coastal Sussex | Higher-priced homes near the beaches | Flood zones, wind and flood insurance, seasonal demand |
This example is illustrative and not a quote. An investor buys a Wilmington rowhome for $230,000, plans $95,000 of rehab and expects an ARV of $405,000. The loan covers 85% of the purchase ($195,500) plus 100% of the rehab ($95,000), for $290,500, about 72% of ARV. The investor brings $34,500 down.
The rehab is split into four draws: $25,000 for demolition and framing, $30,000 for mechanicals, $28,000 for finishes and $12,000 at completion. At a sample rate of 10.25% with interest on the full balance, interest is about $2,481.35 a month, or $17,369.48 over seven months.
| Item | Amount |
|---|---|
| Sale price | $405,000 |
| Purchase price | -$230,000 |
| Rehab (four draws) | -$95,000 |
| Sample closing costs | -$8,000 |
| Interest, 7 months | -$17,369.48 |
| Taxes, insurance, utilities ($850 x 7) | -$5,950 |
| Selling costs (6%) | -$24,300 |
| Estimated profit | $24,380.52 |
Delaware's realty transfer tax is higher than in many states, and it applies when you buy and again when you sell. Confirm the current rate and how it is split between buyer and seller with your title company, and put both transactions into your budget.
Wilmington and other municipalities run their own permitting, while unincorporated areas fall under county review. Coastal properties may sit in flood zones that affect insurance and how much work can be done before elevation rules apply. Check with the local building office and your insurance agent before you close.
Lenders look at the after-repair value supported by recent nearby sales, the line-item budget, the timeline and your experience. In Wilmington, value can change block by block, so comps from the same immediate area carry more weight.
Credit, reserves and a contractor bid round out the file. On a gut rehab, a clear draw schedule tied to the scope helps the lender size the loan and helps you keep the job moving.
Send the address, purchase contract, a line-item scope with a proposed draw schedule, comparable sales, bank statements for the down payment, closing costs and reserves, and LLC documents. A list of completed projects helps if you have one.
We can review the deal before you commit and show how leverage, timing and transfer costs affect what you take home.
Yes. LendingStreet finances investment property in Delaware, including Wilmington, Newark, Dover and Sussex County. Fix and flip loans are business-purpose loans on non-owner-occupied property from $150,000 to $5M+.
There is no single answer. Kiavi, CoreVest and Lima One also write investor loans, and coverage varies by state, so confirm each lender finances in Delaware. Compare total cost, leverage, draw speed and extension terms on the same property.
It depends on the lender and how quickly the inspection is completed. Ask each lender for a realistic number of days from request to funds, because slow draws stall crews.
Transfer tax generally applies when the property changes hands, so a flip involves it at purchase and at sale. Confirm the current rate and the buyer and seller split with your title company.
Yes, if the numbers work. Expect flood and wind insurance to be part of the review, and plan the sale around the seasonal buyer pool.
Yes. A DSCR rental loan can pay off the fix and flip loan once the property is renovated and rented, qualifying on the property's rent.
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