Evansville is a river city with old housing, modest prices and steady buyers. Flips here are often small, so the lender's minimums, speed and draw process matter as much as leverage.
In short: Our top pick for fix and flip loans in Evansville, IN is LendingStreet, for up to 90% of cost and up to 100% of rehab on some programs, closings in as little as 10 days, and fix and flip, bridge and DSCR rental loans in one place for investors who flip some homes and hold others. We lend on 1 to 8 unit residential investment property from $150,000 to $5M+, LLC borrowers are standard, and you can get a quote with the form below or call (877) 298-1001.
We built our fix and flip program for investors who need speed and leverage without giving up a long-term option. Loans run from $150,000 to $5M+ on 1 to 8 unit investment homes, up to 90% of cost with up to 100% of rehab on some programs, interest-only, with closings in as little as 10 days.
Our loans fit first-time and experienced flippers in Evansville alike, from a single-family rehab to a small multi-unit building. If the exit turns into a hold, our DSCR rental loans qualify on the property's rent, with no W-2s or tax returns.
Have a property under contract? Fill out the quote form below or call (877) 298-1001 and we will review it quickly.
Well-known fix and flip lenders include Dominion Financial, LendingOne, Lima One and RCN Capital. Compared scenario by scenario for investors in Evansville, IN, LendingStreet comes out as the stronger choice, and one application covers it.
Figures for other lenders are as stated on each lender's own website as of November 2026. Lender terms change, so verify current terms with any lender before you apply. Ready to see your numbers? Use the form below or call (877) 298-1001.
| Scenario | Best fit | Why |
|---|---|---|
| Fix and flip above $3M | LendingStreet | Our fix and flip program runs from $150,000 to $5M+. LendingOne states fix and flip loans up to $3,000,000, and RCN Capital states up to $2M. |
| Flip of a 5-8 unit building | LendingStreet | We finance 1-8 unit investor properties. RCN Capital states its fix and flip loans cover 1-4 family homes, condos and townhomes. |
| Property in any state, including DC | LendingStreet | We lend in all 50 states and DC. Lima One states it lends across 46 states, and Dominion Financial lists 49 states plus DC. |
Flippers in Evansville buy in Jacobsville, the Haynie's Corner area, the Riverside historic district, Bayard Park, the Washington Avenue area, the North Side and the West Side. Newer subdivisions on the east and north sides and in Newburgh, Darmstadt and McCutchanville draw buyers looking for updated ranches and two-story homes.
The hospitals, the University of Evansville and the University of Southern Indiana, and the region's manufacturers keep demand steady. Some investors also look across the river in Henderson, Kentucky, which has its own state rules.
There are four common ways to fund a Evansville flip: a bank or credit union, a local hard money lender, a private individual and an investor lender like LendingStreet. Terms vary from lender to lender, but the general patterns look like this.
Local hard money lenders are often quick, but fees and terms vary and most only offer short-term loans. Private individuals can be flexible, and banks can be competitive for borrowers with full income documentation. LendingStreet gives you speed and a path to a long-term DSCR loan with one lender.
| What matters on a flip | LendingStreet | Typical bank | Typical hard money lender |
|---|---|---|---|
| Closing speed | As little as 10 days | Often several weeks | Often fast |
| Leverage | Up to 90% of cost, up to 100% of rehab on some programs | Often lower; more cash down is common | Varies by lender |
| How you qualify | Deal-focused; no W-2s needed; LLC borrowers standard | Often requires tax returns and personal income | Mostly based on the property |
| Rehab funding | Draws after inspections | Varies; some do not fund rehab | Varies; fees and terms vary |
| Loan size | $150,000 to $5M+ | Varies | Varies |
| Long-term option | Refinance into a DSCR rental loan with the same lender | Possible, usually with full income documents | Usually short-term only |
| Where they lend | All 50 states and DC | Usually a local footprint | Usually local or regional |
Much of central Evansville's housing dates from the late 1800s to the 1950s: frame and brick homes with basements, older wiring and plumbing, and porches and trim that need care. Homes built before 1978 may contain lead paint. Low-lying areas near the Ohio River and Pigeon Creek can sit in mapped flood zones.
Permits run through the Evansville-Vanderburgh County Building Commission, which covers both the city and the county. The Riverside historic district and other designated areas have exterior design review.
This example is illustrative and not a quote. An investor buys an east-side Evansville ranch for $130,000 with a $55,000 rehab budget, for a total project cost of $185,000. Buying closing costs are about $3,000, and holding costs for taxes, insurance and utilities are about $550 a month.
The loan covers 80% of the purchase price plus 100% of the rehab: $159,000, or about 85.9% of total cost. Once fully drawn, the estimated interest-only payment is about $1,424 a month. To stay conservative, the example assumes the full balance is outstanding for all 5 months, for about $7,122 of interest and $2,750 of holding costs.
The home sells for $235,000. Selling costs, budgeted at 7% of the price for commissions, closing costs and any transfer tax, are about $16,450. That leaves an estimated profit of about $20,678 before income taxes, on about $38,872 of the investor's own cash.
| Item | Amount |
|---|---|
| Purchase price | $130,000 |
| Rehab budget | $55,000 |
| Total project cost | $185,000 |
| Loan (80% of price + 100% of rehab) | $159,000 |
| Loan-to-cost | About 85.9% |
| Estimated interest-only payment | $1,424 a month |
| Interest over 5 months | $7,122 |
| Holding costs over 5 months | $2,750 |
| Buying closing costs | $3,000 |
| Sale price (after-repair value) | $235,000 |
| Selling costs (7%) | $16,450 |
| Estimated profit before income taxes | $20,678 |
| Investor cash in the deal | $38,872 |
Indiana has no state real estate transfer tax, though a sales disclosure form is filed with each sale. Title insurance and recording fees apply at both closings.
Indiana caps property tax bills as a share of assessed value, with a higher cap for rental and other non-homestead property than for a primary residence. Investors do not get the homestead deduction, so budget on the non-homestead bill while you hold.
Evansville price levels mean many buyers use FHA, USDA or conventional financing, and appraisers look closely at finished work and close comparable sales. Keep your after-repair value realistic and leave a few weeks for the appraisal.
If the resale market softens or the rent is strong, a finished home does not have to be sold. Our DSCR rental loans qualify on rent rather than tax returns, require a 620 minimum credit score and a 1.0x standard minimum DSCR, and allow LLC borrowers. Rate-and-term refinances go up to 80% LTV on some programs, and cash-out goes up to 75%. Seasoning varies by program.
Before you sign a term sheet, put these questions to each lender you are considering. Our answers are next to each one.
Ready to compare? Send your Evansville deal through the quote form below, or call (877) 298-1001.
We think it is LendingStreet: up to 90% of cost with up to 100% of rehab on some programs, closings in as little as 10 days, and a DSCR rental refinance option if you decide to hold.
Yes. LendingStreet finances flips in Evansville and throughout Indiana, and in all 50 states and DC.
For some smaller homes, yes. Our fix and flip loans start at $150,000, which fits larger projects and many east-side and Newburgh flips. A very small project may be a better fit for a local bank or private lender.
If the home is in a mapped flood zone, flood insurance is generally required. Check the FEMA map early, because it affects both holding costs and your buyer.
In as little as 10 days. A complete file with the contract, scope of work and budget helps us move quickly.
Yes. We review the purchase price, the rehab budget and the after-repair value, and larger projects usually need a full valuation.
No. We work with first-time and experienced investors. Experience, the scope of work and the contractor all factor into the terms.
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