Indiana is a cash-flow state with an unusual advantage. Entry pricing across Indianapolis, Fort Wayne, Evansville and South Bend is low relative to achievable rent, and the state’s constitutional property tax caps put a ceiling on the single carrying cost that damages ratios most in comparable Midwest markets.
The short answer: A fix-and-flip loan funds the purchase and renovation of an investment property, with programs reaching up to 90 percent of total cost and 100 percent of the rehab budget released in draws as work is completed. Underwriting centers on the deal — purchase price, rehab budget, and after-repair value — rather than tax returns. In Indiana, the age and condition of the available inventory is what usually drives scope and therefore leverage.
Indianapolis produces the state’s flip volume and its most defensible comparable sales. The typical Indiana structure keeps rehab budget below acquisition cost, which distinguishes it from the lowest-basis Ohio and Michigan markets where the reverse is common. Fort Wayne, Evansville and South Bend offer cheaper entry against thinner comp data.
Primary markets: Indianapolis · Fort Wayne · Evansville · South Bend · Carmel · Gary
The property tax cap structure is the detail that separates Indiana from Ohio or Michigan at similar price points. Residential rental property is subject to a constitutional cap expressed as a percentage of gross assessed value, which puts an upper bound on the tax line inside the debt service calculation. That predictability is genuinely useful in DSCR underwriting and it is not available in most states.
Your rehab scope is conventional, your experience is documented, and the ARV is well supported by recent comparable sales.
This is a first or second flip, the rehab budget is large relative to purchase, or the ARV rests on thin comparable data.
No lender is best for every deal. Kiavi, Easy Street Capital, RCN Capital, Lima One, New Silver, Dominion Financial all write fix-and-flip loans in Indiana and all are legitimate options. They differ on leverage, credit floors, property types and experience requirements. The useful question is which fits this deal.
Works: An investor with a property under contract and a defined rehab scope, exiting by sale or by refinancing into a rental loan.
Does not: The property is owner-occupied, the ARV is unsupported by comparable sales, or there is no rehab budget on a property that clearly needs one.
Low acquisition with a moderate rehab budget, most often in Indianapolis where comparable sales support the exit. Unlike the lowest-basis Ohio markets, rehab budgets in Indiana more often stay below purchase price, which keeps the structure inside what most capital sources will fund without special consideration.
Indianapolis produces enough volume to defend an after-repair value confidently. Fort Wayne, Evansville and South Bend are thinner, and a valuation resting on a few comparable sales carries more risk for both parties. That thinness belongs in the margin assumption rather than being discovered at appraisal.
There is no single best lender for every scenario. Kiavi, Easy Street Capital, RCN Capital, Lima One, New Silver, Dominion Financial all write fix-and-flip loans and each has different guidelines. The right answer depends on the specific deal. LendingStreet places the same scenario across 30+ capital sources so the comparison happens on one application.
Yes, in all 50 states including Indiana. These are business-purpose loans on non-owner-occupied investment property, from $150,000 with no stated maximum. No W-2 or tax returns required and LLC borrowers are welcome.
Have a Indiana deal? Tell us the scenario and we will price it across our capital sources.
Get My Options →