Richmond has more historic row and frame houses per block than most mid-size cities, from Church Hill to the Fan to Northside, and many still need a full renovation. Flippers here need a lender that funds serious rehab and moves at the speed of the market.
In short: Our top pick for fix and flip financing in Richmond, VA is LendingStreet. We fund up to 90% of cost and up to 100% of rehab on some programs, close in as little as 10 days, and offer a refinance into a long-term DSCR rental loan if you decide to hold. Richmond's historic housing stock rewards investors who can fund a full gut renovation, and Virginia's recordation and grantor taxes make a clear closing budget important. Loans run from $150,000 to $5M+ on 1-8 unit investment properties.
LendingStreet is a business-purpose lender built for real estate investors, and our fix and flip loans fit the way Richmond investors work: buy a dated house, renovate it, and sell it or keep it as a rental. We lend on non-owner-occupied 1-8 unit properties in all 50 states and DC.
The loan is short-term and interest-only, with rehab funds released in draws as work is completed and inspected. That keeps your cash free for the project instead of tied up in the renovation.
It fits experienced flippers scaling up, contractors who renovate for profit, and newer investors with a solid plan and a capable team. The next step is simple: get a quote with the form below, or call (877) 298-1001.
If you are weighing Dominion Financial, LendingOne, Lima One and RCN Capital for a fix and flip loan for investors in Richmond, VA, this is the short version: LendingStreet wins the scenarios below, and you can get a quote with the form below.
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. |
Richmond flippers usually choose among local banks and credit unions, local hard money lenders, private individual lenders and investor lenders like LendingStreet. Banks suit some borrowers but often want tax returns and take longer. Local hard money lenders are often quick, but terms vary and most offer no long-term option.
Here is how the options usually line up on what matters most for a flip.
| What flippers need | LendingStreet | Typical bank or credit union | Typical local hard money lender |
|---|---|---|---|
| Leverage | Up to 90% of cost; up to 100% of rehab on some programs | Often lower on investor rehab loans | Varies by lender |
| Speed | Close in as little as 10 days | Often several weeks | Often fast |
| Loan size | $150,000 to $5M+ | Varies; may limit investor loans | Varies; some cap smaller balances |
| Paperwork | Built around the deal and your plan | Often requires tax returns | Varies |
| Long-term option | Refinance into a LendingStreet DSCR loan | Varies by bank | Usually short-term only |
| Where they lend | All 50 states and DC | Usually local or regional | Often one metro or state |
In the city, flippers work Church Hill, Union Hill, Jackson Ward, the Fan, the Museum District, Manchester, Woodland Heights, Forest Hill and Northside areas such as Highland Park and Barton Heights. Housing stock ranges from 1800s brick rowhouses to early 1900s frame homes with deep porches.
Henrico, Chesterfield and Hanover counties add mid-century ranches, split-levels and 1980s colonials. These suburban flips usually involve lighter cosmetic rehab and a broader buyer pool.
City permits run through Richmond's permits and inspections office, and each county has its own. In the city's Old and Historic Districts, exterior changes need a Certificate of Appropriateness from the Commission of Architectural Review, which affects windows, doors, porches, roofing and additions.
Older Richmond homes often need brick repointing, slate or tin roof repairs, porch rebuilding, rewiring and new plumbing. Homes built before 1978 may contain lead paint, which calls for certified contractors. Get bids before closing so the rehab budget you submit is realistic.
Virginia charges a recordation tax on deeds, usually paid by the buyer, with the state rate plus a local share. Recordation tax also applies when a deed of trust is recorded. The seller usually pays the grantor tax of $0.50 per $500 of price. On a flip, you pay buyer-side taxes on the purchase and the grantor tax on the sale.
Richmond's renovated historic homes draw buyers who value character, so careful work on trim, floors and porches pays off at resale. Spring listings generally see the most traffic.
This example is illustrative and not a quote. An investor buys a early 1900s frame home in Northside for $260,000 and plans a $85,000 renovation. The loan covers 85% of the purchase and 100% of the rehab, or $306,000, which is about 89% of total cost.
At closing the investor brings about $46,500: the 15% down payment plus about $7,500 in estimated closing costs. Once the rehab is fully drawn, the estimated interest-only payment is about $2,678 a month. Over 6 months, assuming the full loan is outstanding the whole time, interest is about $16,065, and taxes, insurance and utilities add about $4,200.
The house sells for $450,000. Selling costs of about 6.5% of the price, including commission and grantor tax, come to $29,250. The estimated profit before income taxes is about $47,985. Because rehab funds are drawn over time, actual interest is usually lower.
| Item | Amount |
|---|---|
| Purchase price | $260,000 |
| Rehab budget | $85,000 |
| Loan (85% of purchase + 100% of rehab) | $306,000 |
| Loan as share of total cost | About 89% |
| Cash at closing | $46,500 |
| Estimated monthly interest-only payment | $2,678 |
| Interest over 6 months | $16,065 |
| Taxes, insurance and utilities | $4,200 |
| Selling costs | $29,250 |
| Resale price | $450,000 |
| Estimated profit before income taxes | $47,985 |
Before you sign a term sheet, ask every lender the same questions so you can compare offers side by side:
Here is how LendingStreet answers: up to 90% of cost and up to 100% of rehab on some programs, draws released after inspections, closings in as little as 10 days, LLC borrowers welcome, loans from $150,000 to $5M+ with larger balances reviewed closely, and a DSCR refinance ready if you hold. To see your numbers, get a quote with the form below.
Most Richmond flips end in a sale. If the market shifts or the rent looks strong, you can instead refinance into a LendingStreet DSCR rental loan, which qualifies on the property's rent with no W-2s or tax returns. DSCR loans offer 30-year terms, a standard minimum DSCR of 1.0x, cash-out up to 75% LTV and rate-and-term up to 80% on some programs.
Send the address, purchase price, rehab budget and expected resale value, and we will size the loan around your plan. Get a quote with the form below, or call (877) 298-1001 to talk through the deal. Projects of 9+ units fall under our commercial programs instead.
Our top pick is LendingStreet. We offer up to 90% of cost and up to 100% of rehab on some programs, closings in as little as 10 days, loans from $150,000 to $5M+ and a DSCR refinance if you decide to hold. Compare any lender on leverage, speed, draws and exit options.
Yes. We lend throughout Richmond and the rest of Virginia, and in all 50 states and DC, on non-owner-occupied 1-8 unit investment properties.
We can close in as little as 10 days. Timing depends on title, the valuation and how quickly you send the contract, rehab budget and entity documents.
Up to 90% of total cost, with up to 100% of the rehab funded on some programs. Rehab funds are released in draws after work is inspected.
If the house is in one of the city's Old and Historic Districts, exterior changes need a Certificate of Appropriateness from the Commission of Architectural Review. Build that review time into your schedule.
The buyer usually pays recordation tax on the deed and on the deed of trust, and the seller usually pays grantor tax. On a flip you are the buyer first and the seller later, so you pay both. Confirm amounts with your settlement agent.
Yes. You can refinance into a LendingStreet DSCR rental loan that qualifies on the property's rent, with 30-year terms available and LLC borrowers standard.
Pricing depends on the deal, your experience and the leverage you choose. The fastest way to see real terms is to get a quote with the form below, or call (877) 298-1001.
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