Waco has become one of the better-known renovation markets in Texas, with older homes near downtown and Baylor University and growing suburbs to the south and west. Foundations and Texas property taxes are what most often surprise first-time flippers here.
In short: Our top pick for fix and flip loans in Waco 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 can refinance a finished house into a DSCR rental loan. Loans run from $150,000 to $5M+ on 1-8 unit investment property across McLennan County.
For investors flipping in Waco, LendingStreet is the lender we put first. Loans start at $150,000 and go to $5M+, cover up to 90% of total cost (LTC), and can fund up to 100% of the rehab budget on some programs, all on 1-8 unit non-owner-occupied property.
Waco's older homes often need foundation, plumbing and electrical work before any finishes, so funding the rehab through draws keeps your own cash for contingencies.
We can close in as little as 10 days. Payments are interest-only during the project, and if you decide to keep the house, the exit can be a DSCR refinance instead of a sale. To start, use 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 Waco, TX, 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. |
Close to downtown and the university, Castle Heights, Sanger Heights, Brook Oaks and the neighborhoods around Cameron Park have early twentieth century bungalows, cottages and larger historic homes that respond well to careful renovation. North Waco and East Waco offer lower entry prices and a mix of flips and rental holds.
Suburban flips are steady in Woodway, Hewitt, Robinson, China Spring and Lorena, where 1970s to 2000s homes sell to families drawn by schools and commutes. Bellmead and Lacy Lakeview add more affordable stock. Demand from university staff, healthcare workers and families relocating to Central Texas supports resale.
Central Texas clay soils shrink and swell, so foundation movement is common, especially in older pier-and-beam homes. Get a foundation evaluation before you buy and budget for leveling, drainage and any related drywall and door repairs. Older homes also often need new electrical service, plumbing and HVAC.
Permits come through the City of Waco or the suburb where the house is located, and some central neighborhoods are in historic districts that review exterior changes. Confirm requirements before work starts.
Banks, credit unions and local hard money lenders all finance flips in Waco, and terms vary from one to the next. This table describes typical patterns, not any specific company, so you can see why investors choose LendingStreet.
| What flippers need | LendingStreet | Typical local bank | Typical local hard money lender |
|---|---|---|---|
| Leverage | Up to 90% of cost (LTC) on some programs | Often a larger down payment | Varies widely by lender |
| Rehab funding | Up to 100% of rehab on some programs, paid in draws | Rehab loans can be limited or slow | Often funded, terms vary |
| Closing speed | As little as 10 days | Often several weeks or more | Often fast |
| Income documents | Deal-focused review, no W-2 qualifying | Often requires tax returns | Usually light |
| LLC borrowers | Standard | Varies by bank | Usually allowed |
| Loan size | $150,000 to $5M+ | Varies, often conservative | Varies |
| Exit option | Sell or refinance into a DSCR rental loan | Separate application | Usually short-term only, no long-term option |
This example is illustrative and not a quote. An investor buys a 1930s cottage in Sanger Heights for $155,000 and budgets $55,000 for foundation leveling, a new kitchen, bath, electrical and paint. LendingStreet funds 90% of total cost.
Holding costs are the investor's budget for loan interest, property taxes, insurance and utilities. Texas has no state income tax, and investors do not get homestead exemptions, so local property taxes are a real monthly cost. Resale figures are estimates; check recent sales with a local agent.
| Line item | Amount |
|---|---|
| Purchase price | $155,000 |
| Rehab budget | $55,000 |
| Total project cost | $210,000 |
| Loan at 90% of cost | $189,000 |
| Investor share of cost | $21,000 |
| Estimated buy-side closing costs | $4,500 |
| Cash needed at closing (estimate) | $25,500 |
| Holding costs, 5 months at $2,100 | $10,500 |
| After-repair resale price | $290,000 |
| Selling costs at 7% of resale | $20,300 |
| Estimated profit before taxes | $44,700 |
Texas does not charge a state real estate transfer tax, which helps flip margins. Expect title insurance, escrow and recording fees on both ends. Texas is also a non-disclosure state, so sale prices are not in public records, and you will need a local agent or appraiser to pull reliable comparable sales.
Foundation work and inspections can add time, so plan for several months from purchase to closing your resale. University calendars can affect buyer and renter traffic near campus. Confirm costs with your title company.
LendingStreet underwrites the exit as part of the flip. If you sell, the short-term loan is paid from proceeds. If you hold, a DSCR rental loan can replace it, qualified on the rent rather than your personal income, with LLC borrowers standard and 30-year terms available. Seasoning for a refinance varies by program, so ask about it before you close the flip.
Rental demand near the university and major employers can support a DSCR refinance if you would rather hold. LendingStreet qualifies the refinance on the property's rent, with LLC borrowers standard.
Ask every lender the same questions so the quotes compare cleanly.
LendingStreet's answers, in order: up to 90% LTC with up to 100% of rehab on some programs; DSCR refinances up to 80% LTV on some programs and up to 75% on cash-out, with a 1.0x standard minimum; seasoning varies by program; LLCs are standard; closing in as little as 10 days; and a $150,000 to $5M+ range.
The fastest way to know your numbers is to send the deal. Use the form below with the purchase price, scope of work and target resale, or call (877) 298-1001 and we will walk through leverage, draws and timing.
Our top pick 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 can refinance a finished Waco property into a DSCR rental loan.
Yes. LendingStreet finances fix and flip projects across Waco, Woodway, Hewitt, Robinson and the rest of McLennan County and lends in all 50 states and DC. Get a quote with the form below or call (877) 298-1001.
LendingStreet can close in as little as 10 days. Having a signed contract, a clear budget and title ordered early keeps the timeline short.
On some programs, LendingStreet funds up to 100% of the rehab budget, paid in draws as work is completed and inspected, with total leverage up to 90% of cost.
Texas is a non-disclosure state, so work with a local agent or appraiser who can pull comparable sales. Share those comps with your lender when you request a quote.
Yes. Clay soils make foundation movement common. Get a professional evaluation before you buy and include the repair and drainage work in your rehab budget.
Yes. You can refinance into a LendingStreet DSCR loan that qualifies on the rent, with no W-2s or tax returns. Seasoning varies by program.
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