Flip underwriting looks at two things at once: you and the deal. Knowing what each side needs saves you a week of back-and-forth after you go under contract.
In short: Our fix and flip loan requirements start with a 620 minimum credit score, a non-owner-occupied investment property, a written scope of work and an after-repair value that supports the loan. We do not verify income, but we do review liquidity, experience and your exit plan. Loans run from $150K to $5M+ and can close in as little as 10 days once the file is complete.
The borrower side answers one question: can this investor finish the project and carry it until it sells? Here is what our programs typically review.
| Requirement | What underwriting looks for |
|---|---|
| Credit score | 620 minimum; higher scores can improve terms |
| Income | No income verification on our programs |
| Experience | Track record helps leverage; first-time options exist |
| Liquidity | Cash for down payment, closing costs and reserves |
| Entity | LLC or corporation borrowing is common and allowed |
| Background | No recent foreclosures or open fraud issues |
The property must be an investment property you will not live in. LendingStreet finances business-purpose, non-owner-occupied real estate only.
The deal has to make sense on paper. Underwriting checks the purchase price, the rehab budget and the ARV, then confirms the loan fits inside the program's limits.
Your scope of work drives the rehab loan amount and the draw schedule. Vague budgets get cut or sent back.
Here is an example of the level of detail that moves a file quickly. A kitchen line might read: cabinets $9,500, quartz counters $4,200, appliances $3,800, plumbing and electrical $2,600. Compare that to a single line that says "kitchen $20,000." The first one is easy to approve and easy to inspect at draw time.
Fix and flip loans require a valuation that estimates both current value and value after repairs. The appraiser or valuation provider reviews your scope and recent comparable sales.
If the ARV comes in lower than you expected, the loan can shrink because of the ARV cap. That cap varies by program but is commonly in the 65% to 75% range. Bring your own comps to the conversation early.
Smaller flips near our $150K minimum tend to have the simplest review. As the loan grows toward $1M and beyond, underwriting usually asks for more liquidity, deeper experience and a stronger contractor profile.
Property type matters too. A cosmetic rehab on a single-family house is reviewed differently than an addition, a conversion from one unit to two, or a heavy structural project. Projects that change the footprint may need plans and permits before closing.
No income verification does not mean no documentation. Expect to show recent bank or investment-account statements.
Lenders want to see enough cash for the down payment, closing costs and a cushion of interest payments. A few months of payments in reserve is common. Retirement accounts may count at a discount, depending on the program.
Every flip loan needs a clear exit. Most investors plan to sell, while others refinance into a long-term rental loan after the rehab.
Tell your loan officer which exit you expect. If a refinance is possible, review DSCR requirements before closing the flip so the rental numbers already work. When the file is ready, our financing team can bring back 2–3 options to compare.
A few issues slow approvals again and again. Spotting them before you apply keeps the closing date intact.
On our programs: a 620 minimum credit score, a non-owner-occupied investment property, a detailed scope of work, a supportive ARV and enough liquidity to close and carry the project. Income is not verified.
Not always. First-time flippers can qualify on many programs, though leverage is often lower than for experienced investors. A strong contractor and a conservative budget help.
Yes. Borrowing in an LLC or other entity is common. Expect to provide formation documents, an operating agreement and an EIN letter, and to sign a personal guarantee.
Our fix and flip programs use no income verification. Underwriting focuses on credit, assets, experience and the deal itself.
Our programs can close in as little as 10 days. Speed depends on how quickly the valuation, title and your documents come together.
Often yes. Some programs finance the rehab on a property you own and can credit your equity. Bring your purchase settlement statement and current payoff, if any.
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