A flip that needs a $500K to $1M loan is a step up in risk and cash. Leverage is still high, but experience and liquidity start to drive the terms.
In short: LendingStreet offers fix and flip loans from $500,000 to $1,000,000 and beyond, covering up to 90% of the purchase price and up to 100% of the rehab budget, with rehab funds paid in draws after work is completed and inspected. Rates start from 9.99% for qualified borrowers, terms typically run 12–18 months, and loans can close in as little as 10 days. At this size, flip experience at a similar price level helps pricing and leverage, and you need enough cash to cover the down payment, closing costs, interest and the first phase of work before the first draw.
Loans in this band typically fund a purchase between about $450,000 and $900,000 plus a rehab budget, or a lower purchase price with a heavy renovation. The loan has two parts: purchase funds at closing and rehab funds held back and released in draws.
Programs also limit the total loan against the after-repair value (ARV). That cap varies by program. On a deal with a thin spread between cost and ARV, the ARV cap can be what limits the loan, not the 90% of purchase.
| Term | What to expect |
|---|---|
| Loan amount | $150K to $5M+; this page covers $500K to $1M |
| Purchase financing | Up to 90% of purchase price (LTC) |
| Rehab financing | Up to 100% of the budget, paid in draws after inspection |
| Rates | From 9.99% for qualified borrowers |
| Term | Typically 12–18 months |
| Closing | As little as 10 days |
| Experience | Helps pricing and leverage; first-time flippers can qualify on some programs, often at lower leverage |
Lenders look at how many flips you have completed, how recent they were, and whether they were at a similar price. Three finished $250,000 flips are useful, but they are not the same as one finished $700,000 flip. Higher-end buyers expect better finishes, permits and timelines.
If your history is at lower price levels, show your best documented projects with purchase and sale settlement statements. Partnering with an experienced investor or contractor can also help. First-time flippers can qualify on some programs, often at lower leverage, which means more cash in.
Even with 90% of purchase and 100% of rehab financed, a larger flip takes real cash. You pay the 10% down payment and closing costs at purchase, monthly interest during the project, and insurance, taxes and utilities.
Rehab draws are paid after work is completed and inspected. That means you or your contractor fronts each phase until the draw comes through. On a $180,000 rehab, the first phase alone might be $30,000 to $50,000. Lenders often check that you have liquid funds beyond the down payment for exactly this reason.
A simple rule many investors use is to keep cash on hand for the down payment, closing costs, the full planned interest, one rehab phase and a contingency of 10% or more of the rehab budget. Your program's liquidity requirement may differ.
This example is illustrative and not a quote. An investor buys a house for $600,000 with a $180,000 renovation budget and a supported ARV of $1,000,000. The loan covers 90% of the purchase, $540,000, plus 100% of the rehab, $180,000, for a total loan of $720,000. That total is 72% of ARV.
At a sample rate of 10.5% interest-only, interest on the $540,000 funded at closing is about $4,725 a month. Once all rehab is drawn, interest on $720,000 is about $6,300 a month. To be conservative, the investor budgets the full balance for 9 months: about $56,700.
At sale for $1,000,000, subtract the loan payoff ($720,000), interest ($56,700), the down payment ($60,000), sample purchase closing costs ($18,000), sample taxes, insurance and utilities ($15,000) and sample selling costs ($60,000). The estimated profit is about $70,300, on about $149,700 of the investor's own cash.
The table shows how a purchase and rehab budget combine into a loan in this range, at up to 90% of purchase and 100% of rehab. These are illustrative maximums. The ARV cap, your experience and the program can all lower the actual loan.
The down payment column is the 10% of purchase you bring at closing. It does not include closing costs, interest or the cash needed to float rehab phases between draws.
| Purchase price | Rehab budget | Purchase funds (90%) | Down payment | Total loan |
|---|---|---|---|---|
| $450,000 | $100,000 | $405,000 | $45,000 | $505,000 |
| $550,000 | $150,000 | $495,000 | $55,000 | $645,000 |
| $650,000 | $200,000 | $585,000 | $65,000 | $785,000 |
| $750,000 | $150,000 | $675,000 | $75,000 | $825,000 |
At $500K to $1M, the after-repair value is often supported by fewer and more varied comparable sales. The appraiser will look for recent renovated sales of similar size and finish nearby. A design-heavy renovation in a neighborhood of dated homes may not be valued the way you hope.
Before you offer, pull renovated sales from the last six months within a tight radius. If the best comps are far away or a year old, plan for a lower ARV and see whether the deal still works.
If the lender's valuation comes in lower than your ARV, the loan may be resized. Have a plan for that: a smaller scope, more cash in, or a lower purchase price negotiated before your contingency period ends.
The buyer pool shrinks as the price rises, and higher-end homes can sit longer. A plan that assumes a quick sale on a $950,000 house is optimistic. Budget interest and carrying costs for a slower sale.
Terms typically run 12–18 months, which gives room, but build your schedule so the house is listed with several months to spare. If the market softens, having a hold option, such as a DSCR refinance after leasing, gives you a second exit.
Price the listing from the comparable sales, not from the profit you planned. A small price cut in the first month usually costs less than three more months of interest on a large balance.
A larger flip needs a detailed scope of work: line items by trade, quantities and costs, and a timeline. The draw schedule is built from that scope. After each phase, an inspector confirms the work and the draw is released.
Clear line items speed up draws. Vague items like 'kitchen, $60,000' slow them down. Keep permits current and photos organized, because inspectors and underwriters will ask.
Price the work with licensed contractors and include a contingency line. Lenders review the budget against the ARV, so a budget that looks too low for the finish level can raise as many questions as one that looks too high.
Most loans in this range are planned as flips. Some investors decide partway through that holding makes more sense, especially for 2-4 unit properties. A DSCR loan can refinance the flip loan once the property is leased, qualified on the rent with up to 75% LTV on a cash-out.
If holding is a real possibility, run the rental numbers at the start. Know what rent the finished property needs to support a DSCR loan large enough to pay off the flip loan.
For a single-family flip at this price, rent often falls short of a DSCR payment at full leverage, so the hold option usually means paying the loan down. For 2-4 unit flips, the rental math more often works.
A strong file at this size shows the deal, the plan and the cash. The financing team will review it and come back with 2–3 options.
Up to 90% of the purchase price plus up to 100% of the rehab budget, subject to the program's cap against the after-repair value. Experience and the deal's numbers set the final amount.
Rates start from 9.99% for qualified borrowers. Experience, leverage, credit and the deal all affect the rate.
Typically 12–18 months. Plan your timeline so the property is sold well before maturity.
Yes. Programs cap the total loan against the after-repair value, and the cap varies by program. On deals with a thin spread, that cap can limit the loan before the 90% of purchase does.
Some programs allow first-time flippers, often at lower leverage. At this size, a partner with experience or extra liquidity can strengthen the file.
In draws, after each phase of work is completed and inspected. You float each phase until the draw is released.
In as little as 10 days when the file is complete and the valuation and title come back quickly.
Lenders usually want to see liquid funds beyond the down payment to cover interest, carrying costs and draw timing. The amount varies by program and deal.
Yes. Once the property is leased, a DSCR loan can refinance the flip loan based on the property's rent.
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