A New Orleans flip is often a shotgun double turned into a single, a camelback brought back from years of neglect or a raised cottage leveled on new piers, and it comes with termites, flood rules and historic review that investors elsewhere rarely face together.
In short: LendingStreet offers fix and flip loans across New Orleans and nearby parishes on 1 to 8 unit investor properties, from $150,000 to $5M+. On some programs the loan covers up to 90% of total cost and up to 100% of the rehab, payments are interest-only and closings can happen in as little as 10 days. Before you set a budget, check the flood zone, the historic district status and the termite history.
Bywater, Marigny, Treme, the Seventh Ward and St. Roch are known for shotgun singles and doubles, Creole cottages and camelbacks, many in local historic districts. Mid-City, Broadmoor, Central City, Freret and the Irish Channel offer similar housing at a range of prices.
Gentilly and Lakeview have more raised and slab homes, many rebuilt after Hurricane Katrina, and Algiers on the West Bank has a mix of older and mid-century stock. In Jefferson Parish, Metairie, Kenner, Gretna, Harvey and Marrero have ranch homes from the 1950s through the 1970s, and Chalmette in St. Bernard Parish offers lower entry prices.
| Area | Typical housing | Common rehab scope |
|---|---|---|
| Bywater, Marigny, Seventh Ward | Shotguns, Creole cottages, camelbacks | Piers, termite repair, historic exterior |
| Mid-City, Broadmoor, Central City | Raised shotguns and doubles | Leveling, systems, double-to-single |
| Gentilly, Lakeview | Raised and slab homes | Flood repairs, updates, elevation checks |
| Metairie, Kenner, Gretna | 1950s-1970s ranch homes | Kitchens, baths, roofs, HVAC |
Many older houses sit on brick or wood piers that have settled, so leveling is a common first step. Formosan termites are a serious local problem, and damage to sills, joists and wall framing can be hidden behind siding and plaster. Older electrical, cast iron plumbing and slate or tile roofs add to the list.
In flood zones, the substantial improvement rule generally requires bringing a house into compliance with current flood rules if improvements cost 50% or more of the building's market value, which can mean elevating it. Factor that into any heavy renovation.
A LendingStreet flip loan can fund both the purchase and the renovation of a 1 to 8 unit investor property, from $150,000 up to $5M+. Some programs lend up to 90% of total cost and up to 100% of the rehab, and we can close in as little as 10 days when the file is ready.
The loan is short term and interest-only. Rehab money sits in a holdback and is paid out in draws as each phase passes inspection. Our investor loans are business-purpose loans on non-owner-occupied property.
This example is illustrative and not a quote. An investor buys a raised shotgun double in the Seventh Ward outside the high-risk flood zone and converts it into a single-family home, with leveling, termite repairs, new systems, a kitchen and two baths. The purchase price is $240,000, the rehab budget is $110,000 and the after-repair value, based on renovated sales nearby, is $440,000.
At 90% of the purchase price plus 100% of the rehab, the loan is $326,000, about 74% of the after-repair value. The estimated monthly interest-only payment on the full loan is about $2,852, and the plan is a 7-month hold. For simplicity the example assumes the full loan amount accrues interest for the whole hold.
After an estimated 7% in selling costs, the projected profit is about $27,282 on roughly $55,918 of cash invested. If the sale takes three months longer than planned, added interest and carrying costs of about $11,108 would cut the profit to about $16,175, which is why a realistic timeline matters as much as the rehab number.
| Item | Amount |
|---|---|
| Purchase price | $240,000 |
| Rehab budget | $110,000 |
| Loan (90% of price + 100% of rehab) | $326,000 |
| Estimated monthly interest-only payment | $2,852 |
| Interest over 7 months | $19,968 |
| Taxes, insurance and utilities | $5,950 ($850 a month) |
| Buy-side closing costs (estimate) | $6,000 |
| Selling costs (about 7%) | $30,800 |
| Sale at after-repair value | $440,000 |
| Estimated profit | $27,282 |
| Cash invested (down payment, closing, carry) | $55,918 |
The City of New Orleans issues building permits through its Department of Safety and Permits. In local historic districts, exterior changes usually need approval from the Historic District Landmarks Commission, and the French Quarter falls under the Vieux Carre Commission.
Converting a double into a single, adding a camelback or changing the footprint can involve zoning review as well. Jefferson and St. Bernard parishes run their own permit offices.
Louisiana assesses residential property at a 10% assessment ratio of fair market value, and the homestead exemption applies only to an owner-occupied home. Orleans Parish reappraises on a regular cycle, so ask the assessor about the expected bill after your purchase.
Louisiana real estate sales are typically passed before a notary, who handles the act of sale and recording. Insurance has been a difficult market in Louisiana, with some owners relying on the state's insurer of last resort, and flood insurance is a separate policy. Get quotes during your inspection period.
The Louisiana fix and flip page has more on the program across the state.
Decide before closing whether you plan to sell or hold, and test both. A sale repays the flip loan from the proceeds. A refinance into a DSCR loan replaces the short-term loan with long-term financing based on the property's rent, which is a useful backup if resale prices soften.
If you keep the property as a long-term rental instead, insurance will weigh heavily in the DSCR. See the local DSCR loan page for how those loans are sized.
Lenders look at the deal, the budget and the plan. Gather these before you request terms.
Our team reviews the purchase, the rehab budget, the after-repair value and your exit for 1 to 8 unit projects in Orleans, Jefferson, St. Bernard and St. Tammany parishes. Clear budgets and realistic timelines get the quickest answers.
Start with the form below, or call (877) 298-1001 if you want to talk through a property first.
If the house is in a local historic district, most exterior changes need Historic District Landmarks Commission approval. French Quarter properties fall under the Vieux Carre Commission.
Yes. A double-to-single conversion fits a fix and flip loan on 1 to 8 unit investor property. Confirm permit and zoning requirements before you buy.
Real estate sales in Louisiana are typically passed before a notary, who prepares the act of sale and handles recording.
Formosan termites can cause hidden structural damage, so get a thorough inspection and price framing repairs and treatment into your rehab budget.
Yes, up to 8 units. Buildings with 9 or more units are commercial and are handled under our commercial and multifamily programs.
No. The rehab portion is released in draws after each phase of work is inspected.
You sell and repay the loan from the proceeds, or refinance into a long-term DSCR loan if you keep the property as a rental.
No. Our investor loans are business-purpose loans on non-owner-occupied property.
2-3 competing quotes from 30+ capital sources. No credit pull. No commitment.
By clicking, you provide express written consent to be contacted by LendingStreet (NMLS #1734316) via SMS, phone, or email, possibly using automated technology, regarding your loan inquiry. Reply STOP to opt out. Consent is not required to obtain services. See our Privacy Policy and Terms.