Seacoast flips tend to fall into two camps: tired mid-century houses on decent lots that buyers want updated, and historic homes where every exterior change can need city review. Both can work with short-term rehab financing if the budget is honest.
In short: LendingStreet finances fix and flip projects on 1-8 unit investment properties in Portsmouth and the Seacoast, from $150,000 to $5M+. Programs go up to 90% of cost and up to 100% of rehab on some files, close in as little as 10 days and are interest-only, short-term loans. You exit by selling or by refinancing into a DSCR loan.
In Portsmouth, the classic flip is a 1950s or 1960s cape or ranch in Elwyn Park, Pannaway Manor, Atlantic Heights or near Lafayette Road, bought from an estate and brought up to current taste with a kitchen, baths, windows, insulation and often a new heating system. Buyers pay for move-in condition because the supply of updated homes under the luxury tier is thin.
Inland, Dover, Rochester and Somersworth offer older two-families and farmhouses where the work is heavier and margins come from lower purchase prices. In Exeter and Stratham, buyers expect a finish level closer to Portsmouth.
The buyer pool shapes the finish. Portsmouth buyers pay for good kitchens, efficient heat and air conditioning, and a usable yard or parking. In Rochester, buyers are more price-sensitive, so a clean, safe, well-priced home usually beats an expensive one. Price your scope to the town, not to the Seacoast as a whole.
Programs lend up to 90% of the purchase price and up to 100% of the rehab budget on some files, with the total also checked against the after-repair value. Rehab money is released in draws after work is inspected, so you or your contractor carry each phase until it is verified.
Loans are interest-only, so the monthly cost is lower than an amortizing loan, and terms are short. Experience matters: a borrower with completed projects usually qualifies for higher leverage than a first-time flipper.
Your loan term should cover the full plan: closing, permits, construction, listing and the buyer's closing. On the Seacoast, homes listed in late fall often sit until spring, so a project that runs long can cost you a season of interest.
This example is illustrative and not a quote. An investor buys a dated ranch for $520,000 with a $110,000 rehab budget and an expected resale of $780,000. The loan covers 90% of the price plus the full rehab, $578,000, and the investor brings $52,000 plus closing costs.
Over a 6-month hold, estimated interest-only payments total about $30,345. The buyer and seller halves of the New Hampshire transfer tax are about $3,900 and $5,850. With about $8,000 of other closing costs and selling costs near 5% of the sale, total costs are about $717,095 and the projected profit is about $62,905 before income taxes.
| Item | Amount |
|---|---|
| Purchase price | $520,000 |
| Rehab budget | $110,000 |
| Loan amount | $578,000 |
| Interest over 6 months | $30,345 |
| Transfer tax, buyer and seller | $9,750 |
| Selling costs (about 5%) | $39,000 |
| Other closing costs | $8,000 |
| Projected profit | $62,905 |
Much of downtown Portsmouth and the South End sits inside the city's Historic District, where exterior changes such as windows, siding, roofing, doors and additions generally need approval from the Historic District Commission. Approval adds time and can require more expensive materials. Build those months and costs into the budget and loan term before you close.
Contractors who regularly work in the Historic District know what the commission is likely to approve. Hiring one can save months of back-and-forth.
Old Seacoast houses hide the same problems again and again. Price them in on day one.
Have a licensed inspector and your contractor walk the property together before you finalize the budget. On Seacoast houses built before 1950, plan a contingency of at least 10 to 15 percent of the rehab for surprises behind the walls.
Portsmouth, Dover and Rochester each run their own building permit offices, and inspection schedules tighten in spring when contractors are busiest. Winter exterior work is slower and costlier. A realistic schedule protects your exit, because every extra month adds interest and pushes your sale into a different season.
If the resale market softens, you can refinance into a DSCR loan and rent the home instead. That works best on two-families and on singles in Dover or Rochester, where rents support the payment. In Portsmouth, a single-family rental at full value often needs lower leverage to reach 1.0x.
Run both exits before you buy. If the rental numbers only work at low leverage, keep extra cash available in case the sale takes longer than planned.
A fix and flip loan with a rehab holdback suits heavier projects where you need construction money. If the house needs only light work and you plan to rent it, a bridge loan or a DSCR purchase loan may cost less. For a teardown or a new home on a vacant lot, a ground-up construction loan is the better fit. We can show you the numbers for more than one option on the same property.
Send the address, purchase price, scope of work with a contractor bid, and your estimate of resale value with recent sales. Tell us about past projects. Our investor loans are business-purpose loans on non-owner-occupied property. Call (877) 298-1001 or request a quote below.
Up to 90% of the purchase price and up to 100% of the rehab on some programs, subject to the after-repair value and your experience.
They affect the timeline and budget. Choose a loan term long enough to cover review and construction.
In draws after the completed work is inspected. You fund each stage first and are reimbursed from the rehab holdback.
Yes. Fix and flip loans cover 1-8 unit properties, and multis are a common Seacoast project.
New Hampshire charges the transfer tax on both purchase and sale, split between buyer and seller each time, so a flip pays it twice. Confirm amounts with title.
Yes, $150,000. Most Seacoast flips are above that because of local prices.
Yes. Many investors refinance into a DSCR loan if the rent supports the payment.
In as little as 10 days with a complete file, clear title and insurance in place.
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