A $1.8 million flip is not a $300,000 flip with an extra zero. The buyer pool is smaller, the finishes cost more and the house can sit longer, and lenders size the loan with all of that in mind.
In short: LendingStreet finances fix and flip loans up to $5M+, including luxury and $1M-plus projects. Programs go up to 90% of the purchase price and up to 100% of the rehab budget, with rates from 9.99% for qualified borrowers and terms typically 12 to 18 months. At higher balances, lenders lean harder on experience at similar price levels, deeper cash reserves and a realistic resale timeline. Leverage and pricing on large loans vary by program and are set case by case.
The basic structure is the same: a purchase loan, a rehab holdback paid in draws after work is completed and inspected, and an exit by sale or refinance. What changes is how much margin for error the lender wants.
A small delay on a starter home costs a few hundred dollars a month. The same delay on a high-balance flip can cost many thousands. Underwriting reflects that by looking closely at the four areas below.
| Factor | Typical flip | High-balance flip |
|---|---|---|
| Buyer pool | Broad, many financing options | Narrower, often jumbo or cash buyers |
| Resale timeline | Usually shorter | Often longer; plan for it |
| Reserves | Cash to close and carry | Deeper reserves expected |
| Experience | Helps leverage | Experience at similar price levels weighs heavily |
| Valuation | Many nearby comps | Fewer comps; more judgment in the ARV |
Ten flips at $250,000 is a real track record, but it is not the same as one flip at $2 million. Lenders want to see that you have sold to luxury buyers, managed designer-level finishes and carried a large balance before.
If you are stepping up in price, a partner with high-end experience, an established builder or a smaller first project at the higher tier can strengthen the file. First-time flippers are rarely a fit at this size.
Luxury homes often take longer to sell, and seasonal markets can add months. Your loan term should cover the renovation, the listing period and a buffer, not just the best case.
Ask about extension options before you close. Many investors also plan a backup exit, such as a refinance into a longer-term loan, in case the sale takes longer than expected.
Lenders want to see cash after closing that can carry interest, taxes, insurance and utilities for an extended period, plus a cushion for overruns. High-end finishes, custom millwork and imported materials can run over budget or arrive late.
Expect liquidity to be reviewed carefully, and keep project funds in accounts you can document.
This example is illustrative and not a quote. An experienced investor buys a dated house in a high-end neighborhood for $1,600,000 and plans a $400,000 renovation with new kitchen, baths, windows and landscaping.
At 90% of purchase, the purchase portion of the loan is $1,440,000. At 100% of rehab, the rehab holdback is $400,000. Total loan: $1,840,000. Cash needed at closing before closing costs is $160,000, the remaining 10% of the purchase price.
On top of that, the investor plans reserves for interest and carrying costs through a longer listing period. On a loan this size, the final leverage depends on experience and the program, so a lower purchase percentage is possible.
Comparable sales get thinner as prices rise. Two nearby homes can differ by hundreds of thousands of dollars because of lot size, views or finish level. Lenders take a conservative read when comps are sparse.
Help your file by showing the specific renovated sales you are targeting, the finish level you plan to match and a design plan or spec sheet. A well-supported ARV is the single biggest factor in how much a large flip can borrow.
Bring a schedule of past projects with sale prices, a detailed budget with finish specs, a timeline that includes the listing period, your contractor's information, entity documents and statements showing cash to close and reserves.
Large loans are reviewed case by case. Send the scenario early and the financing team can come back with 2–3 options sized to your experience and the deal.
Our fix and flip loans go from $150K to $5M+. Larger balances are reviewed case by case, and leverage depends on experience, liquidity and the deal.
Programs go up to 90% of purchase and 100% of rehab, but high-balance loans are more likely to be sized conservatively, especially when comps are thin or experience at that price level is limited.
It varies by program. Plan for enough cash after closing to carry interest and holding costs for an extended period, plus a contingency for overruns.
It is uncommon. A first project at this size usually needs a partner or builder with high-end experience, or a smaller starting deal.
Ask about extension options before closing. Some investors also plan a refinance into a longer-term loan as a backup exit.
Yes. Some investors renovate with a flip loan, then refinance into a short-term rental DSCR loan that qualifies on projected revenue.
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.