Close in as little as 7–14 days. Finance up to 90% of purchase price and 100% of rehab costs. Interest-only payments keep your carry costs low while you renovate and sell for profit.
Speed, leverage, and flexibility — everything you need to close deals and maximize profit on every flip.
⚡
Close in 7–14 Days
Speed is everything in flipping. Get funded fast before another investor grabs the deal. Our streamlined process gets you from application to closing in as little as one to two weeks.
📈
Up to 90% LTC
Finance up to 90% of the total project cost (purchase + rehab). Put less cash in each deal and keep more capital available for your next opportunity.
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100% Rehab Financing
Full renovation budget included in the loan. Draw funds as work is completed through a structured draw schedule. No need to front rehab costs out of pocket.
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Interest-Only Payments
Pay only interest during the rehab period. Maximize cash flow and keep your carry costs low until you sell the property for profit.
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No Income Docs Required
Qualify based on the deal and your experience, not W-2s or tax returns. We underwrite the property and your track record, not your personal income.
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12–24 Month Terms
Short-term financing designed for the flip timeline. No long-term commitment. Pay off the loan when you sell and move on to your next project.
Eligibility
Who Qualifies for a Fix & Flip Loan?
We underwrite the deal and your experience — not your personal income. If the numbers work, you can get funded.
Requirements
Credit Score
Credit score 620+ (680+ for best terms)
Higher scores unlock lower rates and higher leverage
Property
Property must be non-owner-occupied (investment only)
Property must be 1–4 unit residential
Minimum loan amount typically $75,000
Deal Requirements
Clear exit strategy required (sell or refinance within term)
Rehab budget and scope of work (SOW) required
After-repair value (ARV) supported by comparable sales
Experience-Based Underwriting
Fix & flip loans do not require W-2s, tax returns, or income verification. We evaluate the deal quality, the property's ARV, your credit profile, and your rehab experience. First-time flippers with strong credit and reserves are welcome.
Ideal Borrowers
Who This Is For
Experienced flippers (3+ completed projects for best rates)
First-time flippers with strong credit and reserves
Real estate investors scaling their portfolio
Contractors and builders doing spec projects
Partnerships, LLCs, and corporate entities
Investors using the BRRRR strategy (flip → DSCR refi)
Common Strategies
Buy distressed, renovate, sell for profit
Wholesale acquisitions needing quick closings
BRRRR: flip then refinance into DSCR for rental hold
Multiple simultaneous projects for portfolio growth
Fix & Flip Financing
How Fix & Flip Financing Works
Fix & flip loans cover both the purchase and the renovation in a single loan. Here's how the process works from acquisition to exit.
Acquisition
Finance up to 90% of purchase price. Bring 10–15% of the purchase as your down payment. Close in as little as 7–14 days.
Rehab
100% of approved rehab costs funded. Draws released as milestones are completed on a structured draw schedule.
Hold Period
Interest-only payments during rehab keep monthly costs low. Typical terms are 12–18 months.
Exit
Sell the property for profit OR refinance into a DSCR loan for long-term rental hold (BRRRR strategy).
Gather these items to get started on your fix & flip application:
Purchase contract or property address
Scope of work (SOW) with line-item budget
After-repair value (ARV) comparable analysis
Proof of funds for down payment and reserves
Entity docs (if closing in LLC)
Track record (completed projects list, if experienced)
First-time flipper? No track record required. We'll evaluate the deal, your credit, and your reserves. Having a licensed contractor on the project strengthens your application.
The Texana Advantage
Why Texana for Fix & Flip
Not all fix & flip lenders are created equal. Here's what sets Texana Bank apart from traditional hard money lenders.
Speed: Close in 7–14 days, not 30–45
Certainty: Pre-approval before you make offers. Compete with cash buyers.
Flexibility: First-time flippers welcome. We evaluate the deal, not just the borrower.
Scale: No limit on the number of active projects. Build your portfolio.
Exit Options: Sell for profit or refinance into a DSCR loan with Texana — seamless transition.
Unlike private hard money lenders, Texana Bank is a federally chartered, FDIC-insured institution. That means:
Competitive Rates: 9–13% vs. 14–18% hard money Lower Fees: 1.5–3 points vs. 3–5 points Transparent Process: No hidden fees or last-minute changes Professional Service: Dedicated investor specialists
Explore all investor loan options including DSCR, Bank Statement, and Bridge loans in our Investor Hub →
Fix & Flip Costs
Understanding Fix & Flip Loan Costs
Fix & flip loans are short-term, interest-only products. Here are the typical fees and costs to expect.
Fee
Typical Range
Notes
Origination Fee
1.5–3 points
Based on experience and deal quality
Interest Rate
9–13%
Short-term, interest-only
Appraisal / BPO
$400–$800
As-is and ARV values
Draw Inspection Fee
$150–$250 per draw
Verifies rehab progress
Title & Escrow
$1,500–$3,000
Standard title costs
Extension Fee
0.5–1%
If term needs to be extended
No Prepayment Penalties
Fix & flip loans from Texana Bank have no prepayment penalties. Sell the property and pay off the loan at any time without additional fees. The faster you flip, the less interest you pay.
✓ No prepayment penalties — pay off anytime
✓ Interest-only payments during rehab period
✓ All fees disclosed upfront before you commit
Note: Rates and fees shown are illustrative and subject to change. Your actual rate depends on credit score, experience level, deal quality, and loan amount. Total closing costs typically range from 3–5% of the loan amount.
Loan Comparison
Fix & Flip vs. DSCR
Two investor loan products for two different strategies. See which one fits your next deal.
Feature
Fix & Flip
DSCR
Purpose
Buy, rehab, sell/refi
Buy and hold rental
Term
12–24 months
30-year fixed or ARM
Rate Type
Higher rate, short-term
Lower rate, long-term
Payments
Interest-only
P&I or interest-only
Down Payment
10–15% of purchase
20–25% of purchase
Rehab Funds
✓ Yes, 100% of approved rehab
✗ No rehab funds
Income Docs
None — deal-based
None — DSCR-based
Max LTV/LTC
90% LTC, 75% ARV
80% LTV
Closing Speed
7–14 days
2–3 weeks
Best For
Short-term profit
Long-term cash flow
Rates, terms, and requirements vary by deal, property type, and borrower qualifications. Subject to credit approval.
Flip Profit Calculator
Calculate Your Flip Profit
Enter your deal numbers to estimate your profit, ROI, and monthly carry costs on a fix & flip project.
Estimates only. Actual rates, fees, and costs will vary based on credit, experience, deal quality, and market conditions. Subject to credit approval.
The Process
Your Fix & Flip Journey
From pre-approval to profit. Here's how a fix & flip deal works with Texana Bank.
1
Get Pre-Approved
1–3 Days
Submit your deal. We'll review the property, rehab scope, and your experience. Get a pre-approval letter so you can make competitive offers with confidence.
2
Find Your Property
Ongoing
Make offers with confidence knowing your financing is in place. Your pre-approval letter lets sellers and agents know you can close fast. Compete with cash buyers on the deals that matter.
3
Close & Start Rehab
7–14 Days to Close
Close in as little as 7–14 days. Purchase funds disbursed at closing. Rehab funds disbursed on a draw schedule as milestones are completed and inspected.
4
Sell or Refinance
At Project Completion
Sell the renovated property for profit or BRRRR into a DSCR loan for long-term rental income. No prepayment penalties. Pay off the loan and move on to your next deal.
Frequently Asked Questions
Fix & Flip Loan FAQs
Answers to the most common questions about fix & flip financing, the draw process, ARV, and building a flipping business.
No. Texana Bank Mortgage uses a soft credit inquiry for pre-qualification, which has absolutely no impact on your credit score. You can check your rate, explore loan options, and get pre-approved without any effect on your credit. A hard inquiry only occurs later if you formally move forward with a full application.
A fix and flip loan is a short-term financing solution designed for real estate investors who buy distressed properties, renovate them, and sell them for profit. These loans typically cover both the purchase price and the rehab costs, with terms of 12–24 months and interest-only payments during the renovation period. Unlike traditional mortgages, fix and flip loans are underwritten based on the deal and the borrower's experience rather than personal income documentation.
Texana Bank can close fix and flip loans in as little as 7–14 days, compared to 30–45 days for conventional financing. Speed is critical in the flipping business because good deals get taken quickly. With a pre-approval in place, you can make competitive offers and close fast enough to beat out other investors and even compete with cash buyers.
Fix and flip loans typically require 10–15% of the purchase price as a down payment. The exact amount depends on your experience level, credit score, and the deal quality. First-time flippers may need closer to 15–20% down, while experienced investors with strong track records can often get in with 10% down. Rehab costs are typically financed at 100% of the approved budget.
Rehab funds are disbursed through a draw schedule as work is completed. You submit a draw request when a phase of work is done, a third-party inspector verifies the completed work matches the approved scope, and funds are released — typically within 2–5 business days. Most projects have 3–6 draws depending on the scope of work. This process protects both the lender and the borrower by ensuring funds are used for their intended purpose.
After-repair value (ARV) is the estimated market value of a property after all planned renovations are completed. ARV is determined by comparing the subject property (in its improved condition) to recently sold comparable properties in the area. ARV is a critical metric in fix and flip lending because lenders typically cap the total loan amount at 70–75% of ARV to ensure there is enough equity margin in the deal.
Loan-to-cost (LTC) measures the loan amount as a percentage of the total project cost (purchase price plus rehab budget). For example, a $225,000 loan on a $250,000 total project cost is 90% LTC. Loan-to-value (LTV) or loan-to-ARV measures the loan amount as a percentage of the property's value. Fix and flip lenders use both metrics — typically capping at 90% LTC and 75% of ARV, whichever is lower.
Yes. Texana Bank welcomes first-time flippers with strong credit scores (680+) and adequate reserves. While experienced flippers receive better rates and higher leverage, first-time investors can still qualify. We evaluate the deal itself — the purchase price relative to ARV, the rehab scope, and the local market conditions — alongside the borrower's financial strength. Having a licensed contractor or experienced mentor on the project can also strengthen a first-time flipper's application.
Yes. Fix and flip loans are entity-friendly and can close in the name of your LLC, corporation, partnership, or trust. Most experienced flippers close in an LLC to separate personal liability from their investment activities. You will still need to personally guarantee the loan in most cases, but title can be held by your business entity.
Fix and flip loans are available for 1–4 unit residential properties including single-family homes, duplexes, triplexes, and fourplexes. The property must be non-owner-occupied (investment only). Most programs cover detached homes, townhomes, and some condos. Properties in severe disrepair or those requiring structural overhaul may require additional review. New construction and ground-up builds typically require a separate construction loan program.
BRRRR stands for Buy, Rehab, Rent, Refinance, Repeat. Instead of selling a flipped property, the investor rents it out and refinances into a long-term loan (typically a DSCR loan) based on the new appraised value and rental income. The cash-out refinance recovers most or all of the initial investment, which is then recycled into the next deal. Texana Bank offers both fix and flip loans for the acquisition/rehab phase and DSCR loans for the refinance phase, providing a seamless BRRRR pipeline.
If your rehab costs exceed the original approved budget, you have several options. First, you can fund the overage out of pocket. Second, you can request a change order to increase the rehab budget, which may require a new inspection and lender approval. Third, you may be able to reduce scope in other areas to offset the overrun. It is important to build a 10–15% contingency into your initial budget to account for unexpected issues like hidden water damage, electrical problems, or material cost increases.
If you cannot sell or refinance within the original term, most fix and flip loans offer extension options — typically 3–6 months at a time for a fee of 0.5–1% of the loan amount. Texana Bank works with borrowers to find solutions, whether that means extending the term, adjusting the sale price, or transitioning into a DSCR loan if the property can generate rental income. Communication is key — contact your loan officer early if you anticipate needing more time.
Yes. There is no limit on the number of active fix and flip projects you can have with Texana Bank. Experienced flippers often run 3–5 or more projects simultaneously. Each deal is evaluated independently based on its own merits. Having multiple active projects demonstrates experience and can actually help you qualify for better terms on subsequent loans.
Fix and flip loans and hard money loans are similar — both are short-term, asset-based loans used for property renovation. The term "hard money" traditionally referred to private individual lenders who charged very high rates (14–18%) and fees (3–5 points). Modern fix and flip loans from institutional lenders like Texana Bank offer more competitive rates (9–13%), lower fees (1.5–3 points), more structured draw processes, and the backing of an FDIC-insured bank. The key difference is professionalism, transparency, and cost.
Fix and flip loans typically require a minimum credit score of 620, though 680+ is recommended for the best rates and terms. Higher credit scores qualify for lower origination fees, better interest rates, and higher leverage (up to 90% LTC). Borrowers with credit scores below 660 may face higher costs and lower leverage, but can still qualify if the deal is strong.
No, but experience helps. First-time flippers can qualify with strong credit, adequate reserves, and a solid deal. However, experienced flippers (3+ completed projects) receive significantly better terms — lower rates, lower origination fees, and higher leverage. If you are a first-time flipper, having a licensed general contractor managing the rehab and presenting a detailed scope of work will strengthen your application.
No. Fix and flip loans from Texana Bank have no prepayment penalties. You can sell the property and pay off the loan at any time without incurring additional fees. This is by design — these loans are meant to be short-term, and flippers are expected to pay off the loan when they sell the property. The faster you complete the project, the less total interest you pay.
Typical costs include an origination fee of 1.5–3 points (percentage of loan amount), an interest rate of 9–13% (interest-only during the term), appraisal or BPO fees of $400–$800, draw inspection fees of $150–$250 per draw, standard title and escrow costs of $1,500–$3,000, and a potential extension fee of 0.5–1% if you need more time. Total closing costs typically run 3–5% of the loan amount. All costs are disclosed upfront before you commit.
ARV is determined through a professional appraisal or broker price opinion (BPO) that evaluates the property's value after all planned renovations are completed. The appraiser reviews the scope of work, visits the property, and compares it to recently sold comparable properties in the area that are in similar post-renovation condition. Some lenders also accept investor-prepared ARV analyses supported by comparable sales data, especially for pre-approval purposes.
Fix and flip loans are designed for the renovation of existing structures, not ground-up new construction. If you are building a new home from the ground up on a vacant lot, you would need a construction loan, which has a different structure including lot acquisition, vertical construction draws, and potentially longer terms. However, if you are doing a major gut renovation of an existing structure (keeping the foundation and framing), that typically qualifies as a fix and flip project. Texana Bank offers both programs.
Reviews
What Real Estate Investors Say About Texana Bank
Real reviews from real borrowers. See why investors trust Texana Bank Mortgage for their fix & flip financing.
I had an excellent experience working with my texana bank mortgage from start to finish. They were extremely professional, knowledgeable, responsive, and made the entire mortgage process feel much easier than I expected.
They took the time to explain everything clearly, answered all of my questions, and kept me informed throughout the entire process. I always felt like I had someone in my corner who genuinely cared about helping me reach my goals.
If you’re looking for a mortgage broker who is trustworthy, dependable, and willing to go the extra mile for their clients, I highly recommend them. I truly appreciate all of their hard work and would definitely work with them again!
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Kent Sisco
★★★★★
Adam McCormick is fantastic! Easy to work with and keep me informed every step of the way! Looking forward to working with him again in the future
A
Andrea Ferrell
★★★★★
Adam was phenomenal from start to finish! He was friendly and professional. He assisted me every step of the way, walking me through the process with ease. He was always there for whatever questions I had. He was very, very patient and always reached out to me in a timely manner if I contacted him and he was unavailable at the time. Moreover, he made me feel as if he cared for more than just my loan, but me as a person!!! Texana is blessed to have him as an associate!!
Andrea
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Clay Ragsdale
★★★★★
Where to really start. Adam walked me through everything and put me at ease. I have had some bad experiences with other companies so I was digging and looking for any red flag. There was none with him and his direct talk is what did it for me. Someone that is real and just says what it is. No false hope or misdirection at anytime.
I would recommend him to anyone and definitely Someone looking for honesty and caring. The communication is top notch and a true professional.
Respectfully,
Clay
B
Belvia Lynn
★★★★★
My overall experience while working with Adam McCormick was excellent. He was very pleasant and professional.
J
Joseph Hardman
★★★★★
Adam McCormick is an absolute professional in every sense of the word. I will NEVER use any other loan officer for my financials other than Adam as long as he is in the business. His work as my loan officer was exceptional. Throughout the process, he always responded to an e-mail, responded to a text, called right back if not answering immediately. He always made you feel as though you were his only client. There was never the impression he had more important things to do other than speak with you. He worked with us through a death in the family, personal issues, and numerous other challenges. It's possible other loan officers would have given up on us during this process, but Adam stuck with us through it all. His work ethic is amazing. He is an expert in his craft. I could not possibly give a higher recommendation, he has redefined what right looks like in this business.
M
Marsha Kessler-Bradshaw
★★★★★
I was about to go with another company for this refinance no cash out until I received a call from this Adam McCormick. He was so knowledgeable and made me feel very comfortable with this process. Adam is knowledgeable ,courteous, understanding and has a real passion and patience for people. 👍We are at the closing. Thank you Adam McCormick!!
P
Peter Jenkins
★★★★★
My situation had its difficulties. Justin was confident and persistent through the process and we the got the result
D
Dale Samuel
★★★★★
Mark has been very professional and has been very respectful to my wife and myself.
Mark has shown that genuine human qualities and really worked with us and for us.
This actually been a pleasure to get to know Mark.
J
James Fields
★★★★★
Outstanding Service and support from a truly Customer Oriented Agent! My pleasure to have worked with Mr. MCcormick.! Would follow him to next source if necessary. He is concerned in an outstanding balanced way. My pleasure to?know and do Business with him and The Bank!
JFields
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Rose Stone-Stewart
★★★★★
Texana Bank was there for us throughout the entire process. Their personableness, as well, their professionalism. As a financial institution it was nice to know that while obtaining a loan, we had a safe place to relay. They are absolutely “by the book” and at the same time makes the process easier to participate. The hospitality and genuine concern as clients was overwhelming of which we will always consider Texana Bank first, before mostly any other financial institution.
M
Mitchell Morris
★★★★★
Greg was awesome and the process was simple. I have nothing but the highest praise for the process and for Greg himself. Thank you.
R
Ronald Bylsma
★★★★★
Best refi experience of our lives, Andre was very knowledgeable and always kept us calm when things got stressful. Would recommend Mr. Andre Floyd to anyone looking for a great lending officer!
D
Dejan Jajcevic
★★★★★
I’ve worked with mini bankers before and I used to do them over a decade ago myself and my experience that I had with Chad was nothing short of phenomenal. He is a wonderful Banker does a very diligent job and did not miss any moments of reassuring me where my loan was and closing I couldn’t say enough good things about him and I hope if I ever need to go through this stressful process again he is still in business to take care of me
J
James Reaves
★★★★★
Adam is awesome super friendly easy to work with always aware of what’s going on and keeps you informed which is great.
L
Lesli Hopkins
★★★★★
Lynette is absolutely awesome to work with! She takes the time to make you comfortable with the process and answers any questions completely and accurately
B
Bobby Strickland
★★★★★
Andre Floyd was ABSOLUTELY AMAZING. I just love working with him.
A
Abraham Sanchez
★★★★★
Working with Greg Darlin has been an awesome experience. An honest and sincere individual. He is to the point and very very knowledgeable. I appreciate the fact that he didn’t try to give me the run around and through the entire process I learned a few things. Thank you.
Ready to Fund Your Next Flip?
Get pre-approved in minutes and close in as little as 7–14 days.
