Updated Rates as of August 2026
Best fix and flip lenders are judged on close speed, LTC, rehab draws, and experience gates — not teaser rates. See also best hard money lenders 2026.
Best fix and flip lenders — 2026 shortlist
1. Jaken Finance Group — focus-market fix & flip + bridge
Best for: Multifamily, row homes, and coastal insurance diligence in focus metros
| Factor | Snapshot |
|---|---|
| Products | Fix & flip, bridge, construction, DSCR exit |
| Leverage | Up to 90% LTC default; 100% on qualified repeat sponsors |
| Rates | 8.99%–13.5% IO |
| Close | 7–10 business days |
| Differentiator | Metro hub content + case studies |
Head-to-head: Jaken vs Kiavi · Lima One vs Jaken
2. Kiavi — national platform
Best for: Experienced multi-state SFR sponsors
| Factor | Snapshot |
|---|---|
| Strengths | Scale + Market Pulse research |
| Tradeoffs | Complex urban multifamily |
Kiavi alternatives
3. Renovo Financial — Chicago HQ platform
Best for: Experience-tier LTC grids nationally
| Factor | Snapshot |
|---|---|
| Strengths | Institutional flip + rental |
| Tradeoffs | Local nuance on RLTO/TOPA |
Renovo vs Jaken
4. Lima One Capital — published grids
Best for: Sponsors wanting standardized tiers
| Factor | Snapshot |
|---|---|
| Strengths | Brand + rental depth |
| Tradeoffs | Coastal insurance diligence |
Lima One vs Jaken
5. Anchor Loans — institutional SFR flip
Best for: Straightforward SFR rehabs
| Factor | Snapshot |
|---|---|
| Strengths | Draw discipline |
| Tradeoffs | Urban multifamily fluency |
Anchor vs Jaken
LTC, ARV caps, and why both numbers matter
Fix-and-flip leverage is capped at the lower of LTC and ARV. Jaken Finance Group publishes up to 100% LTC on qualified repeat sponsors, with a 75% ARV cap — fund the lower number. On a $200,000 purchase plus $60,000 rehab ($260,000 all-in) with $340,000 ARV, 100% LTC funds $260,000 but 75% ARV caps at $255,000. Your effective leverage is 98% LTC, not 100%.
Points run 0–3 at close on qualified files. A 2-point fee on $255,000 is $5,100 — model it in holding cost before you bid.
Draw timing and float between inspections
Most lenders fund rehab in milestone draws after third-party inspection. Typical cadence: 25% at demo, 25% at rough-in, 25% at drywall, 25% at finish — but you pay the GC before the inspector visits. On a $60,000 scope, you may float $15,000–$20,000 for 10–14 days per cycle. Lenders who fund 100% of rehab in draws still require you to front labor; only the reimbursement timing changes.
Match draw schedule to your permit reality. Chicago RLTO properties and Florida coastal parcels often need extra inspection cycles. See scope of work templates for hard money borrowers.
Holding cost math on a 6-month flip
| Line | Amount |
|---|---|
| Loan amount (90% LTC) | $234,000 |
| Rate (11% IO) | ~$2,145/mo |
| Points (2) | $4,680 |
| Taxes + insurance (6 mo) | $3,600 |
| Utilities + lawn (6 mo) | $900 |
| Total carry (6 mo) | ~$21,750 |
Add selling costs (6% agent + 1% title) on $340,000 ARV: $23,800. Gross spread: $340,000 ARV minus $260,000 basis minus $21,750 carry minus $23,800 selling minus $4,680 points = **$29,770** before income tax. Stretch rehab to 9 months and carry adds ~$6,435 — more than the profit on a thin deal.
Run your file: fix and flip calculator · how much down payment for a fix and flip loan · how much does a hard money loan cost · master fix and flip financing guide
Lender selection by deal type — not all flips fit all platforms
| Deal type | Best lender profile | Why |
|---|---|---|
| SFR suburban rehab | National platform (Kiavi, Anchor) | Template underwriting, fast portal |
| Chicago two-flat gut | Focus-market (JFG, Renovo) | RLTO, permit, multi-unit comps |
| Luxury $800K+ ARV | Jumbo-capable (JFG luxury to $2.5M) | Higher LTC with 75% ARV cap |
| First-time flip | Focus-market with new-investor path | Lower LTC but hands-on review |
| Concurrent 3+ projects | Portfolio lenders (RCN, Renovo) | Experience-tier capacity |
Published rate band should sit at 8.99%–13.5% IO regardless of platform — compare leverage and close speed, not teaser rates outside that range.
Questions to ask every fix-and-flip lender
- LTC and ARV cap on my experience tier — written on term sheet
- Draw turnaround — days from inspection request to wire
- Interest base — full commitment or disbursed balance only
- Extension policy — fee, max extensions, rate step
- Minimum interest — 3 or 6 months?
- Appraisal type — full interior vs BPO for my track record
- Geographic appetite — do you lend in my MSA?
Jaken Finance Group answers these upfront: up to 100% LTC qualified, 75% ARV cap, 7–10 business day close, 0–3 points.
Red flags when comparing flip lenders
- Rate quoted outside 8.99%–13.5% for investor hard money
- Non-refundable fee before term sheet
- No ARV cap disclosed — surprise at appraisal
- Draw schedule not in term sheet — disputes at month 4
- No extension path — one missed deadline triggers default
Verify close timelines against case studies — marketing “5-day close” without “complete file” qualifier is a warning sign.
Worked example — Atlanta intown vs Indiana suburban flip
Same sponsor, same 6-month hold, different markets:
| Line | Atlanta Kirkwood SFR | Marion County suburban SFR |
|---|---|---|
| Purchase | $285,000 | $165,000 |
| Rehab | $72,000 | $38,000 |
| All-in | $357,000 | $203,000 |
| ARV | $445,000 | $268,000 |
| Loan (90% LTC) | $321,300 | $182,700 |
| IO at 11% (6 mo) | ~$17,700 | ~$10,050 |
| Selling costs (7%) | ~$31,150 | ~$18,760 |
| Net spread (pre-tax) | ~$18,850 | ~$16,490 |
Atlanta wins on dollar spread; Indiana wins on ROI percent and lower execution risk. Kiavi and Anchor fit Marion County template rehabs; Kirkwood gut jobs with historic district overlays need focus-market lenders who price permit delay into the draw schedule. See Augusta vs Atlanta DSCR hold math for hold-vs-flip pivot math.
Insurance during rehab — lender requirement gaps
Fix-and-flip lenders require builder’s risk or vacant dwelling policy from day one. Gaps that kill claims and delay draws:
- Vacant policy without renovation endorsement — water damage during demo may not be covered
- Named insured mismatch — LLC on deed but individual on policy
- Coastal Florida wind exclusion — carrier declines mid-project; lender freezes draws until replacement bind
Budget $1,800–$3,200 for 6-month vacant/builder policy on a $300K basis SFR inland; coastal Florida runs 2–3x that. Lenders who close in 7–10 business days still require proof of insurance before wire — order policy when you sign the purchase contract, not at closing.
Concurrent flip capacity — how lenders scale with you
| Experience tier | Typical max concurrent projects | Lender profile |
|---|---|---|
| First flip | 1 | Focus-market with hands-on review |
| 3+ completed | 2–3 | RCN, Renovo portfolio tiers |
| 10+ completed | 4–6 | Institutional with cross-collateral |
Running three simultaneous flips in different states requires a lender with portfolio reporting, not three separate one-off files. Ask whether outstanding balances cross-default — one stalled project should not trigger default on a performing file unless your note says so.
Seasonal flip timing by focus market
| Market | Slow season risk | Lender consideration |
|---|---|---|
| Chicago | Nov–Feb rehab delays | Winter carry adds 1–2 months IO |
| Florida | Hurricane season insurance | Bind before close; budget renewal spike |
| DC | Holiday listing slowdown | Nov–Dec ARV comps thin |
| Indiana | Minimal weather delay | Fastest calendar flip in focus states |
Published hard money rates sit at 8.99%–13.5% IO nationwide — seasonal timing changes carry cost, not the rate band.