Updated Rates as of August 2026
No-appraisal hard money is a select-program option for experienced sponsors with documented comparable sales. The lender still has to support the property’s value and repayment plan. Standard programs use third-party valuation.
Jaken Finance Group’s policy is: No appraisal required on select bridge and fix-and-flip programs for experienced sponsors with documented ARV comps. Standard programs use third-party valuation. Ask which method applies to your address, scope and experience before spending appraisal money or relying on a closing date. A website estimate, a previous loan approval or a repeat relationship does not settle that question.
What does no appraisal actually mean?
A lender may approve a file without requiring a traditional third-party appraisal. It can still review sold properties, photos, the construction budget and its own value analysis. The property remains collateral for the debt, so value remains central to the decision.
Separate three questions when comparing offers. Is a full appraisal required? Is some other third-party report required? Has underwriting already accepted the valuation method, or is the answer still provisional? Those questions help distinguish a genuine approved exception from a conversation that has not reached collateral review.
Also separate an appraisal from a property inspection. A value review does not establish that a roof, foundation or electrical system is sound. Arrange the property and contractor inspections your purchase and renovation decisions require.
Which valuation route fits the file?
| Route | What to confirm | What it does not establish |
|---|---|---|
| Full appraisal | Required report, as-is and after-repair scope, property access and delivery date | Automatic acceptance of every budget item or your proposed ARV |
| Broker price opinion, or BPO | Whether the program accepts it and whether interior access is needed | That it is interchangeable with a full appraisal |
| Hybrid or desktop review | Data, photos, inspection inputs and limitations required by underwriting | That a complex rebuild can be valued from exterior photos alone |
| Select-program appraisal waiver | Sponsor eligibility, documented comps and lender review | A waiver of value limits, credit review or exit analysis |
These are routes to ask about, not a menu a borrower can select independently. The program and property determine what is acceptable. Get the approved route in writing before ordering a report yourself; the lender may require a particular assignment or provider.
Experience matters, but there is no universal flip count
The published exception describes experienced sponsors with documented after-repair-value comps. It does not promise a waiver after three, five or ten completed projects. A project count alone would ignore whether those projects resemble the proposed work and market.
Submit a schedule showing addresses, your ownership or operating role, purchase and exit dates, scope and supporting settlement or refinance records. Explain who managed the contractor and how the work compares with this property. A cosmetic project and a structural addition present different valuation questions.
A first-time sponsor should plan for the standard valuation process unless underwriting confirms otherwise. An experienced sponsor should also budget for a report until the exception is approved. Prior approval on a different address does not create approval on the next one.
Build a comp package underwriting can use
Start with closed sales that resemble the completed subject property. Record each address, sale date, price, size, property type and condition. Include the source of the sale record and photos where available. Explain meaningful differences rather than selecting only the highest prices.
Connect the proposed renovation to the comparable finish level. If the subject will retain an old roof while the comp has a new one, show that distinction. If your plan adds a legal unit or substantial square footage, provide the permit and plan status that supports it.
Label active listings as listings. Asking prices can show competition, but they are not completed sales. If the closest useful sales are older or farther away, explain why. The lender decides whether those limitations require more evidence or a different report.
Show as-is value and after-repair value separately
As-is value concerns the property today. After-repair value, or ARV, assumes the approved work is complete. Confusing those numbers can inflate the initial advance or leave a rehab budget unsupported.
Send date-stamped photos of current condition alongside the scope. Document missing kitchens, open walls, water damage, unfinished additions and access limitations. A strong finished-home comp does not explain the cost, time or risk of getting an unfinished subject to the same condition.
For a rental exit, include rent evidence as a separate analysis. A supported resale value does not prove that rent will carry the proposed permanent loan. Review the DSCR appraisal and rent schedule guide before assuming the bridge review is sufficient for the refinance.
A lower value can still reduce a no-appraisal loan
Consider a hypothetical $195,000 purchase and $70,000 approved rehab budget. Total eligible project costs are $265,000. Assume the lender’s preliminary cost-based limit is $250,000 and the applicable ARV cap is 75%.
| Value result | At $340,000 ARV | At $315,000 ARV |
|---|---|---|
| Value-based ceiling at 75% | $255,000 | $236,250 |
| Assumed cost-based ceiling | $250,000 | $250,000 |
| Lower preliminary ceiling | $250,000 | $236,250 |
| Project-cost contribution before fees | $15,000 | $28,750 |
The lower supported value adds $13,750 to the project contribution. This happens whether value comes from a full appraisal or another accepted review. An appraisal waiver does not remove the loan’s value cap, and a preliminary ceiling remains subject to full underwriting.
Closing costs, interest, contingency and money needed before rehab reimbursement belong in a separate cash plan. Read 100% financing and cash still needed to avoid treating a program ceiling as money already approved.
When a fuller valuation may be needed
Unusual construction, sparse sales, large acreage, mixed-use space and substantial changes of use can make simple comparisons less reliable. A report that works for an ordinary neighborhood house may not resolve those questions.
Ask early about legal unit count, zoning, shared access, well and septic systems, association issues and incomplete permits. Do not assume nearby suburban sales support a rural property without adjustments. The lender can request more evidence, select a fuller report or decline the collateral.
An appraisal-light path also cannot cure title problems or a missing contractor. For a partly completed project, use the mid-construction refinance guide and its remaining-work worksheet. The valuation and the plan to finish both need support.
Confirm cost and timing before you order
Request a written estimate for the required report, inspection or review. Ask who orders it, when payment is due, what access is needed and whether the fee is refundable. Confirm what happens if the lender later requires a different report.
Published fix-and-flip pricing is 8.99%–13.5%, with 7–10 business days targets on qualified complete files. A closing target depends on satisfied conditions. Property access, missing scope details or an unresolved value issue can change the calendar.
If a value result appears wrong, ask for the lender’s reconsideration process. Supply specific missed sales or factual corrections with supporting records. Raising an unsupported sale estimate or changing cosmetic finishes without a revised scope will not establish additional value.
Keep credit and refinance requirements separate
Credit-flexible underwriting with no minimum FICO on select programs. Approval is collateral-first — driven by ARV, LTC, scope, liquidity, and exit strategy. We may pull credit to review trends, but FICO is not the primary approval driver. An appraisal exception does not waive the credit review, proof of funds or ability to carry the project. Read the credit-flexible lending explanation for that separate part of the file.
Likewise, a bridge exception does not commit a future DSCR lender to reuse the same report. Ask about the refinance appraisal, qualifying rent, seasoning and loan amount before acquisition. A successful bridge closing can still leave a refinance payoff shortfall.
Submit the property and comp package with your experience schedule, current photos, scope, cash available and planned exit. Request confirmation of the required valuation method, or call (833) 264-7776 with the address before ordering a report.
Rates, terms and conditions offered only to qualified borrowers and are subject to change. Select programs may not require a third-party appraisal. All files remain subject to collateral review and full underwriting. Residential investment financing is for non-owner-occupied property.