Updated Rates as of August 2026
Photo-funded non-recourse fix and flip loans let qualified sponsors close on 1–4 unit investment property from photos and sold comps — no walkthrough, no third-party appraisal on this select program, and no full personal guarantee when underwriting confirms carve-out structure. Jaken Finance Group offers this in listed metros only, at up to 90% LTC, 8.99%–13.5% interest-only, and 6–12 month terms on qualified rehab exits.
This is a separate limited-market program from the nationwide non-recourse fix and flip quote path, which is sized per file and often at tighter leverage. If your address is in the markets below, start here.
Submit your fix-and-flip scenario · Markets guide · (833) 264-7776
Who this program is for
Most hard money lenders want an interior inspection before they wire. That kills deals when:
- The seller will not allow access — occupied tenant, estate friction, or hostile listing agent
- You are an out-of-town buyer bidding on auction or REO stock you cannot walk this week
- The contract clock is 10 days and appraisal scheduling alone blows the timeline
- A partner will not sign a personal guarantee but the entity has equity and a clean exit
Photo-funded underwriting solves the first-mile diligence gap. Underwriters size from your photo set and sold comps, confirm non-recourse structure with carve-outs, and move toward close in 7–10 business days on complete files.
Bridge files on light rehab or as-is hold use the same photo program and the same form — see photo-funded bridge vs fix-and-flip.
Program terms at a glance
| Term | Photo-funded non-recourse program |
|---|---|
| Markets | Listed metros on this page only |
| Property | Non-owner-occupied 1–4 unit residential |
| Leverage | Up to 90% LTC, capped at 75% ARV — fund the lower |
| Valuation | Property photos + sold comps — no walkthrough for initial decision |
| Appraisal | No third-party appraisal on this select program when photos and comps support value |
| Recourse | Non-recourse with bad-boy carve-outs on qualified files — not a full personal guarantee |
| Rate | 8.99%–13.5% interest-only |
| Term | 6–12 months (flip) · 12–24 months (bridge hold) |
| Credit | Collateral-first — no minimum FICO on select programs; credit may be pulled to review trends |
| Close | 7–10 business days on complete submission |
Carve-outs that restore recourse include fraud, misrepresentation, unauthorized transfer, bankruptcy, and environmental issues. Read the term sheet with counsel — see recourse vs non-recourse.
Who qualifies — and who should use standard programs instead
Photo-funded non-recourse is built for experienced sponsors with complete files, not first-time buyers guessing at ARV. Underwriters typically green-light when most of these are true:
| Gate | What passes |
|---|---|
| Market | Contract address in a listed metro |
| Product | Non-owner-occupied 1–4 unit residential |
| Photos | Room-by-room set or documented MLS/disclosure supplement |
| Comps | Three or more sold matches within 0.5–1.0 mi |
| Scope | Line-item budget aligned with visible condition |
| Entity | LLC vested, operating agreement, liquidity proof |
| Exit | Written sale, wholesale, or refi path with timing |
| Track record | Prior flips or parallel assets — thin first deals may fund recourse instead |
First-time sponsors with strong GC partnerships and conservative scope still submit — underwriting may offer recourse at higher LTC on the same address rather than non-recourse at 90%. Compare both term sheets on equity tied up versus guarantee exposure.
Sponsors outside listed metros should not force a photo submission. Standard fix and flip loan requirements nationwide allow up to 100% LTC on qualified files with inspection or appraisal paths.
What “photo-funded” means in practice
The no-access rule applies to initial underwriting, not to life after close.
Before close, submit:
| Photo category | What underwriters need |
|---|---|
| Exterior | Front, rear, both sides, roof line from street if safe |
| Interior | Every room — kitchen, baths, mechanical areas, basement or crawl |
| Systems | Panel, HVAC nameplate, water heater, visible plumbing |
| Site | Driveway, grading, outbuildings, street context |
| Defects | Water stains, foundation cracks, fire or mold damage — do not hide problems |
If the seller blocks interior access, MLS photos, seller disclosures, and inspector reports from a prior buyer can supplement — but thin files get tighter leverage or a pass. Full guidance: fix and flip loan without property access.
After close, rehab draws release on progress photos and inspection per your scope — same as any fix-and-flip holdback program.
Worked example: occupied Birmingham ranch (illustrative)
Educational numbers only — not an offer.
| Item | Amount |
|---|---|
| Purchase (occupied tenant, seller will not allow walkthrough) | $118,000 |
| Rehab scope (cosmetic — paint, LVP, kitchen refresh) | $32,000 |
| All-in cost | $150,000 |
| ARV from sold Jefferson County comps | $198,000 |
| 90% LTC ceiling | $135,000 |
| 75% ARV cap | $148,500 |
| Funded (lower number) | $135,000 |
| Entity equity at close | ~$15,000 + closing and IO reserve |
| Rate | 10.75% IO · 8-month term |
| Exit | List after tenant vacates at 30 days notice · target sale $192,000 |
The sponsor closed without a pre-funding walkthrough, funded rehab through draws after possession, and limited deficiency exposure to the asset via non-recourse structure.
Carry math on this file: $135,000 balance at 10.75% IO ≈ $1,209/mo interest. Seven months of hold (one month turnover, four rehab, two list) ≈ $8,460 IO before sale costs. Gross spread before sale costs: $198K ARV − $150K all-in = $48K; after 8% sale costs ($15.4K) and IO, net lands near $24K if list hits — workable on Jefferson County ranch stock where Alabama fix and flip medians sit near $225K with ~52 days DOM on clean cosmetic exits.
Model your file in the fix and flip calculator.
Worked example: Tampa SFR with wind-insurance diligence (illustrative)
Educational numbers only — not an offer.
Florida photo files fail when sponsors ignore roof age and wind rating. This example assumes visible comp shingles and a 2018 reroof confirmed in seller disclosure — no walkthrough before close.
| Item | Amount |
|---|---|
| Purchase (occupied — MLS photos only) | $198,000 |
| Rehab (kitchen, baths, LVP, interior paint) | $44,000 |
| All-in cost | $242,000 |
| ARV (Hillsborough sold comps, 0.5 mi) | $305,000 |
| 90% LTC | $217,800 |
| 75% ARV cap | $228,750 |
| Funded | $217,800 |
| Entity equity | ~$24,200 + reserves + hazard bind |
| Rate | 11.0% IO · 9-month term |
| Exit | Sale at $298,000 |
Hazard insurance bound pre-close with lender mortgagee clause — coastal Tampa underwriting will not size LTC without a bindable quote on wind-exposed parcels. See fix and flip Tampa for local ARV bands.
Draw schedule after a no-access close
Initial photo approval covers purchase funding only (plus first tranche if term sheet allows). Typical draw cadence on cosmetic scopes:
| Milestone | Release trigger |
|---|---|
| Close | Purchase wire; entity holds rehab reserve |
| Draw 1 (~35%) | Kitchen demo complete, mechanical rough-in photographed |
| Draw 2 (~40%) | Floors, paint, trim; baths tiled |
| Final (~25%) | CO or punch-list sign-off |
Budget 10–14 days from draw request to wire on first files. Mid-project scope increases without a written change order freeze the next release — common on occupied-to-vacant transitions when mold appears after tenant move-out.
Markets where this program is available
Alabama
Birmingham · Huntsville · Mobile · Montgomery · Tuscaloosa — see fix and flip loans Alabama
Florida
Orlando · Tampa · Jacksonville · Gainesville · Fort Myers — see fix and flip loans Florida
Georgia
Atlanta · Augusta · Columbus — see fix and flip loans Georgia
Indiana
Northwest Indiana · Indianapolis · Fort Wayne · South Bend — see fix and flip loans Indiana
Kansas / Missouri
Kansas City metro — see fix and flip loans Kansas and fix and flip loans Missouri
Kentucky
Bowling Green · Lexington · Louisville — see fix and flip loans Kentucky
North Carolina
Charlotte — see fix and flip loans North Carolina
Ohio
Cincinnati · Columbus · Cleveland · Akron · Toledo — see fix and flip loans Ohio
Pennsylvania
Program interest is open — city list coming soon. See fix and flip loans Pennsylvania
South Carolina
Myrtle Beach — see fix and flip loans South Carolina
Tennessee
Chattanooga · Nashville · Knoxville — see fix and flip loans Tennessee
Texas
Houston · San Antonio · Dallas/Fort Worth · Austin — see fix and flip loans Texas
Virginia
Alexandria · Arlington · Chesapeake · Newport News · Norfolk — see fix and flip loans Virginia
Full market notes and local flip context: non-recourse photo fix and flip markets.
Documents to attach with your submission
Speed tracks file completeness:
| Document | Why it matters |
|---|---|
| Purchase contract | Price, close date, assignment clause, business-purpose buyer |
| Photo set | Exterior, interior, mechanical — dated if possible |
| Scope of work | Line-item budget by trade |
| ARV comp pack | Sold 1–4 unit matches within appropriate radius |
| Entity packet | LLC operating agreement, EIN, good standing |
| Liquidity proof | Bank statements covering equity, closing, and IO reserve |
| Exit outline | List date target, wholesale buyer, or refi path |
Use the scope of work guide to line-item rehab before you submit.
Photo program vs standard fix-and-flip
| Photo-funded non-recourse (this page) | Standard fix-and-flip nationwide | |
|---|---|---|
| Markets | Listed metros only | All 50 states |
| Max LTC | 90% on qualified files | Up to 100% on qualified files |
| Initial access | Photos — no walkthrough | Inspection or appraisal typical |
| Recourse | Non-recourse with carve-outs on qualified files | Recourse with personal guarantee typical |
| Apply | /submitflip/ | /submitflip/ or /scenario/ |
Outside the listed metros, use the standard fix and flip loan requirements path.
Common mistakes on photo submissions
- Hiding damage in photos — underwriters find it at first draw; worse, it triggers carve-out risk if undisclosed
- Using active listings as ARV — sold comps only
- Single-line rehab budget — “$40K rehab” without trade breakdown delays approval
- Wrong market — submitting a Chicago address on a Birmingham-only conversation wastes days
- Assuming no credit pull — collateral-first does not mean zero file; trends still matter
Related guides
- Fix and flip loan without property access — photo checklist and comp discipline
- Photo-funded bridge vs fix-and-flip — pick the right product
- Non-recourse fix and flip (nationwide) — quoted per file outside this program
- Know about fix and flip loans — product overview
Next step
If the property is in a listed metro, send the address, contract, photos, scope, and entity docs. Underwriting confirms whether photo-funded non-recourse structure fits — and at what LTC.
Submit your fix-and-flip scenario · Fix and flip calculator · (833) 264-7776
Rates, leverage, and recourse structure are quoted per file on qualified non-owner-occupied investment property in listed markets. Jaken Finance Group is a lender, not a legal advisor; review guarantee and carve-out language with counsel before signing.