Purchase and rehab in one loan, underwritten on the deal and built for the flip timeline.
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Deal-First Review
Send the address, purchase price, rehab budget and ARV support, and we review the deal and your experience together. Closing time depends on the appraisal, title and documents; we do not promise a date on a web page.
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Loan-to-Cost Sizing
The loan is sized on the total project cost (purchase plus rehab) and the after-repair value. The leverage limits are set by the program reviewed for your file.
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Rehab Financing
The approved renovation budget can be included in the loan and drawn as work is completed through a structured draw schedule.
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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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Short-Term Loans
Financing designed for the flip timeline, with a term measured in months and set by the program reviewed for your file. 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. Tell us about the deal and we will review whether the structure fits.
Requirements
Credit Score
Minimum score set by the program reviewed for your file
A higher score generally improves pricing and leverage
Property
Property must be non-owner-occupied (investment only)
Property must be 1–4 unit residential
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 with completed projects
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
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
The loan can cover part of the purchase price. How much you bring to closing is set by the program reviewed for your file and the deal.
Rehab
Approved rehab costs can be included in the loan, with draws released as milestones are completed and inspected.
Hold Period
Interest-only payments during rehab keep monthly costs down. The term is set by the program reviewed for your file.
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? You can apply without a track record; the deal, your credit and your reserves carry more weight. 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.
Pre-approval: Get the deal reviewed before you make offers.
Flexibility: First-time flippers welcome. We evaluate the deal, not just the borrower.
Scale: Each deal is reviewed on its own merits as your portfolio grows.
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:
Written Terms: Rate, points and fees in writing before you commit 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. The rate, points, appraisal, draw inspection, title and extension fees are set by the program reviewed for your file and the deal, so this page does not quote them. Ask for written terms and compare them before you decide.
What to Get in Writing
Your actual terms depend on credit score, experience, deal quality and loan amount. Before you commit, make sure the written terms show:
✓ The rate, the points and every fee
✓ Whether a prepayment penalty or minimum interest period applies
✓ The term and any extension option and its cost
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
Short-term (months)
Long-term fixed or ARM
Rate Type
Higher rate, short-term
Lower rate, long-term
Payments
Interest-only
P&I or interest-only
Rehab Funds
✓ Yes, approved rehab budget
✗ No rehab funds
Income Docs
None — deal-based
None — DSCR-based
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, from the numbers entered. The rate is the one you enter from your written quote; this is not a quote, a term sheet or an offer; actual rates, fees and costs vary with credit, experience, deal quality and market conditions, and change daily. Subject to credit approval. This is not a commitment to lend.
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
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 knowing your deal has been reviewed; your pre-approval letter shows sellers and agents that. Final approval depends on the appraisal, title and underwriting.
3
Close & Start Rehab
Purchase funds are 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. 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 a short term measured in 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.
Closing time depends on the appraisal, title, the rehab budget review and how quickly documents come in, so we do not promise a closing date on a web page. A pre-approval reviewed before you make offers shows sellers that your financing has already been looked at.
How much you bring to closing depends on the purchase price, the rehab budget, the after-repair value, your experience and your credit. The leverage limits are set by the program reviewed for your file, so this page does not quote a down payment. Ask for written terms for your deal.
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 after the inspection is approved. The number of draws depends on the scope of work and the draw schedule in your loan documents. 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 the loan amount is capped at a percentage of ARV to keep enough equity margin in the deal. The cap that applies is set by the program reviewed for your file.
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 programs use both measures and lend the lower of the two results. The percentages are set by the program reviewed for your file.
First-time flippers can apply. Experience usually affects pricing and leverage, so for a first-time investor the deal, credit and reserves carry more weight. 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, many fix and flip loans offer extension options; whether yours does, for how long and at what fee is in your written terms. Other options include adjusting the sale price or refinancing 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.
Often, yes. Each deal is evaluated on its own merits, and the program reviewed for your file sets how many active loans it allows, so ask before you commit to another project.
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, often at a higher cost. A fix and flip loan from Texana Bank comes from an FDIC-insured bank with a structured draw process. Compare the written terms, including rate, points and fees, against any other offer you have.
The minimum credit score is set by the program reviewed for your file, and a higher score generally improves pricing and leverage. This page does not quote a minimum; ask for the written terms that apply to your deal.
No, but experience helps. First-time flippers can apply; the program reviewed for your file sets how experience, credit and reserves are weighed. Experience usually improves pricing and 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.
Ask before you sign. Whether a prepayment penalty or a minimum interest period applies is set by the program reviewed for your file and shown in your written terms. These loans are meant to be short-term, so the faster you complete the project, the less total interest you pay.
Expect an origination fee (points), interest-only interest during the term, an appraisal or BPO, draw inspection fees, title and escrow costs, and possibly an extension fee if you need more time. The amounts are set by the program reviewed for your file and the deal, so this page does not quote them. Ask for written terms; they list every fee 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.
Texana Bank helped me with the purchase of my third home, and honestly, the experience was the smoothest of all three home purchases. I only worked with Lynette, but she was friendly, helpful, and courteous at all times. She was extremely patient with me, and she took time to answer all my questions. Even more impressive is that the bank worked with me through a challenging employment situation. Never once was I made to feel bad about asking questions, and Lynette's responses were lightning fast. This was one of the best experiences I have ever had with any company, bar none. I highly recommend Texana Bank to anyone.
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★★★★★
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★★★★★
Overdue but thanks again Adam, I appreciate you going above and beyond to make sure my family got our dream home. 10 stars.
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★★★★★
My experience with Lynette was the best and easiest experience it could’ve possibly been when being a first time home buyer. She’s very kind, communicative, reliable, and so much more! It made the whole process that much less stressful and overwhelming. So blessed to have had her on my side!
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★★★★★
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★★★★★
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★★★★★
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Andrea
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★★★★★
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.
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Respectfully,
Clay
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★★★★★
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J
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★★★★★
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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!!
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Peter Jenkins
★★★★★
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★★★★★
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This actually been a pleasure to get to know Mark.
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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.
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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.
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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!
