Finding the right fix and flip lenders is not straightforward. Dozens of lenders compete for the same deals, each with different capital structures, leverage limits, closing timelines, and geographic focus. The wrong choice does not just cost you a better rate; it can cost you the deal, the draw, or the project.
Fix and flip projects are evaluated on the asset. This means the purchase price, the renovation plan, and the projected resale value after completion. These are different underwriting models, which is why a category of lender exists specifically for this market.
According to ATTOM’s[1] 2025 year-end U.S. Home Flipping Report, investors completed 297,045 flips nationwide, the lowest volume since 2020. Gross returns fell to 25.5%, the lowest since 2008, and down from 32.1% the prior year. In a compressed margin environment, the lender you choose shapes your project outcome as much as the deal itself does.
Most investors start their search by comparing interest rates. The rate is one number. It does not tell you how fast a lender closes, whether your loan gets sold after closing, how quickly draws get released, or what happens when something goes wrong mid-project.
This guide compares leading fix and flip lenders across five parameters so you can find the right fit for your deal and your stage as an investor.
What to Look for in Fix and Flip Lenders: 5 Key Parameters
Not all fix and flip lenders operate the same way. The five parameters below determine whether a lender fits your deal, your market, and your experience level.
1. Closing Speed in Fix and Flip Loans
Speed determines whether you win the deal. In competitive markets, a seller does not wait for a lender who needs three weeks to process a file.
Before committing, ask whether the advertised timeline[2] applies to first-time or repeat borrowers, and whether it is measured in business days or calendar days.
The fix and flip lenders below are listed by published closing timeline, starting with the fastest options:
Easy Street Capital closes the EasyFix product in 24 to 48 hours, contingent on all parties being ready, including title and all underwriting documents. Customer reviews consistently confirm same-day and next-day funded closings.
Kiavi advertises closings as fast as 5 days through dual-track underwriting, where valuation and credit review run simultaneously. They also publish 7-day and 10-day timelines depending on the product and borrower profile.
Stormfield Capital typically closes in 7 to 10 days. Their published documentation explicitly states approval and funding in as few as 5 to 10 business days.
RCN Capital advertises fast and reliable closings. Their published documentation references the ability to close in as few as 10 business days in some cases, but no standard numerical timeline appears consistently across their materials.
Lima One Capital funds fix and flip loans within 3 weeks for repeat borrowers. No published timeline exists for first-time borrowers.
New Silver doesn’t provide actual funding timelines in their borrower-facing documents.
2. Capital Source and Execution Certainty Offered by Fix and Flip Lenders
The lender’s capital source decides if they sell your loan after closing and who manages your draws. It also decides whether they can change terms when the project or market conditions shift.
A balance sheet lender funds loans from its own capital and holds them through payoff. Other models involve securitization, institutional REIT backing, or originate-to-sell arrangements.
Ask every lender directly: “Do you hold this loan on your balance sheet or sell it after closing?”
The lenders below are listed by how much each has publicly disclosed about their capital structure, starting with the most detailed disclosures:
Stormfield Capital describes itself as a true balance sheet lender. All credit decisions and servicing remain in-house from application through payoff. Stormfield states explicitly: no loan sales, no handoffs.
Kiavi operates a securitization-backed model[3]. Based on Kiavi’s published press releases, the company originates loans and sells them to institutional investors through rated securitizations. This means your loan will not remain with the originating team after closing.
Lima One Capital is backed by MFA Financial, a publicly traded real estate investment trust. Lima One states this directly on their website as a capital stability advantage.
New Silver operates an originate-to-sell model. In November 2024, New Silver announced a forward flow purchase agreement with Fortress Investment Group, under which Fortress acquires loans that New Silver originates.
RCN Capital describes itself as a nationwide private direct lender. Capital source structure is not publicly disclosed in their borrower-facing documents. Industry sources suggest warehouse lending and securitization play a role in their pricing and operations, but RCN has not confirmed this on its website.
Easy Street Capital describes itself as a direct private lender. Capital source structure is not publicly disclosed in their borrower-facing documents.
3. Leverage Offered by Fix and Flip Lenders: LTC and LTV
Loan-to-cost (LTC) measures the loan amount against the total project cost: purchase price plus renovation budget. Loan-to-value (LTV) measures the loan amount against the current or projected property value. Most fix and flip lenders use both to size the loan, and the actual loan amount is determined by whichever cap is more restrictive.
Higher leverage means less cash out of pocket. Maximum figures, however, apply only to the most experienced borrowers meeting specific FICO and experience requirements. New investors should expect lower leverage.
Here are some details on the leading fix and flip lenders:
Disclaimer: Maximum leverage figures apply to the most experienced borrower tier and the highest FICO score at each lender. New investors should expect lower leverage. Verify current terms directly as these figures change.
4. Geographic Coverage of Fix and Flip Lenders
A lender active in your market understands local permit timelines, appraisal dynamics, and comparable sales at the neighborhood level. A national lender applying blanket assumptions to a market they do not know deeply underwrites differently. It is often more conservative.
Geographic coverage also determines whether a lender can fund your deal at all.
The lenders below are listed by breadth of coverage, starting with the widest national reach and ending with the deepest regional focus:
- Kiavi: 49 states and Washington DC. Exceptions: None published.
- RCN Capital: Nationwide. Exceptions: Specific state exclusions are not published in borrower-facing documentation. RCN notes that programs may not be available in all states.
- Lima One Capital: 46 states. Exceptions: Explicitly excludes Alaska, North Dakota, South Dakota, and Vermont.
- Easy Street Capital: Nationwide. Exceptions: Does not lend in Minnesota, Nevada, North Dakota, or South Dakota. Also excludes the metro areas of Baltimore, Chicago, and Detroit.
- New Silver: 41 states and Washington DC. Exceptions: Does not lend in Alaska, Idaho, Minnesota, Nevada, North Dakota, Oregon, South Dakota, Utah, or Vermont.
- Stormfield Capital: 9 core Northeast states: New York, New Jersey, Connecticut, Pennsylvania, Massachusetts, Rhode Island, Maine, New Hampshire, and Vermont. It also covers select markets nationwide, including Florida. Exceptions: No states are explicitly named as excluded. Contact Stormfield directly for coverage outside core markets.
Disclaimer: State coverage changes. Verify current availability for your specific state and property type directly with each lender before applying.
5. Fix and Flip Lender Transparency and Digitization
Opaque fee structures and manual processes create surprises at closing and delays mid-project. A lender with upfront fee disclosure, a clear digital platform[4], and accessible decision-makers reduces friction at every stage.
The lenders below are listed by the specificity of upfront fee disclosure, starting with lenders who publish exact fee structures:
Easy Street Capital provides same-day term sheets underwritten by humans. The EasyFix fee structure is disclosed upfront: zero to two points plus a $1,995 document fee. They advertise no last-minute changes and upfront underwriting with real feedback.
New Silver provides instant proof of funds letters, instant term sheets, and a suite of digital tools including FlipScout for deal sourcing, an ARV calculator, and a house flipping calculator. They explicitly state no junk fees and disclose origination fees of 1% to 1.75% for fix and flip loans upfront.
RCN Capital provides a Rehab Budget Builder tool and an online application. Their rate and leverage matrices are publicly disclosed, showing exactly how terms scale by FICO score and experience tier. They charge interest only on the outstanding balance, not on the full rehab holdback.
Stormfield Capital provides instant pre-qualification with no hard credit pull. Through its proprietary online loan application system, borrowers can submit property details and receive loan terms, including the purchase component, rehab funding, rate, and cash to close, before making any commitment. The same system supports the application process, document submission, status tracking, and disclosure signatures through closing. Stormfield says, “We do not let technology replace human communication. We still pick up the phone.” Borrowers also have direct access to decision-makers throughout the process, from application through final draw.
Lima One Capital offers an online borrower portal for draw requests and project tracking. Origination fee deferral is available on fix and flip loans. Borrowers who refinance a Lima One fix and flip loan into a Lima One rental loan receive 50 basis points off the origination fee.
Kiavi uses a machine learning ARV model and an online scope of work tool. Their digital platform handles document submission, draw tracking, and project management. No appraisal is required for some products.
Fix and Flip Lenders at a Glance[5]
How to Match the Right Fix and Flip Lenders to Your Stage
The right lender depends on where you are as an investor, not just which lender offers the highest leverage or the lowest rate.
If you are completing your first one to three flips, prioritize transparency and accessibility. You need a lender who discloses fees upfront, explains the draw process clearly, and picks up the phone when something goes sideways. A low FICO threshold also matters.
If you are an active investor doing three to eight deals per year, closing speed and draw velocity become the deciding factors. Every day a draw is delayed costs you money.
If you are a scaled operator running multiple projects, capital reliability matters more than rate. A balance sheet lender does not pull back when market conditions shift. A securitization-backed lender’s capital availability depends on institutional investor appetite, which can change.
Why Investors Choose Stormfield Capital
Stormfield Capital is a true balance sheet lender operating across the Northeast and select national markets. Every loan is funded, underwritten, and serviced in-house from application to final draw. There are no loan sales, no handoffs, and no third-party servicers.
For investors who need to close in 7 to 10 business days, access up to 92.5% LTC with 100% of renovation costs covered, and work with a team that picks up the phone, Stormfield is built for that.
Ready to compare lenders with a team that closes and services in-house?
Get a deal-level conversation on speed, leverage, and draw execution before you commit to your next fix and flip lender.
Frequently Asked Questions
Can I use a fix and flip loan if this is my first project?
Yes. Several lenders on this list work with first-time investors. They accept borrowers with a minimum FICO score of 600-660.
What happens if my renovation runs over schedule?
That depends on your lender’s servicing model. A balance sheet lender with in-house servicing can extend or restructure the loan directly. A lender who has sold your loan to a third-party servicer has less flexibility.
Is the interest rate the most important factor when choosing a fix and flip lender?
Not usually. Closing speed, draw velocity, and capital reliability affect your project cost more than a fraction of a point on the rate.
Sources and Disclaimers
[1] ATTOM. “2025 Year-End U.S. Home Flipping Report.” March 19, 2026. https://www.attomdata.com/news/market-trends/flipping/2025-year-end-home-flipping-report/
[2] Disclaimer: Published timelines represent each lender’s stated claims. Actual closing speed depends on borrower preparation, file completeness, and market conditions. Always verify current timelines directly with each lender.
[3] Kiavi. “Kiavi Kicks Off 2025 by Closing a $300 Million Rated Securitization of Residential Transition Loans.” February 13, 2025.
[4] Disclaimer: Digital tools and fee structures are subject to change. Verify current platform features and fee disclosures directly with each lender before committing.
[5] Disclaimer: All figures represent lenders’ published claims as of April 2026. Capital source data for Kiavi sourced from Kiavi press releases. Capital source data for New Silver sourced from Fortress Investment Group press release (November 2024). Lima One MFA Financial backing stated directly on limaone.com. Easy Street Capital and RCN Capital capital structures not publicly disclosed. Terms, leverage, coverage, and fees are subject to change. Verify all details directly with each lender before applying.
