Fix and Flip Loans for Real Estate Investors
Finance the purchase and the renovation in one loan. Norfolk Capital funds fix and flip projects in more than thirty states with interest-only terms, draw-based rehab funding and closings that keep pace with the deal, not the bank.
What Is a Fix and Flip Loan?
A fix and flip loan is short-term financing built for investors who buy a property, renovate it and sell it within a short window. The loan covers the acquisition (purchase or refinance) and the renovation budget, and can sometimes include the interest payments, so you keep your own cash working on the project. Because the renovation funds are held in reserve and released as work is completed, you are not paying interest on money you have not used yet.
Norfolk Capital's team spent decades as developers and borrowers before becoming lenders. We know what it takes to get a flip from closing to resale, and we structure each loan around your project, your experience and your exit rather than a one-size-fits-all program. Stay a step ahead of the competition: acquire quickly, fund the renovation and maximize your return.
Apply NowAdvantages of Our Fix and Flip Loans
Our programs depend on your project, experience and unique requirements. Apply now for a quick assessment on your deal.
Quick closings
Banks take a month or more. With your information ready, we can close in days or weeks, so a time-sensitive purchase does not slip away.
Interest-only, competitive rates
Payments stay low during the renovation. Rates and terms are determined by asset valuation, borrower experience and financial profile.
Low down payment options
Down payments as low as ten percent of the acquisition, depending on the project, so your capital stretches across more deals.
Renovation funded through draws
The rehab budget is held in reserve and released as phases are inspected, typically within 48 hours of your request.
No prepayment penalty
A fast sale is a good outcome for everyone. Pay the loan off early without a penalty.
Dedicated loan officers
Experienced originators with multiple ways to structure a loan, plus a team that visits projects and helps solve problems mid-build.
Fix and Flip Projects We Fund
We fund all kinds of fix and flip projects and all types of situations, from acquisition to refinance, and from buy-and-sell to buy-and-hold.
- Residential, 1 to 4 units. Single-family homes, condos, duplexes and small multifamily, from cosmetic refreshes to full gut renovations.
- Multifamily, 5+ units. Unit turns, common-area upgrades and rent repositioning on apartment buildings.
- Mixed-use. Commercial space below, residential above, renovated for resale or lease-up.
- Commercial property. Small commercial assets with a clear renovation scope and exit.
- Condo conversions and value-add. Renovate a multifamily and sell units individually, or reposition and refinance. See our rehab loans and condo conversion loans.
Keeping the property after the renovation? Refinance into a DSCR rental loan. Building from the ground up? See new construction loans.
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More Than a Lender. A Team on Your Side.
Norfolk Capital was founded and is led by people with decades of development and borrowing experience of their own. That means a team that understands what you need, can point you to the right program for your situation and is focused on your success, project after project.
Apply NowHard Money vs. Conventional Financing for a Flip
Banks can take months to approve a loan and apply much stricter criteria. Hard money lenders have more flexibility. Instead of focusing heavily on your financial background, we look at common-sense factors: the project's potential, your experience and your financial history.
| Norfolk Capital fix and flip loan | Conventional loan | |
|---|---|---|
| Approval based on | Project potential, experience, exit | Personal income and credit formulas |
| Time to close | Days or weeks | A month or more |
| Renovation budget | Included, released through draws | Usually not financed |
| Property condition | Distressed is fine | Must meet lending condition standards |
| Payments | Interest-only, no prepayment penalty | Amortizing, often with penalties |
| Borrower | Investors through an entity | Primarily owner-occupants |
Hard money lending is not for everyone, but for an investor with a property under contract and a deadline it is usually the better tool. Read more in our fix and flip loans guide.
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Fix and Flip Loan FAQs
How does a fix and flip loan work?
The loan funds the acquisition at closing and holds the renovation budget in reserve. As you complete phases of the project you request draw inspections, and funds are released against the work verified. Interest is typically not charged on reserve funds until they are drawn. When the property sells, the loan is repaid from the proceeds; if you decide to keep it, you refinance into long-term rental financing.
What states do you lend in?
Norfolk Capital funds fix and flip loans in AL, AK, AR, CO, CT, DE, DC, GA, HI, IL, IN, KY, LA, ME, MD, MA, MI, MS, MO, NE, NH, NJ, NM, NY, OH, OK, PA, RI, SC, TN, TX, WA, WV, WI and WY. We are headquartered in Boston and lend our own capital in the local market, and we bring the same process and team to projects across the country.
What do I need to apply for a fix and flip loan?
The application is quick. Have the project details ready: address, property type, acquisition cost, renovation goals and budget, and an estimated renovated value. For yourself: experience with similar projects, job and stated income, liquidity including cash and retirement accounts, and other real estate owned. We only run credit if we have to, and low credit is not a barrier to getting a loan.
What documentation is required?
Requirements depend on the situation, but a typical file includes the sales contract, a construction budget, bank statements, a schedule of properties you currently own, a summary of similar projects, credit and background checks, rental income documentation for rental projects, and your LLC operating agreement or articles of organization.
How quickly can you close?
Traditional banks typically take at least a month. We can close in a few days when everything is ready, though a week or two is more common. An appraisal is usually what holds up the process, and it is not always required. To close fast, respond quickly to documentation requests and have your file assembled before you apply.
Do I need an entity, or can I buy as an individual?
We lend only on non-owner-occupied properties held by a corporate entity such as an LLC. If you have not formed one yet, it is a quick step and we can point you in the right direction.
Can the loan cover my interest payments during the project?
In some cases, yes. An interest reserve can be built into the loan so payments are funded while the renovation is underway, which lets you keep your own cash focused on getting the work done before the draws come in. Whether it fits depends on the structure of the deal, so ask when you apply.
What interest rate are your fix and flip loans?
Rates start at a competitive level and depend on project type and complexity, the value of the project, loan size, location and borrower experience. Every loan is quoted individually, so the fastest way to get an accurate number is to apply with your project details.
Why partner with Norfolk Capital on a flip?
Because we have been on your side of the table. Our team's decades of development and borrowing experience mean we understand your needs, can match you to the right program and are invested in your success. We visit projects, help work through problems and have mentored many first-time investors into full-time careers. You get more than a lender.
Call us or apply now for a free consultation about your project.
Where We Fund Fix and Flip Loans
Nationwide lending with a home base in Boston. Local market pages for our most active areas are linked below.
States we lend in
Local market pages
Headquartered in Boston: see where we lend.
Finance Your Next Flip
Apply online for a quick assessment of your deal, or call for a free consultation.