What credit score do you need for a fix and flip loan?

It varies by lender and by program. Credit is one input alongside the deal and your experience. Check Axelrad's fix-and-flip page for current credit criteria, and ask the team what applies to your file.

Do I need experience to get a fix and flip loan?

Not always. Many lenders work with new investors, though usually at lower leverage than they offer experienced investors. Ask how your track record affects your terms.

What documents do I need to apply?

Axelrad's FAQ lists a loan application, purchase contract, rehab budget, entity information, and ID for hard terms. Comps, photos, and contractor bids help the review.

Do I need an LLC for a fix and flip loan?

Flip loans are business-purpose loans and are typically made to an entity. Talk with your attorney or CPA about how to set up your entity.

Do I need an appraisal?

Often a valuation is part of the process. What applies depends on the property and the program, so ask the team which valuation your file needs.

Fix and Flip Loan Requirements: The Complete Checklist

What documents do you need for a fix and flip loan?

Axelrad's site FAQ lists what it needs for hard terms: a loan application, the purchase contract, a rehab budget, entity information, and ID. Soft terms can be discussed by phone first.

In practice, a file moves faster when it also includes items that answer the next questions before they are asked.

Document checklist

Completed loan application
Fully executed purchase contract with all addenda
Line-item rehab budget (not a single lump sum)
Entity documents for the borrowing LLC or corporation
Government-issued ID for each guarantor
Comparable sales supporting your ARV
Photos of current condition
Contractor bids or estimates for major line items
Proof of the cash you'll bring to closing and keep in reserve
Track record list (addresses, dates, purchase and sale prices), if you have one
Exit plan in a few sentences: sale or refinance, timing, and why

What property requirements apply?

Lenders define which collateral they finance, minimum sizes, and minimum values. Property type, loan size range, and minimum ARV all vary by lender and program. Axelrad's fix-and-flip page has the current criteria, so check it before you build a deal around a specific property. In general, expect the property to be non-owner-occupied investment real estate held for a business purpose.

What borrower requirements apply?

Experience. Most flip lenders price and size loans by track record. New investors typically get lower leverage than experienced ones, and strong borrowers may be treated differently. Ask the lender how your number of completed flips affects your terms.

Credit. Credit still matters, but it is one input. Axelrad's FAQ says the team asks permission before pulling credit. Check the product page for current credit criteria.

Liquidity. You need cash for your share of the purchase, closing costs, carrying costs, and a contingency. A lender will want to see it.

Entity. Flip loans are business-purpose loans, normally made to an LLC or other entity with a personal guarantee.

What deal requirements apply?

This is where many files stall. The lender needs to believe three numbers: the purchase price, the rehab cost, and the ARV. Then the exit has to fit inside the loan term.

Deal checklist

Purchase price is supported by the contract and the current condition
Rehab budget is itemized and matches the photos and scope
ARV is backed by recent, nearby, similar sales of renovated homes
Total loan request fits within both the LTC and the ARV cap
Renovation timeline is realistic for the scope and your crew
Sale or refinance date lands well inside the loan maturity
You can cover interest and holding costs if the sale takes longer

How do you know if you'll qualify before applying?

Run your own numbers first. Example (hypothetical numbers, not Axelrad terms): purchase $200,000, rehab $50,000, ARV $340,000. Total cost is $250,000. Suppose a lender caps the loan at 75% of ARV, which allows up to $255,000, and also limits the loan to 80% of purchase plus 100% of rehab, which is $160,000 + $50,000 = $210,000. The lower of the two limits, $210,000, would be the most you could expect, before any other conditions. Your cash need starts at the remaining $40,000 of purchase, plus closing and holding costs.

Why do fix and flip files stall in underwriting?

Most delays come from a small set of gaps, and nearly all of them are fixable before you submit.

A lump-sum budget. "$60,000 for everything" tells a reviewer nothing. Break it into roof, HVAC, kitchen, baths, flooring, paint, and so on.
An ARV with no support. One list price from an active listing is not a comp. Use closed sales of renovated, similar homes nearby.
A scope that doesn't match the photos. If the pictures show a failing roof and the budget doesn't include one, expect questions.
Unclear cash. The lender wants to see where your down payment, closing costs, and reserves are coming from.
Entity paperwork that isn't ready. Formation documents, operating agreement, and good standing should be on hand before you need them.
A timeline that runs into maturity. If your plan needs nine months to renovate and four to sell, a 12-month term is too tight.

Fix these and the review becomes a conversation about the deal rather than a search for missing pieces.

Key takeaways

Requirements cover documents, property, borrower, and deal.
Axelrad's FAQ names the core five documents: application, purchase contract, rehab budget, entity info, ID.
Experience changes leverage and the ARV cap.
A clear, itemized budget and supported ARV move a file faster than anything else you control.

Next step

When the checklists above are complete, submit your deal. You can review current program details on the fix-and-flip loan page.