Home / Loan programs / Fix and flip loans
Fix and flip loans in Miami and South Florida
Bridge financing for investors who buy, renovate and resell in Miami-Dade, Broward and Palm Beach counties. One loan covers up to 90% of the purchase and the entire rehab budget.
Fix and flip loan terms
| Purchase financed | up to 90% |
| Rehab financed | up to 100% |
| Cap on after-repair value | 70 to 75% |
| Credit scores from | 600 |
| Term | 6 to 24 months |
| Payments | interest only |
| Average closing | 21 days or less |
The 90% and 100% figures apply at a 720+ credit score. Below that, leverage and pricing adjust down to a 600 minimum.
How the loan amount is worked out
The loan is built from two numbers. The first is a share of what you pay for the property. The second is your renovation budget, which is held back and paid out in draws as each stage of work is finished. The two together are limited to 70 to 75% of the after-repair value (ARV): the price the property should bring once the work is complete.
Example
| You buy the house for | $420,000 |
| Your rehab budget is | $110,000 |
| Expected resale value (ARV) | $720,000 |
| 90% of the purchase | $378,000 |
| 100% of the rehab | $110,000 |
| Loan amount | $488,000 |
| 75% of ARV, the ceiling | $540,000 |
| Down payment, before closing costs | $42,000 |
How experience and credit change the terms
- First deal? You can still qualify. A new investor with a 720+ score is eligible for the full 90% and 100%.
- Five or more flips in the past two years? You can close with no inspection and no appraisal, up to 75% of ARV.
- Score under 720? Programs run down to 600, with less leverage.
Experience is counted as properties you bought and sold in the past 24 months that were acquired within the past 36 months.
Built around a resale
- Interest-only payments while you renovate
- 6 to 24 month terms
- No prepayment penalty: pay off the day you sell
- No income or job verification
When a project stalls: mid-rehab loans
If a renovation is under way and the money has run out, a mid-rehab loan lends on the property as it stands today and adds the funds to finish.
What a South Florida flip involves
- Hurricane code. Miami-Dade and Broward are in the High-Velocity Hurricane Zone of the Florida Building Code, so new roofs, windows and doors must carry approvals rated for it. Most South Florida houses are concrete block and stucco, which holds up well, but older roofs, windows and electrical and plumbing systems are what insurers look at first.
- Insurance. Windstorm and flood coverage drive insurance costs across South Florida. Many insurers ask for a four-point inspection on older homes and give credits for a wind mitigation report, and Citizens Property Insurance is the state’s insurer of last resort. Large parts of the region are in FEMA flood zones, and flood insurance is a separate policy. Get quotes before you make an offer.
- The 50% flood rule. In a FEMA flood zone, if the cost of a renovation reaches 50% of the building’s market value, the whole building must be brought up to current flood rules, which can mean elevating it. Some cities add up improvements over several years, so ask the building department how it counts before you set the scope.
- Property tax while you hold. Florida has no state income tax, and investment property gets no homestead exemption, so property tax is a large cost of holding a rental. Combined rates in Miami-Dade and Broward are often close to 2% of taxable value. On non-homestead property, the taxable value for most levies can rise no more than 10% a year, but the cap resets when the property is sold, so a buyer is taxed on full market value the next year. Voters approved Amendment 3 on November 3, 2026, which lowers that cap to 5% starting in 2027; school taxes are not capped.
- Closing taxes. Florida charges documentary stamp tax on deeds: $0.70 per $100 of price in most counties, while Miami-Dade charges $0.60 per $100 on a single-family home and $1.05 per $100 on other property. Sellers customarily pay it. A new mortgage adds note stamps of $0.35 per $100 and intangible tax of 0.2% of the loan, which buyers usually pay. Title insurance premiums are set by the state, and closings are handled by a title agent or a real estate attorney.
- Permits and historic districts. Miami-Dade has 34 cities and Broward 31, and each runs its own building department. Miami Beach has large historic districts, including the Art Deco district in South Beach, and the City of Miami has districts such as Morningside, Buena Vista East and Spring Garden. Coral Gables reviews the design of almost every exterior change. Exterior work in a historic district needs approval from the city’s historic preservation board as well as a building permit.
- Where the deals are. Little River, Allapattah, Little Haiti, Liberty City and West Little River in and around Miami; Miami Gardens, North Miami and Opa-locka to the north; Hialeah, Homestead and Florida City; and Lauderhill, Lauderdale Lakes and older parts of Hollywood and Fort Lauderdale in Broward.
Documents we ask for
- Loan application
- Signed purchase contract, or the settlement statement from your purchase if you are refinancing
- A rehab budget broken into line items with a clear scope of work
- Contact details for your insurance agent and title company
- For an LLC: articles of organization from Sunbiz, EIN letter and operating agreement
- For experienced investors: your projects from the last 3 years with settlement statements
The full list is in our hard money loan document checklist.
Fix and flip loans: common questions
As much as 90% of the purchase price and 100% of the renovation budget, provided the total loan is no more than 70 to 75% of the after-repair value. Those figures apply to borrowers with a credit score of 720 or higher.
The average is up to 21 days. Once title work and insurance are ready, a loan can close in about 7 days with your title agent or closing attorney.
No. First-time investors can qualify. Investors who have completed 5 or more flips in the past 2 years get a shorter process with no inspection or appraisal.
Florida charges documentary stamp tax on deeds: $0.70 per $100 of price in most counties, while Miami-Dade charges $0.60 per $100 on a single-family home and $1.05 per $100 on other property. Sellers customarily pay it. A new mortgage adds note stamps of $0.35 per $100 and intangible tax of 0.2% of the loan, which buyers usually pay. Title insurance premiums are set by the state, and closings are handled by a title agent or a real estate attorney.
In a FEMA flood zone, if the cost of a renovation reaches 50% of the building’s market value, the whole building must be brought up to current flood rules, which can mean elevating it. Some cities add up improvements over several years, so ask the building department how it counts before you set the scope.
Yes. When the work is done, a DSCR rental loan can replace the fix and flip loan, with a cash-out refinance at up to 80% loan-to-value.
No. We lend on investment property only.
Under contract on a flip?
Send the address, the price and what you plan to do with the property. We will reply with the leverage and pricing that fit your deal.