Fix and Flip Loans Built for Speed, Scale, and 100% Leverage

At Ternus, we don’t just provide fix-and-flip financing, we power your vision with up to 100% of the purchase price and 100% of the rehab budget. Our hard money loans are designed for real estate investors who need to move fast, close faster, and keep more capital in play. With funding decisions in 24 hours, no appraisals, and no credit checks on qualifying deals, Ternus removes the friction between you and your next flip.
Up to 100% LTC
Full purchase price coverage on qualifying deals
Up to 100% Rehab
Your renovation budget, fully funded
Up to 80% ARV
Underwritten to after-repair value
Close
quickly
When your documents are ready, we are too

Fix-and-Flip Loan Terms That Put Leverage in Your Hands

Whether you’re acquiring a distressed single-family home for a quick cosmetic flip or tackling a full gut renovation on a fourplex, our fix-and-flip program is structured to maximize your buying power while minimizing out-of-pocket costs. Ternus offers some of the most aggressive leverage in the private money lending space, up to 100% of the purchase price, with rehab financing that covers your full renovation budget.

Loan Parameter
Details

Loan Amounts
$50,000 – $500,000

Loan-to-Cost (LTC)
Up to 100% of purchase price

Rehab Coverage
Up to 100% of renovation budget

After-Repair Value (ARV)
Up to 80%

Interest Rate
Rates starting at 9.5% based on experience and LTC tier (interest-only)

Origination Fee
Starting at 0.5%

Loan Term
12 months

Extension Fee
1% (at lender’s discretion)

Interest Reserves (f needed)
6 months + 10% of rehab budget

Eligible Properties
Single-family, 2–4 units, townhomes

Appraisal
Not required¹

Credit Check
Not required¹

Prepayment Penalty
None

Closing Speed
Closings as quick as 7 days

Entity Requirement
LLC, LP, Corporation, SDIRA, or 401(k) with individual guarantor

¹ Appraisal and credit report may be required at lender’s discretion based on overall risk assessment. Available in select markets.

Every fix-and-flip loan from Ternus is structured as interest-only with no prepayment penalty, meaning you pay nothing extra for selling ahead of schedule. Closing costs can be rolled into the loan amount, though Ternus origination fees are paid separately to keep your loan balance lean.

Category 1: About Fix-and-Flip Loans
What is a fix-and-flip loan?

A fix-and-flip loan is a short-term, asset-based loan used by real estate investors to purchase and renovate a property for resale. Unlike traditional mortgages, fix-and-flip loans, also called hard money loans, are underwritten primarily on the property’s value rather than the borrower’s income or credit history. Loan terms typically range from 6 to 24 months with interest-only payments, and funds are disbursed in stages as renovation milestones are completed. At Ternus, our fix-and-flip loans cover up to 100% of the purchase price and 100% of the renovation budget, with terms of 6 months plus a 3-month extension option.

How do fix-and-flip loans differ from conventional mortgages?

Fix-and-flip loans are designed for speed and flexibility on investment properties, while conventional mortgages are designed for long-term owner-occupied purchases. Key differences: fix-and-flip loans close in days (not weeks), don’t require income verification or tax returns, offer shorter terms (6–24 months vs. 15–30 years), charge higher interest rates (8–15% vs. 6–7%), and are underwritten based on the property’s after-repair value rather than the borrower’s debt-to-income ratio. Fix-and-flip loans also fund renovation costs through a draw process, which conventional mortgages do not.

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

At Ternus, many of our fix-and-flip loans do not require a credit check at all, your credit score won’t be pulled and won’t be impacted. When a credit review is required (at lender’s discretion based on deal risk), a minimum FICO score of 660 is our general guideline (660 required on higher-leverage deals where rehab exceeds 100% of purchase price or ARV exceeds the county median). This is significantly more flexible than most competitors, who require 650–720. Our focus is on the deal itself, the property value, your renovation plan, and the ARV, not on your credit profile.

Can I get a fix-and-flip loan with no money down?

Ternus offers up to 100% of the purchase price (LTC) and up to 100% of the renovation budget, capped at 80% of the property’s after-repair value (ARV). When the total project cost falls below 80% of ARV, it’s possible to receive 100% financing with very little out-of-pocket for the acquisition and rehab. However, you’ll still need funds for holding costs (insurance, utilities, property taxes) and closing costs not rolled into the loan.

What is after-repair value (ARV) and why does it matter?

After-repair value is the estimated market value of a property after all planned renovations are completed. Lenders use ARV to determine the maximum loan amount, at Ternus, we cap total financing at 80% of ARV. This protects both the lender and the borrower by ensuring there’s enough equity margin in the deal. To estimate ARV, analyze comparable sales of recently sold, renovated properties within a 0.5–1 mile radius that are similar in size, bedroom count, and renovation quality.

How does the draw process work for renovation funds?

Ternus uses a simple photo-verification draw process. When you complete a renovation milestone (demo, framing, plumbing, electrical, finishes, etc.), we send you a link to upload photos of the completed work. Once submitted, our team reviews the progress and releases funds, typically within 5 business days. No third-party inspectors. No multi-week delays.

Category 2: About Ternus Lending
Where does Ternus lend?

Ternus currently lends in 39 states. We do not lend in Alaska, Arizona, California, Hawaii, Michigan, Minnesota, Nevada, New Hampshire, Oregon, Rhode Island, or Vermont. State-specific restrictions may apply. To confirm eligibility, reach out at (972) 755-1880 or submit a deal through our online application at https://www.ternus.com/apply-now/.

Does Ternus really offer 100% leverage?

Yes. On qualifying fix-and-flip deals, Ternus offers up to 100% of the purchase price (LTC) and up to 100% of the renovation budget, subject to a maximum of 80% of the after-repair value (ARV). Not every deal or every investor will qualify for maximum leverage: approval depends on the property’s ARV-to-cost ratio, your experience level, and the deal’s overall risk profile.

What documentation does Ternus require?

Required documentation includes proof of funds (bank statements or account verification), property purchase contract, entity formation documents (LLC operating agreement, certificate of formation, or articles of incorporation), borrower identification (government-issued ID), renovation scope of work with line-item budget, and comparable sales supporting your ARV estimate. We do not require tax returns, W-2s, pay stubs, or income verification of any kind.

Can my closing costs be rolled into the loan?

Standard closing costs such as title fees, recording fees, and third-party charges can be rolled into your loan amount on refinance and delayed purchase loans only. However, Ternus’s own fees (origination fee and interest reserves) cannot be rolled in and must be paid separately at closing. This structure keeps your total loan balance lower and your interest expense in check.

What happens if my project takes longer than 12 months?

Ternus offers extension option on fix-and-flip loans at a 1% extension fee, available at lender’s discretion. This gives you up additional months total to complete your project and exit the loan. If you anticipate needing additional time, communicate early with your Ternus loan officer proactive borrowers to get the best outcomes.

What types of properties are eligible?

Ternus lends on 1 to 4 unit residential properties, including single-family residences, duplexes, triplexes, fourplexes, and townhomes. Commercial real estate, manufactured homes, raw land, and rural properties are not eligible. For larger multifamily acquisitions (5–9 units), contact us to discuss alternative programs.

Does Ternus work with first-time fix-and-flip investors?

Yes, absolutely! While we don’t require a completed flip on your resume, some form of real estate experience strengthens your application, whether that’s property management, real estate sales, construction, or wholesaling. First-time flippers should come prepared with a solid project plan, realistic renovation budget, and clear comparable sales to support their ARV estimate.

Category 3: About Hard Money Loans
What is a hard money loan?

A hard money loan is a short-term, asset-based loan issued by a private lender rather than a bank or credit union. The loan is secured by the real estate itself (the “hard” asset), and underwriting focuses primarily on the property’s value rather than the borrower’s income or credit. Hard money loans are used by real estate investors for fix-and-flip projects, bridge financing, and property acquisitions where speed and flexibility matter more than the lowest possible rate. At Ternus, all of our fix-and-flip, wholetail, transactional, and bridge loans are hard money loans.

What are typical hard money loan rates in 2026?

Hard money loan rates in 2026 generally range from 8% to 15%, depending on the lender, loan-to-value ratio, borrower experience, and property type. Origination fees (points) typically add 1–3% at closing. Ternus’s fix-and-flip program is priced from 9.5% APR with 1.5 to 3.0 origination points, based on experience level and LTC tier. Lenders offering lower rates (8–10%) typically require higher down payments, credit checks, appraisals, and longer closing timelines.

Do I need an LLC to get a hard money loan?

At Ternus, yes, all borrowers must operate through a legal business entity such as an LLC, LP, or corporation. An individual guarantor is also required. This is standard practice among business-purpose hard money lenders because it establishes the loan as a commercial transaction (not a consumer mortgage). If you haven’t formed an LLC yet, this should be one of your first steps before applying. Read more: Your Checklist for Hard Money Loans (https://www.ternus.com/blog/your-checklist-for-hard-money-loans/).

Can I refinance a hard money loan into a long-term rental loan?

Absolutely, this is the foundation of the BRRRR strategy (Buy, Rehab, Rent, Refinance, Repeat). After completing your renovation and stabilizing the property with a tenant, you can refinance your Ternus fix-and-flip loan into a Long-Term Rental Loan (DSCR) (https://www.ternus.com/loan-programs/long-term-rental-loans/) with up to 80% LTV and 30-year terms. Because Ternus offers both short-term and long-term products, you can execute the full BRRRR cycle with a single lender.

Are hard money loans only for experienced investors?

No. While hard money loans are most commonly used by experienced fix-and-flip investors, Ternus works with investors at all experience levels on a case-by-case basis. What matters more than your flip count is the quality of your deal, a solid property at a deep discount with a realistic renovation plan will get approved faster than a marginal deal from an experienced investor. For common concerns, read: Common Myths About Hard Money Loans.

How do I choose the right hard money lender?

Evaluate lenders on five dimensions: (1) leverage: how much of the deal do they fund? (2) speed: how fast can they close? (3) transparency: Are rates, fees, and terms clearly published? (4) Draw process: How quickly do they release renovation funds? (5) track record: who runs the company and what have they built before? At Ternus, we publish every term upfront, fund draws in one business day, and are led by a team from Blackstone/B2R Finance and RCN Capital. For a full framework, read: Questions to Ask a Hard Money Lender.