- "As low as" rates on lender sites in October 2026 ran from 7.75% (Lima One) to 9.99% (Rehab Financial). Lenders that publish tiers or full ranges go higher: 10.74% for RCN's new investors, 10.5–11.5% at Ridge Street, and typical book rates of 9–12.5% and 10–13% at two listed lenders.
- Federal HMDA filings put the 2025 median at 10% across all lenders and 10.45% at non-banks. Only 24.5% of loans came in below 9%, where most advertised floors sit.
- Experience is the biggest published dial. RCN's starting rate falls from 10.74% for a new investor to 9.24% at 10+ flips with a 720+ score, while the purchase advance rises from 80% to 95%.
- On a $228,000 flip held 7 months, total financing cost ran $21,724 at RCN's new-investor tier and $19,554 at its top tier. Cash at closing differed far more: $52,383 against $16,131.
- Points add 0–2% of the loan at most programs, up to 3% at Sachem Capital, plus a document or underwriting fee of $1,250–$1,995 and about $300 per draw.
Fix and flip loan rates in October 2026 start in the high 7s on lender websites and settle around 10% to 11% in practice. The advertised number is a best case: a top experience tier, a strong score and modest leverage. The federal data shows what borrowers paid in 2025: a 10% median across all lenders, 10.45% at the non-bank lenders that make most of these loans. Your quote lands somewhere on that spread, and points, fees and the way interest is charged on rehab money decide what the loan really costs. Below: the published rates by lender, the federal numbers, what moves the price, and one flip priced in dollars at three experience tiers.
Published rates by lender, October 2026
| Lender | Rate published | Points | Price or cost / ARV cap | Term |
|---|---|---|---|---|
| Lima One (FixNFlip) | From 7.75% | Can be deferred to exit | 95% of cost | 13, 19 or 24 months |
| Kiavi | From 8.25% | Up to 100% of price (95% of cost in its FAQ) / 80% | 12, 18 or 24 months | |
| Roc Capital | From 8.25% | 90% of cost / 75% | 12 months; 18 case by case | |
| Civic | From 8.49% | 90% of cost / 75% | 12 months; 18 case by case | |
| New Silver | 8.5–11% | 1–1.75% | 90% of cost / 75% | Up to 18 months |
| Easy Street (EasyFix) | From 8.90% | 0–2, plus a $1,995 doc fee | 90% of price, 93% of cost / 75% | 6–18 months |
| RCN Capital | 9.24% top tier to 10.74% new investor | 80–95% of price by tier / 70–75% | 12–18 months | |
| Rehab Financial Group | From 9.99% | From 1.5% | 100% of price and rehab / 65–75% | 9 months, plus a 3-month extension |
| Ridge Street Capital | 10.5–11.5%; 10.75–11.5% on its beginner tier | From 1.5%; 2% beginner | Up to 90% of cost / 70% on a first flip | 6–18 months |
| OfferMarket | Quoted per deal | 1.5–2 ($2,000 minimum) | 80–90% of price / 70–75% | 12 months; 18–24 for some projects |
| Manhattan Bridge Capital (2025 10-K) | Typically 9–12.5% | 0–2% | Usually up to 75% of value | Generally 1 year |
| Sachem Capital (2025 10-K) | Typically 10–13% | 1–3% | Up to 70% of value; 85% of cost on renovations | 1–3 years |
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What borrowers actually paid: the 2025 federal file
The Home Mortgage Disclosure Act (HMDA) file records the note rate on each reported loan. Crowdfunded Wealth's cut of the 2025 data, last revised October 26, 2026, found 66,029 short-term business-purpose loans to investors. The median note rate was 10% and the median loan $265,000. Non-banks wrote most of them, 83.3%, and their median was 10.45%, with the 25th and 75th percentiles at 9.75% and 11%. Banks and credit unions wrote 14.8%, at a 7.5% median.
| Note rate | Share of loans |
|---|---|
| Below 8% | 13.1% |
| 8% to under 9% | 11.4% |
| 9% to under 10% | 25.2% |
| 10% to under 11% | 28.2% |
| 11% to under 12% | 15.4% |
| 12% or more | 6.7% |
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Read your quote against this table. A rate under 9% puts you in the cheapest quarter of the market: 24.5% of loans. Between 9% and 11% you're with the majority, 53.4%. Above 11% you're in the dearest 22%, and it's fair to ask the lender what in the file put you there. The percentiles say the same: 7.65% at the 10th, 9% at the 25th, 10.99% at the 75th and 11.9% at the 90th.
Your experience tier is the biggest dial you control
Most lenders price flips by how many projects you've finished. RCN publishes the clearest grid, counting flips in the last three years:
| Tier | Starting rate | Purchase price financed | Rehab financed | ARV cap |
|---|---|---|---|---|
| New (up to 2 flips) | 10.74% | 80% | Up to 100% | 70% |
| Intermediate (3–5 flips) | 10.24% | 90% | Up to 100% | 72.5% |
| Experienced (10+ flips, 720+ score) | 9.24% | 95% | Up to 100% | 75% |
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Moving from new to experienced is worth 1.5 percentage points of rate and 15 points of purchase advance. Ridge Street says first-time investors pay 0.25 to 1.0 percentage points more than experienced borrowers, and its beginner tier lists 10.75–11.5% with a 2% origination fee. Lima One says flippers with more experience get higher leverage and lower rates and fees, without putting numbers on it. The lesson for a newer investor: the rate gap is real, but the leverage gap costs more cash, as the worked example below shows.
Six more things that move the quote
1. Your score, mostly through leverage
Few lenders publish a rate-by-score grid for flips. They publish leverage by score instead, which changes how much you borrow at whatever rate you get. Kiavi names three inputs to its leverage: FICO score, property exit experience and the after-repair value. Rehab Financial caps loans at 65% of ARV for scores of 650–699 and 70% at 700 or more. OfferMarket takes 5 points off its purchase advance for any guarantor under 720, and holds one month of interest in reserve at closing for scores of 700 and up against three months at 660–699. RCN's 9.24% top tier requires 720 or better.
2. How much work the house needs
Among 2025 non-bank loans, the ones coded as home improvement had the highest median of any purpose, 11.25%. Purchases came in at 10.45%, cash-out refinances at 10.5% and rate-and-term refinances at 10.2%. Bigger scopes also cut leverage: RCN's heavy-rehab rows lend less of the price and cap the loan lower against ARV.
3. Loan size
| Loan amount | Loans | Median rate |
|---|---|---|
| Under $150,000 | 9,157 | 10.5% |
| $150,000–$299,999 | 20,508 | 10.49% |
| $300,000–$499,999 | 11,269 | 10.25% |
| $500,000–$999,999 | 8,232 | 10% |
| $1,000,000 or more | 5,810 | 9.95% |
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A loan under $150,000 costs the lender almost as much to underwrite, inspect and draw as one five times its size, so the rate carries that cost. OfferMarket also charges interest on the full loan from closing when the loan is under $100,000, and only as funds are disbursed above that.
4. The state the house is in
| State | All-lender median | Non-bank median | Bank and credit union share |
|---|---|---|---|
| California | 9.75% | 9.75% | 0.1% |
| Texas | 9.99% | 10.45% | 14.4% |
| Georgia | 10.25% | 10.5% | 13.4% |
| North Carolina | 10.24% | 10.25% | 3.7% |
| Florida | 10.49% | 10.5% | 2.5% |
| Ohio | 10.49% | 10.5% | 1.9% |
| Pennsylvania | 10.74% | 10.75% | 3.6% |
| Missouri | 8% | 10.49% | 60.2% |
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Non-bank medians are tighter: between 9.75% and 11% in all fifteen of the busiest states. A low state number is often a bank story: Missouri's 8% median comes from banks writing 60.2% of its loans, while its non-bank median is 10.49%. If no local bank will make your loan, use the non-bank column. State detail for two markets is on the Georgia and Ohio fix-and-flip pages.
5. The term
Across all lenders in 2025, loans written for exactly 12 months had a 10.25% median, those under 12 months 9.9%, 13–18 months 9.99% and 19–24 months 9.95%. Loans of 36 months came in at 7.5%, but banks and credit unions wrote 89.4% of them. A longer term at a non-bank doesn't have to cost more in rate, and it can save an extension fee.
6. Who the lender is, and how interest is charged
The 2.95-point gap between the 2025 non-bank and bank medians is what speed, high leverage and appetite for unfinished houses cost. Then check the interest method. Lima One and LendingOne charge interest only on rehab money you've drawn; a loan that charges on the full amount from day one costs more at the same rate. Ask which one your note uses.
Points and fees: the part of the price the rate leaves out
| Charge | Published figures |
|---|---|
| Points (origination) | Sachem 1–3%; Manhattan Bridge 0–2%; OfferMarket 1.5–2, never under $2,000; Rehab Financial and Ridge Street from 1.5%; New Silver 1–1.75%; Easy Street 0–2 |
| Document or underwriting fee | $1,995 at Easy Street; $1,250–$1,995 at Ridge Street |
| Draw fees | $270 per draw plus a $30 wire at OfferMarket; $200–$300 per request at Ridge Street |
| Extensions | OfferMarket: 1% for a first 3-month extension, 1.5% for a second, 2.5% for 6 months. Rehab Financial: 1% for an automatic 3-month extension |
| Prepayment penalty | None at Kiavi, Easy Street, Ridge Street, LendingOne or OfferMarket |
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Points weigh more the shorter you hold the loan. On the intermediate-tier loan below, one point is $2,622, while one percentage point of rate over 7 months on the drawn balance is about $1,440. Over that hold, a point costs as much as 1.8 points of rate. How to trade the two, fee by fee, is in investor loan points and fees.
One flip, three tiers: what the loan really costs
A 1960s brick ranch under contract at $228,000, with a $57,000 rehab and a $395,000 ARV from recent sales of updated houses nearby. The rehab money is released after months 1, 2 and 3 ($22,000, $20,000, then $15,000), interest runs only on drawn funds, and the sale closes at the end of month 7. Rates and leverage are RCN's published tiers. Points are assumptions inside published ranges; the $1,995 lender fee and $300 per draw follow published schedules elsewhere.
| Item | New (up to 2 flips) | Intermediate (3–5 flips) | Experienced (10+, 720+) |
|---|---|---|---|
| Purchase advance | 80% = $182,400 | 90% = $205,200 | 95% = $216,600 |
| Rehab financed | $57,000 | $57,000 | $57,000 |
| Total loan | $239,400 | $262,200 | $273,600 |
| ARV cap | 70% = $276,500 | 72.5% = $286,375 | 75% = $296,250 |
| Rate | 10.74% | 10.24% | 9.24% |
| Points, assumed | 2% | 1.5% | 1% |
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| Cost | New | Intermediate | Experienced |
|---|---|---|---|
| Interest on drawn funds | $14,041 | $14,749 | $13,923 |
| Points | $4,788 | $3,933 | $2,736 |
| Lender fee | $1,995 | $1,995 | $1,995 |
| Three draws at $300 | $900 | $900 | $900 |
| Total financing cost | $21,724 | $21,577 | $19,554 |
| Share of the loan | 9.1% | 8.2% | 7.1% |
| Yearly cost on the money drawn | 16.6% | 15.0% | 13.0% |
| Down payment, points and lender fee at closing | $52,383 | $28,728 | $16,131 |
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The rate gap between the bottom and top tiers is 1.5 points, but the total cost gap is only $2,170, because the experienced borrower borrows $34,200 more and pays interest on it. Cost per dollar borrowed is a different story: 16.6% a year on the money drawn at the new tier against 13.0% at the top, once points and fees are spread over 7 months. The yearly figure is total cost divided by the average drawn balance ($224,114, $246,914 and $258,314), times 12 over 7.
The number that decides it for most newer investors is the last row. The new-investor tier needs $36,252 more cash at closing than the top tier, before title and insurance, and before the first rehab phase you pay for ahead of its draw. That's why the rate is rarely what stops a first flip. Cash needed to flip a house walks through the rest of the cash budget.
If the sale slips three months
At full balance, each extra month costs $2,143 at the new tier, $2,237 at intermediate and $2,107 at experienced: $6,428, $6,712 and $6,320 for three months. RCN's 12–18 month term absorbs that without an extension. On a 9- or 12-month note, add an extension fee, 1% of the loan on two published schedules. Test your own deal with the flip calculator.
Six questions that turn a rate into a price
- Which tier am I in, and what would move me up: one more completed flip, a higher score, or less leverage?
- Is the rate tied to the leverage you quoted, and what is it at 5 points less?
- What are the points, and what does every other fee cost in dollars?
- Does interest run only on money drawn, or on the whole loan from day one?
- What does an extension cost, and is there a prepayment penalty or minimum interest?
- What will the total cost be at my planned hold, and at three months longer?
Current published ranges for every loan type sit on the rates page. Every rate in this guide is for business-purpose loans on investment property; if you or a relative will move into the house, talk to a residential mortgage lender instead.