What You Need to Qualify

Hard Money Loan Requirements

Hard money loans (also called bridge loans or fix-and-flip loans) qualify on the property's value — not your personal income or tax returns. This page walks through every requirement Pimlico Capital uses to underwrite a hard money or fix-and-flip loan — leverage, credit, ARV, rehab budget, and draws — plus the documents you'll need.

Get a hard money quote Call (410) 855-4600
Construction site with rehab in progress
Hard Money
660Minimum FICO score
90% / 100%LTC purchase / rehab funding
70% ARVMaximum loan vs. after-repair value
Lending Parameters

How a hard money loan is sized

We lend on the deal, not your paycheck. Leverage is set by the property and your track record.

Max Loan vs. ARV
70%
Combined purchase + rehab, capped at 70% of after-repair value.
Purchase LTC
90%
Up to 90% loan-to-cost; higher tiers for experienced investors.
Rehab Funding
100%
Approved rehab budget, funded through a draw schedule.
Min FICO
660
700+ unlocks better pricing. First-timers welcome.
Worked example
$400K ARV × 70% = $280K max total loan

Credit

Minimum
660
FICO to qualify
Better pricing
700+
unlocks tighter rates
  • Soft pull at pre-qualification; hard pull only at full submission.
  • Lates, collections, or thin files don't automatically disqualify — we look at the full picture.
  • No bankruptcy in 4 years; no foreclosure in 3 years.

Experience & track record

  • First-time flippers welcome — no prior flip experience required to qualify.
  • 3+ completed flips unlocks higher LTC/LTV tiers and faster underwriting.
  • Scored on the last 36 months — we'll ask for addresses and exits during underwriting.

What we fund

  • Single-family flips and 2–4 unit small multifamily
  • Condos with conforming HOA financials
  • Townhouses & row homes — Baltimore, Philadelphia, DC
  • BRRRR — bridge now, refinance into a 30-year DSCR

What we don't

  • Owner-occupied properties
  • Raw land
  • Mobile homes
  • Ground-up new construction — funded separately as construction loans

ARV & the appraisal

ARV is the projected market value once the rehab is done. We size the loan off ARV — not the as-is price — so a strong set of post-rehab comps works in your favor.

Full ARV explainer →
✓
Independent appraisalOrdered on every deal — no self-reported values.
✓
Two values, one reportAs-is value plus a subject-to-completion ARV.
✓
Comp-drivenBased on sales of comparable finished homes nearby.
Loan Tiers

Entry-level vs. experienced

Your track record sets your leverage and pricing. Both tiers fund 100% of the approved rehab.

Entry-level
Experienced · 3+ in 36mo
Purchase LTC
80%
90%
Rehab funding
100%
100%
Combined cap
70% ARV
70% ARV
Pricing
Standard
Best available

Draw process

3–6draws per project
48–72hinspection → wire

Rehab funds sit in escrow and release as work is completed — a local inspector verifies each milestone before we wire.

Full draw process walkthrough →

Entity & titling

  • Close in an LLC, S-corp, or trust — personal-name closings allowed.
  • Foreign-national borrowers can close through a US LLC.
  • Personal guarantee from each guarantor; we underwrite guarantor credit and experience.

Rehab budget

  • Itemized by trade with realistic costs.
  • 10–15% contingency line — we expect to see one.
  • Revisable mid-project with approval and an updated draw schedule.
How to build a realistic rehab budget →

The MAO formula

Maximum Allowable Offer — the most you can pay for a flip and still pencil. We underwrite to the same margin.

MAO=(ARV×70%)−Rehab−Profit

If there is not enough room between ARV × 70% and your total costs (purchase + rehab + holding), the deal will not clear underwriting — on your side or ours.

Full MAO walkthrough →
The Differentiator

What we DON'T require

What most lenders ask for that we don't — these are the things that make our process faster than a conventional shop.

No personal income verification. No W-2s, no pay stubs, no employment letters.
No personal tax returns. The property's value and your investor profile qualify the loan.
No DTI calculation. Your other personal debts don't factor into approval.
No prior flip experience required for entry-level deal sizes.
No prepayment penalty. Pay off early without a fee — ideal for investors who finish and sell ahead of schedule.
Checklist

Documents you'll need

A typical complete file looks like this.

Government-issued photo ID for each borrower / guarantor
LLC operating agreement and EIN (if closing in an entity)
Purchase contract and property address
Itemized rehab budget (with contingency)
Photos of the property (interior + exterior)
Comparable sales (ARV justification) — we pull these too, but a starting list helps
Two most recent personal bank statements (for closing-cost verification only)
List of completed flips in the last 36 months (addresses and exits) — optional but helpful

Common Questions

Do you fund first-time flippers?
Yes. We fund investors with no prior flip experience. Pricing is tighter for experienced investors, but the loan can still close on entry-level deal sizes.
What's the minimum credit score?
660 FICO. Higher credit unlocks better pricing. Recent late payments or collections don't automatically disqualify — we look at the full picture.
How much rehab funding do you provide?
Up to 100% of the approved rehab budget, funded through a draw schedule as work is completed. We hold rehab funds in escrow and dispatch local inspectors to verify each draw.
What's the LTV cap based on ARV?
70% of ARV (after-repair value) for the combined purchase + rehab loan. That's the most we'll lend against the projected post-rehab value.
How is ARV determined?
We order an independent appraisal that includes both an as-is value and a subject-to-completion ARV based on your rehab plans. The appraiser pulls comparable sales of similar finished properties in the area.
What if my rehab goes over budget?
We can revise the rehab budget mid-project with approval and an updated draw schedule. Significant scope changes require new underwriting; minor overruns are usually absorbed in the contingency.
How long can the loan be open?
6–12 month terms. Extensions available for ongoing projects. Most fix-and-flip deals close in 6–9 months from funding to exit.
How fast can you close?
Hard money loans typically close in 5–10 business days — and as fast as next day when a deal demands it. Typical timeline is 7–10 business days.
Is there a prepayment penalty?
No prepayment penalty on standard hard money loans. Pay off early when you sell or refinance without a fee.
Do you fund construction or new builds?
Hard money loans are for existing structures requiring rehab. For ground-up new construction, see our Construction Budget & Draws page.
Can I refinance a hard money loan into a long-term rental loan?
Yes. Once the property is rehabbed, leased, and stabilized, you can refinance into a 30-year DSCR rental loan. We fund both sides of the BRRRR pipeline.
How It Works

From first call to funded.

1

Submit the deal

Get a quote online or call us. We'll size the deal in 24 hours.

2

Underwriting

Our in-house team underwrites the file — not an algorithm or a remote committee.

3

Close & fund

5–10 business days for bridge, 3–4 weeks for 30-year rental.

Investor Education

From the Blog

Investor playbooks and explainers from our team. See the full library on our blog.

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55+ investor guides covering DSCR, bridge loans, fix-and-flip, BRRRR, market updates, and more.

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Get a hard money quote Call (410) 855-4600
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