- Roc, Civic and New Silver published fix-and-flip programs with no prior experience required in October 2026. Lima One asks for one exit in the last 36 months, and RCN sets leverage and rate by flips in the last three years.
- First-timers get less leverage: RCN's zero-flip grid finances 85% of the purchase with a 70% ARV cap (70% and 60% on heavy rehab), against up to 100% and 75% for its most experienced borrowers.
- On a $240,000 purchase, 85% financing instead of 90% means $12,000 more down and about $11,100 more cash overall.
- Close the gap with more cash, an experienced partner or contractor, a conservative ARV and a light-rehab first deal.
Fix and flip loans for beginners exist, and you don't need a track record to get one. In October 2026, Roc Capital, Civic and New Silver published fix-and-flip programs with no prior experience required, and Easy Street said its program serves first-time flippers. Experience changes the terms instead: how much of the purchase the lender finances, how far the loan can reach toward the after-repair value (ARV), and the rate. Expect to bring more cash than an investor on their tenth flip.
What lenders published for first-time flippers
Experience rules fall into three camps: none required, a minimum, and tiers. These are the published terms from lenders that state them.
| Lender | Experience rule | Leverage | Starting rate |
|---|---|---|---|
| Roc Capital | No prior experience required; rate depends on experience | Up to 90% LTC, 100% of rehab, 75% after-repair LTV | 8.25% |
| Civic | No prior experience required; terms can improve with repeat loans | Up to 90% LTC, 100% of rehab, 75% after-repair LTV | 8.49% |
| New Silver | No prior experience required; 650 minimum FICO | Up to 90% LTC, 75% of ARV | 8.5–11% |
| Easy Street | First-time flippers accepted; 600 minimum FICO | 90% of purchase, 100% of rehab, 75% of ARV | 8.90% |
| Lima One | One exit in the last 36 months; 660 minimum FICO | Up to 95% LTC; more leverage and lower rates for experienced borrowers | 7.75% |
| RCN Capital | Tiers by flips in the last 3 years; 650 minimum FICO | 0 flips: 85% of purchase and 70% of ARV; 70% and 60% on heavy rehab | 10.74% new tier; 9.24% experienced |
Swipe the table to see every column →
Starting rates are advertised floors for the strongest files, not what a first-timer should expect. The one lender that publishes rates by tier shows what inexperience costs: RCN's starting rate for new flippers is 1.50 points above its experienced tier, which requires more than 10 flips and a 720+ score. RCN's page carries two grids that don't fully agree (one shows 80% of purchase for its new tier), so confirm on a term sheet. For context, the median rate on 2025 non-bank short-term investor loans was 10.45%, with the middle half between 9.75% and 11%.
The logic is simple. A lender's risk on a first flip is execution: the budget, the schedule and the sale price. It covers that risk two ways. A lower purchase percentage puts more of your cash ahead of its loan if the deal goes wrong, and a lower ARV cap widens the gap between the loan balance and what the house has to sell for. Each exit you complete narrows both, which is why the second deal is easier to finance than the first.
What counts as experience
Definitions differ, and some are broader than you'd guess. Lima One counts the sale or refinance of any investment property you held title to, not just a flip, so a rental you bought and refinanced may qualify. RCN counts flips in the last three years. Keep the closing statements and deeds for every deal; they're how you prove it.
What being new costs: cash at 85% vs. 90% of the purchase
Leverage is where inexperience shows up in your bank account. Take a $240,000 purchase, a $50,000 rehab and a $380,000 ARV, held six months. The first-timer gets 85% of the purchase financed with a 70% ARV cap; the repeat borrower gets 90% with a 75% cap. Both get 100% of the rehab, an assumed 10.25% interest on drawn funds with rehab drawn evenly, 2 points and a $1,995 doc fee.
| Feature | 85% of purchase | 90% of purchase |
|---|---|---|
| Purchase loan | $204,000 | $216,000 |
| Rehab loan (100%, drawn as work is done) | $50,000 | $50,000 |
| Total loan / ARV cap | $254,000 / $266,000 | $266,000 / $285,000 |
| Down payment | $36,000 | $24,000 |
| Buying costs (2% of price) | $4,800 | $4,800 |
| Points (2%) and doc fee | $7,075 | $7,315 |
| Interest, 6 months on drawn funds | $11,736 | $12,351 |
| Taxes, insurance, utilities ($700 a month) | $4,200 | $4,200 |
| Contingency (10% of rehab) | $5,000 | $5,000 |
| Cash for the project | $68,811 | $57,666 |
| First-phase float, repaid by draw 1 | $15,000 | $15,000 |
| Cash to have available | $83,811 | $72,666 |
Swipe the table to see every column →
The first-timer needs $11,145 more: $12,000 more down, offset by $855 less in points and interest on the smaller loan. If the rate is also 1.50 points higher, the gap between RCN's new and experienced starting rates, add about $1,718 of interest over six months. Heavy rehab widens the gap further. On RCN's zero-flip heavy-rehab terms, 70% of the purchase and a 60% ARV cap, the purchase loan drops to $168,000 and the down payment rises to $72,000.
Stress-test the first deal: the ARV is the number that hurts
Same first-timer deal at 85% financing, sold for $380,000 with 7% selling costs: the base-case profit is $35,589 before touching the contingency. Now layer on the three things that most often go wrong on a first flip.
| Scenario | Change | Profit |
|---|---|---|
| Base case | $35,589 | |
| Rehab runs 15% over | −$7,500, paid from your cash | $28,089 |
| Plus a sale 2 months late | −$5,739 interest and carry | $22,350 |
| Plus an ARV 5% under estimate | −$17,670 net of lower selling costs | $4,680 |
Swipe the table to see every column →
Each problem alone is survivable. Together they leave $4,680, and the ARV miss does more damage than the other two combined. That's why the most useful thing a first-timer can do is buy at a price that works on a conservative ARV, and why the rehab overrun should come out of a contingency you've already set aside rather than a holdback that's fixed at closing.
Four ways to make a first deal a safer bet for you and the lender
Bring more cash than the minimum
Expect a lender to check from bank statements that you can cover the down payment, closing costs and carry. Cash beyond that figure pays for the overrun that sinks first deals, and it lets you carry the house if the sale runs long. If you have the cash, taking 85% when you could get 90% also trims your points and monthly interest.
Add an experienced partner or contractor
A partner with closed flips can bring their track record to the file if they join the borrowing entity and sign the guarantee; ask each lender whether it counts a co-guarantor's experience before you form the LLC. Your contractor matters too. Lima One reviews plans, budgets and general contractor experience in underwriting, so a licensed, insured GC with finished jobs and a line-item bid strengthens a first-time file.
Underwrite a conservative ARV
Use closed sales only, take the low end of the range, and use the lender's valuation if it comes in lower. New Silver, for example, asks for six comparable sales within 5 miles from the past 12 months. If the deal still works at an ARV 5% lower than your estimate, it can absorb a first-timer's mistakes.
Pick a smaller, lighter first deal
Cosmetic work earns better leverage than structural or layout changes: RCN's zero-flip grid falls from 85% of the purchase on light or moderate rehab to 70% on heavy. Lima One's Quick Flip, for rehab budgets under 50% of the price, goes up to 95% LTC. Don't go too small, though. Lima One set a $100,000 minimum purchase price or as-is value, New Silver a $100,000 as-is value and a $150,000 ARV, and Roc and Civic a $50,000 minimum loan.
First-deal checklist
- Credit: published fix-and-flip minimums ran 600–660 in October 2026 (Easy Street 600; RCN and New Silver 650; Lima One 660).
- Entity: Roc and Civic lend only to entities. If you form an LLC, have a CPA or attorney set it up.
- Cash: down payment, closing costs, points, six months of interest and carry, a rehab contingency and the first-phase float. Size it like the table above, not from the down payment alone.
- ARV: closed comps close to the subject in size, age and finish, adjusted down rather than up.
- Scope of work: a line-item budget grouped into draw milestones, with a contractor bid behind every line.
- Contractor: license, insurance certificate, references from finished jobs and a payment schedule that matches your draws.
- Insurance: lenders require coverage such as title, liability and hazard; Easy Street lists all three. Price a policy for a vacant house under renovation before you commit.
- Timeline: permits, rehab, listing and the buyer's closing should fit inside the loan term, 6–24 months at published programs, with a month to spare.
- Exit and backup: a sale price you'd accept at 5% under ARV, and a rent figure in case you hold. DSCR lenders, who qualify a rental on its debt service coverage ratio (rent divided by the monthly payment), usually don't require rental experience, so a refinance is a realistic plan B.
- Paper trail: closing statements and deeds from any past investment purchase, sale or refinance.
Six questions to ask every lender on a first deal
- Which experience tier am I in, and what moves me to the next one: one more exit, a higher score, or a partner on the guarantee?
- Is your loan-to-cost figure a share of the purchase price only, or of purchase plus rehab?
- What is the ARV cap for my tier, and whose valuation sets the ARV?
- Do you charge interest on the full loan or only on drawn funds?
- How do draws work: inspection method, fee per draw and typical turnaround?
- What happens if I need more time: extension length, fee and rate?
Get the answers on a term sheet, then judge it on total cash and total cost, not the starting rate. One rule doesn't vary by experience: these are business-purpose loans, so the property must be an investment that neither you nor your family will occupy. A first home to live in calls for a residential mortgage.