What kind of documentation is needed to get approved?

For Fix-and-Flip Loans:

Since fix-and-flip loans focus more on the property and project rather than the borrower’s financial history, the required documents typically include:

1. Loan Application – A completed form with borrower details, project scope, and financials.
2. Property Information – Address, purchase contract, and details on the property’s current condition.
3. Scope of Work (SOW) – A detailed outline of planned renovations and estimated costs.
4. After-Repair Value (ARV) Estimate – An appraisal or comparative market analysis to show projected property value after improvements.
5. Proof of Funds – Bank statements or proof of financial reserves to cover additional costs.
6. Experience & Track Record – A list of past fix-and-flip projects (if applicable) to demonstrate investor experience.
7. Business Entity Documents – If borrowing under an LLC or corporation, lenders may require Articles of Incorporation, Operating Agreements, and an EIN.

For Rental Loans:

Rental loans require a more traditional approach since they involve long-term financing. Lenders typically request:

1. Loan Application – Basic borrower and loan request details.
2. Credit Report & Score – A review of creditworthiness (most lenders prefer a score of 660+).
3. Property Appraisal – A formal property valuation to confirm its worth.
4. Lease Agreement – If the property is already rented, lenders may request proof of rental income.