How It Works: The RFG Loan Process
A clear fix and flip loan process that takes you from application to payoff without surprises.
Rehab lending is all we do, and after thousands of funded projects we’ve refined our process down to five straightforward steps. Approval decisions typically come within one business day, closings happen in as few as 5 to 10 business days, and you’ll work with the same team from your first call to your final draw. Here’s what to expect at each step.
The Rehab Financial Loan Process at a Glance
Every Rehab Financial loan follows the same five steps. Most borrowers go from prequalification to closing in a few weeks, and repeat borrowers move even faster.
Step 1: Prequalify
Start with our short prequalification form or give us a call. We’ll ask about your credit, your available cash, and the property you have in mind, then let you know quickly whether an RFG loan makes sense for your project. There’s no cost and no obligation, just a straight answer.
Check If You’re Qualified
Want to check before you reach out? Our qualification checklist covers everything we look for, from credit score to cash reserves.
Step 2: Apply and Get Approved
Once we’ve talked through your project, we’ll send you our loan application. It includes a checklist of everything we need, like recent bank statements and a copy of your driver’s license. A one-time application fee covers the cost of pulling your credit report, and from there your application goes straight to our underwriter. You’ll usually have a decision within one business day, as long as your application is complete. Double-check that checklist, since missing documents are the most common thing slowing an approval down.
Get Pre-Approved and Request Proof of Funds Letters
Still house hunting? We can pre-approve you for a maximum loan amount so you know exactly what you can offer. When you find a property, we’ll send a custom proof of funds letter to strengthen your bid, usually within a few hours on business days. Loans range from $100k – $1.25M, and one pre-approval can carry you through multiple deals in a year.
What You’ll Need to Apply
Step 3: Appraisal, Inspection, and Closing
After approval, send us your agreement of sale and an itemized repair estimate as soon as you can. We’ll order the appraisal, which establishes both the as-is value and the after repair value of the property, along with an independent inspection that confirms your repair costs are realistic. While that’s underway, you and your realtor arrange title and insurance. Once we have the reports in hand, we can close in as few as 5 to 10 business days.
Your Scope of Work Matters
Your repair list does a lot of heavy lifting. It shapes the appraised value, guides the inspection, and sets the schedule for how your rehab funds are released. Once it’s agreed on, it’s the plan we both work from, so if your project changes mid-rehab, talk to us before making the change and we’ll keep your funding on track.
Plan for additional third-party costs at this stage, such as appraisals and inspections.
Step 4: Renovate and Draw Your Rehab Funds
As you complete the work, we release your rehab funds in draws. Finish a line item on your repair list, request a draw, and an inspector will verify the completed work. Once we receive the report, your funds are wired within one business day. A 10% holdback stays in escrow and is released with your final draw when the project wraps up.
Step 5: Sell, Rent, or Refinance and Pay Off
When your rehab is done, you have two ways out. Sell the property and pay off the loan at settlement, or refinance and hold it as a rental. Just let us know your settlement date as early as possible so we can coordinate the payoff with your title company. And once you’ve closed out your first RFG loan, the next one gets easier, because we already know how you work.
Holding Instead of Flipping?
If the numbers favor renting over selling, our 30-year rental loan lets you refinance and keep the property in your portfolio.
Built for Investors Who Are Ready to Do More
Our borrowers treat real estate like a business, whether that means a full portfolio or a first project they’ve done their homework on. Many come to us as contractors, realtors, or brokers looking to put their industry experience to work in their own deals. Whoever you are, we offer up to 100% financing of purchase and rehab costs, structured around the strength of your deal.
Where We Offer Hard Money Loans:
Alabama, Connecticut, Delaware, Florida, Georgia, Indiana, Kentucky, Maryland, Massachusetts, Missouri, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia.
Frequently Asked Questions
How fast can I close?
Once you’re approved and we’ve received the appraisal and inspection reports, closings happen in as few as 5 to 10 business days. From first contact to closing, most borrowers are looking at a few weeks.
Do I need experience to get a loan?
No. We work with first-time investors all the time, and we’re happy to walk you through the process step by step. Experience can improve your terms, but it isn’t a requirement.
Can I get a proof of funds letter before I find a property?
Yes. We can pre-approve you for a maximum loan amount while you’re still house hunting, then issue custom proof of funds letters for each offer you make, usually within a few hours.
What happens if my project changes mid-rehab?
Talk to us first. Small substitutions are rarely an issue, but material changes to your scope of work affect the property’s projected value and your draw schedule. Involving us early keeps your funding on track.
Ready to Move on Your Next Deal?
If you have a deal in mind or just want to understand your options, we’re ready to talk it through with you.