The Fix and Flip Loan Document Checklist

Flip loans need less paperwork than a bank mortgage. There are no tax returns or pay stubs in most cases. But the lender still needs to know who is borrowing, what you are buying, what you plan to do to it, and that you have the cash to finish. Here is what to gather. RSC Private Lending typically asks for property details, the purchase agreement, a scope of work for the rehab, proof of funds and borrower information.

About you

Who is borrowing

• A government-issued photo ID for each guarantor
• Social Security number for credit and background checks
• For the borrowing entity: formation documents, operating agreement or bylaws, EIN letter and a certificate of good standing from the state

Newly formed entities are common. On RSC loans, the borrower is an LLC, LP or corporation with a personal guarantee, and RSC lends to U.S. citizens and permanent residents.

Your track record

A simple spreadsheet of past projects goes a long way. Include the address, purchase date and price, rehab cost, sale or refinance date, and sale price. Settlement statements back it up. If this is your first deal, list related experience instead.

About the deal

The property

• Signed purchase contract with all addenda
• Property address and seller contact
• Target closing date

If you already own the property, bring the deed, your original settlement statement and a payoff letter for any existing loan.

The rehab plan

• A scope of work broken out by line, with a cost on each
• Contractor bids or estimates
• A project timeline
• Your contractor's license and insurance, if the lender asks

This is often the document that slows files down. A detailed scope also becomes the basis for your draw schedule, so time spent here pays off later.

Value support

Most lenders order an appraisal or valuation that estimates both as-is and after-repair value. With RSC, an appraisal or due-diligence fee may be due upfront. Sending your own comps early helps the lender see your logic.

Money and protection

Proof of funds

• Recent bank or brokerage statements, often the last two months
• A clear paper trail for large deposits

Many lenders recheck balances shortly before closing. RSC does not require cash reserves on its Fix & Flip loans.

Insurance

Before funding, most lenders require a policy suited to a vacant property under renovation, such as builder's risk or a vacant dwelling policy, plus liability coverage, with the lender named as mortgagee.

Example (illustrative only): An investor who sends ID, entity documents, a contract, a line-item scope with bids and two months of statements on day one gives the lender almost everything needed to order the appraisal right away. Missing pieces usually mean waiting.

What this means for you

Build a deal folder once and reuse it. Keep entity documents, a current track record and recent statements ready to go, and add the contract and scope for each new property.

Ready to send a deal? Submit your scenario to RSC Private Lending on the website, by phone at (832) 648-4619 or by email at info@rscprivatelending.com for a term sheet in 24 hours. All loans are business-purpose and subject to underwriting.