Apply for a Renovation Loan

A Guide by Dylan Cleland and Lance Gebhart
Surfside Properties 🤝 Groves Capital
  1. Apply for a Renovation Loan
  2. Application
    1. Approval Timeline Expectations
  3. Renovation Loan Programs
    1. 🔧 Fix-to-Rent Program
    2. ⚡ Fix-and-Flip Program

Application

Apply now
Credit Authorization form

Approval Timeline Expectations

Pre-Approval: Possible same-day/one business day with complete application, credit report, and documentation.

Full Approval: Typically 7-30 days, depending on choice of loan program, third-party providers, and timely document submissions.

Renovation Loan Programs

🏠 First Step to Passive Income With Minimal Cash Out of Pocket
đź’° Key Benefits
  • No requalification or duplicate closing costs
  • Option for no monthly payments during renovation
  • Seamless transition into long-term financing
  • Available for ITIN borrowers
  • Suitable for first-time or experienced investors
  • Interest-only payment structures available
  • Only pay interest on funds actually drawn
🎯 Best for Whom
  • First-time buyers/investors priced out of California—renovate in lower-cost markets
  • Experienced investors seeking higher leverage and lower rates
  • Realtors with access to off-market deals looking for financing partners
  • Property managers aiming to expand their own rental portfolios

🔧 Fix-to-Rent Program

Strategy: Purchase a discounted property, renovate, and convert it into a cash-flowing rental (short-term or long-term). Options include one-time close loans or DSCR cash-out refinancing to recover your initial investment. No ownership seasoning required.

Leverage: Up to 85% of purchase price plus 100% of renovation budget (max 65–70% ARV).

Experience Bonus: Better terms for investors with 2–3+ prior deals; all experience levels welcome.

Credit: Minimum FICO 640 (exceptions possible).

Documentation: No income docs required; reserves needed. Qualification based on projected rental income vs loan payment.

Eligible Properties: Investment properties only; exceptions for mixed-use or commercial projects.

⚡ Fix-and-Flip Program

Strategy: Short-term financing designed for quick renovations and profitable sales. Ideal for investors seeking high returns and faster exits. Interest-only payments on drawn funds, with in-house fund control (no third-party delays).

Leverage: Up to 92.5% of purchase price plus 100% of renovation budget.
• California: up to 70–75% ARV
• Select states: up to 100% ARV (qualified buyers)

Credit: Minimum FICO 640. No experience required, though seasoned investors receive more favorable terms.

Documentation: No income docs required; minimal reserves.

Eligible Properties: Single-family, multi-unit, commercial, mixed-use. Cross-collateralization available to use equity in place of cash.

Exit Options: No seasoning required—refinance to DSCR, cash out initial investment, and convert to a rental for ongoing income.