Speed is the reason a flip loan exists. Florida had 8,192 flips in the second quarter of 2026, with a typical gross return of 24.1% (ATTOM, on our 2026 financing data page), so a good property draws cash buyers, and a seller will take the offer that closes first.
The loan itself is rarely what holds a closing. What does is the work around it: the appraisal, title, insurance and the entity that borrows.
What sets the pace
| Item | Who controls it | When to start |
|---|---|---|
| Term sheet | The lender: 24 to 48 hours | As soon as you have an address, price, scope and exit |
| Appraisal with after-repair value | Appraiser, needs access and your scope of work | The day the term sheet is signed |
| Title and survey | Title agent | At contract; open permits and liens surface here |
| Insurance (wind and flood) | Your broker and the carrier | Day one: it can take longer to bind than the loan takes to approve |
| Flood-zone check | You and the local floodplain administrator | Before you set the scope |
| Borrowing LLC | You: formed, in good standing, with a bank account | Before you sign the contract |
The Florida items that slow a flip
Flood zones. Much of coastal Florida lies in FEMA special flood hazard areas. Under the National Flood Insurance Program, an improvement whose cost equals or exceeds 50% of the market value of the structure before the work is a substantial improvement, and the building must then meet current floodplain requirements, which can mean elevating it. A scope that crosses that line changes the project, the budget and the appraisal.
Insurance. Wind and flood cover is a closing condition. Quote it before you finalise your offer, not after the appraisal.
Taxes at closing. The deed carries documentary stamp tax of $0.70 per $100 of the price ($0.60 in Miami-Dade, plus a $0.45 surtax unless the property is a single-family dwelling). The loan carries $0.35 per $100 and an intangible tax of 0.2%. These are known in advance, so they should never delay a file.
The loan you are closing
How the two tests interact is worked through in LTC vs ARV on a fix and flip loan, and what the appraiser and lender read in your scope is in what a lender checks in your scope of work.
| Term | Passy Capital |
|---|---|
| Leverage on cost | Up to 90% of purchase plus renovation |
| Check on value | Up to 70% to 75% of after-repair value, whichever test gives the lower loan |
| Term | 12 months, interest-only |
| Renovation funds | Drawn as work is completed and inspected |
| Prepayment | No penalty: sell early, pay no extra |
| Fee | 1% to 2% at closing, no upfront fees |
A two-week checklist
The Florida program is on Florida fix and flip loans. A non-US investor borrows on the same terms through a US LLC; a first-time non-resident who still has to form the LLC and open its account should allow roughly one to two more weeks.
- Form the LLC and open its bank account before you make offers
- Send the deal with a line-item scope and recent sold comps
- Sign the term sheet and order the appraisal the same day
- Request insurance quotes and the flood-zone determination in parallel
- Clear title and close