Nov. 15, 2025
How Hard Money Lenders Help First-Time Flippers Win
What if the fastest path to your next profitable flip isn’t a bank at all—but an asset-based loan that closes in days, not weeks? We sit down with Susie from Rehab Wallet to demystify hard money lending for fix-and-flip investors and show why speed, structure, and clear math can beat sticker-rate anxiety. From no-credit underwriting to next-day draws, we walk through a funding model built by investors who understand real timelines, real budgets, and real-world hiccups.
We start by separating myths from mechanics: how hard money compares to banks and private lenders, why higher annual rates can still be smarter on a six-month timeline, and how no prepayment penalties plus quick closings can translate to better offers and bigger spreads. Then we dig into the numbers that matter—ARV built on true comps, the 65/70% rules that anchor your max offer, and the down payment and LTV ranges that keep risk in check. Susie shares candid examples of deals saved by accurate comps—and deals stopped when “wishful ARVs” didn’t hold up.
Execution is where profit lives. You’ll hear how to line up a general contractor before you write offers, build a scoped budget that won’t blow up mid-project, and use a photo-based draw app to pay crews the next business day so you don’t lose labor to other jobs. New investors learn how to present a fundable deal—team, comps, scope, and exit plan—and what it takes to “graduate” into better terms and multiple concurrent projects. We also cover practical negotiation leverage with 7–10 business day closings and why having a reliable hard money partner can win you deals when private money falls through.
If you’re ready to move from curious to confident—running the math, writing tighter offers, and closing faster—this conversation gives you a clear playbook and a lender’s-eye view. Subscribe, share with a friend who’s ready to flip, and leave a review to tell us what deal analysis topic you want next.
GOODIES
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The Flipsisters
Leaving people and places better than we find them.
00:00 - Welcome & Why Funding Matters
02:45 - What Hard Money Really Is
06:45 - Credit-Free Lending & Less Paperwork
10:40 - Rates, Terms, And The Six-Month Mindset
15:35 - Speed, Flexibility, And Closing Fast
20:20 - Offers, Timing, And Competitive Edge
24:10 - Deal Screening: ARV, LTV, And Math That Works
29:30 - Contractors, Draws, And Keeping Projects Moving
34:00 - First-Time Flippers: Presenting A Fundable Deal
WEBVTT
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You're listening to the Flip Houses Like the Girl podcast, where we educate, empower, and celebrate everyday women who are facing their fears, doubling family and business, embracing their audience, and wholeheartedly facing their dream of flipping houses.
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Each episode delivers honest and goodness tools, tips, and strategies you can implement today to get closer to your first or next successful house flip.
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Welcome back to Flip Houses Like a Girl podcast.
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This is the show where we highlight real stories of everyday women who are learning to flip houses and create freedom for themselves and their families.
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I'm Blair, one of the coaches here with the Flip Sisters.
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I've been flipping houses for six years and have done 30 flips.
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Today we're excited to introduce you to Susie.
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Susie is the sales manager with my favorite hard money lender, Rehab Wallet.
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Rehab Wallet is a hard money lender based in Charleston, South Carolina.
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They are my personal favorite hard money lender because they are so easy to work with.
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The company was founded by a real estate investor who kind of just got tired of all the extra unnecessary paperwork and hoops that other hard money lenders made investors go through.
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Oh, and don't let me forget to mention the founder Kelly Garrett is a badass lady.
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And the current team is primarily almost all women, and all of them are 100% badass.
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So let's go ahead and dive in.
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I know a lot of you listening would love to know how are the ladies on your podcast and your program funding these flips?
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I know I personally had no money or credit when I started.
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So I know it was one of the biggest hurdles for me to get over mentally when I started to flip houses.
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Learning about hard money lenders or HMLs for short will hopefully get you to see there are lenders out there that want to lend you money and work with you.
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So, Susie, thank you so much for joining me today.
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I'm so excited that you're here and can't wait to dive in and ask you some of our listeners' burning questions.
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Awesome.
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Thank you so much, Blair, for having me.
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I am delighted and really honored to just be here and be able to share some of the tips and tricks that I've learned over the years.
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A lot of people are not familiar with hard money lender, so would love to just share a little bit of what we do and how we do it.
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Awesome.
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Well, thank you again so much for being here.
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Um, so first let's do a little bit of education, right?
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Like we hear the term hard money loans, hard money lending, HMLs.
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But like for someone who's brand new to real estate investing, how would you explain what a hard money lender is and how that's different from, say, like going to my local bank and getting a loan for a home?
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Great question.
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I get this a lot.
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Regardless of how experienced sometimes a borrower is or an investor is, whether they've done some deals and pay for it cash and now they're looking to scale or someone brand new looking to get started.
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They sometimes have had zero experience with a hard money lender.
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So I love sharing what we do and how we compare.
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So most people have heard what a traditional lender is, your Bank of America, your Wells Fargo, your local banks.
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They are probably going to be your lower interest rates, 30 to 45-day closings, a lot of paperwork.
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And I mean a lot of paperwork.
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And again, I can't stress enough, a lot of paperwork.
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Typically, minimum credit score, that will determine your rates, or in some cases, an immediate denial based on just you don't meet the minimum credit requirement.
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Some people might have heard what a private lender is, and they're a little bit different, uh, less time on closing, sometimes 14 to 21 days, a little bit less paperwork than your traditional, you know, Bank of America, uh Wells Fargo guys most of the time do require a minimum credit score.
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But one of the things we have found with a lot of private lenders or private money lenders is they run out of funds.
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So someone either looking to do their first deal or you know what, I have three or four I need money for.
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We kind of call those guys, you know, they left me stranded at the altar.
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So I went, you know, I'm ready.
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I've got the address and the ring.
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And I I, anyways, they they do sometimes run out of funds.
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So a hard money lender for us, we don't pull credit.
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There's no income, no asset verification.
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And I get a lot of times people asking, Susie, do you really not pull credit?
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Or do you do a soft pull instead of a hard pull?
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No, we really don't even have the system capacity to be able to pull credit.
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Beginning, middle, or end, we will not ask you for your social security number.
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Uh, we don't even lend to individuals, we lend to entities.
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So, no, we do not pull credit.
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Very little paperwork for a hard money lender, especially us.
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So we don't pull your bank statements, we don't require your W-2s.
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Sometimes I'll get clients that send me a whole file and they're like, I just had this prepared for the last lender.
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So I'll just send you that.
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And I'm like, oh gosh, please don't.
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Um I don't want all of that.
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So we're a lot easier to work with.
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We don't run out of funds.
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We have we have plenty of money to go around, but you know, and I like to be honest on the difference between your traditional, your private, and your hard money.
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Traditionals, you're gonna pay a little bit less interest rates, right?
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Even though right now less is still a lot.
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Um, hard money, you're gonna pay a little bit higher interest rates.
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So it depends on what you are looking for.
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So I often talk to a lot of our clients and say whether you have excellent credit and you don't want people pulling it because you're gonna close on five, six deals a year and you don't want someone pulling it that often.
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Or you're working on rebuilding your credit and you're just right about that 670, 675 to become really attractive and you don't need anybody pulling it.
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Either way, like I said, we don't have a way to pull those credits.
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So that's the main difference between working with a hard money lender is just the ease of being able to close and we work with investors.
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That's what we do.
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We don't lend to individuals.
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So we're looking to help those interested in ideally fix and flip loans.
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Yeah, and that's one of the things that like I personally love about working with you guys is that you do understand, like from the other side of the table, you understand what it's like to be an investor.
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Most entrepreneurs, we hate paperwork.
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Like if you hand me a whole stack of paper and you want me to fill it out, I'm probably like not gonna do it or I'm gonna wait till the last minute because I have to.
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So I love that your loan process is so easy.
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I literally, for those of you who are looking into it, I go online, I fill out a form, and they get back to me.
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It's it's very minimal information.
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And also the no credit thing is huge.
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I think a lot of people get stuck in that like people's credit scores equates to like their, I don't know, worthiness or something.
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And I took people it's 2025 and like COVID happened and things happen, and you may have something like I went through a divorce, which is why my credit got like crashed because my ex-husband just thought you could spend money, you know.
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And I was like, well, we got bills, but you know, like hold on a second.
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So I had to rebuild mine.
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It didn't make me a bad investor, it didn't make me a bad borrower.
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And so I love that you guys are asset-based and that you're looking at like the project itself, because uh that's just to me, is puts you heads above a lot of people.
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Um yeah, and you mentioned Kelly Garrett as our you know main founder and and managing partner.
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Um, she fix and flip homes for 18 years in Charleston.
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And um, she took all that red tape that a lot of her lenders would use on her and said, man, this is just a lot of work.
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Um, so and that's how she built uh really wallet.
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And most of us, you'll find our investors ourselves, whether we buy and hold or we fix and flip ourselves.
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So I think it helps that you have a team that Kelly has handpicked and built around her that we all can see and can help and can guide an investor within their journey.
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We have 85% return investor rate for a reason.
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People like us.
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You know, we care about the relationship.
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It's not a transaction to us.
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It's really we want them to be successful.
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We don't want the property back.
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So if a hard money lender or if rehab wallet tells you no, don't do that deal, you probably shouldn't do that deal.
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And we'll explain why.
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We'll explain, you know, so and we'll we'll dig deep a little bit into those things.
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Yeah.
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And that's I tell people that's so awesome too to have like that extra set of eyes.
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It's not that you're trying to like kill the deal, so to speak.
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It's you're just making sure it's solvent.
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And for me, especially like, you know, when you're a first-time flipper, or like maybe you've done one, and honestly, there's a lot of people out there who just who've done one or two and got lucky, and now we're like, okay, now we're trying it, it's helpful.
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So you mentioned something earlier.
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I know it's a hot topic around the water cooler, is interest rates.
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But there's so much more to a loan structure than interest rates.
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Can you kind of talk us through a little bit about like loan structure and terms as far as a hard money loan goes for an investment property?
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Yes, absolutely.
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And I think it's important for you know the audience to understand don't get stuck on that interest rate, right?
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First of all, it's annualized.
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So if it is a, you know, for us at Rehab Wallet, a standard rate, because we don't collect anything, in fact, don't give us anything, you know, it's a little high.
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But you're gonna take that amount, you're gonna multiply it by that interest rate and divide it by 12.
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And that's what your monthly interest payment will be every single month.
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People look at a hard money interest rate at 1375.
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It's for us a standard six-month loan, and they're like, oh my gosh, it's so high.
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You know, your traditional banks are at six or seven percent, you're paying twice as much.
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Yeah, but the duration of the loan's only gonna be six months.
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And, you know, if let's assume you close today, you're gonna skip the first month and then you're gonna pay the second month.
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So we've had success where some borrowers exit us way before the term of the loan.
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There's no prepaid penalties, you can exit at any time.
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And I think sometimes that just creates a little of anxiety or maybe some confusion where people are like, you know, I just don't want a loan for years at a 13475.
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And we have to say we don't either.
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We're gonna break up at six months.
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Where the loan value, but it's not long term.
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Yeah.
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Yeah, this is not a long-term goal.
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This is, you know, our goal is to help you find a great deal that makes sense that you're gonna purchase the property, it's gonna be on sale and not for sale.
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You're gonna make some money at the beginning, and then you're gonna exit us.
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And if your goal is to flip it and take the profit and use the capital for another investment or keep it as a long-term rental, that's that's up to you.
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But we're we're done after six or nine months.
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We're we helped you do it.
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We helped you rehab it now, it becomes a very attractive property to either sell or refinance that with a long-term lender.
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Nice.
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And I loved your explanation of it being annualized because I think that's a key part that most people miss.
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And plus, I like to remind borrowers too like you have to pay something, right?
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Like someone is offering you a large sum of money for you then to turn around and use it, and then you make a large sum of money to take home.
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So it's to me, it's more than fair to pay an interest rate so that I can then turn around and make a large sum of money.
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Like it's a total win-win for me.
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And especially when you guys broke it down and explained it, it's annualized.
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And then you kind of realized, oh, cool.
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So, like, you know, if it's 12 months annualized, but I only have the house for three to six months, I'm really only paying half of that.
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So I'm kind of right there where the bank was anyway.
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And I had all these pluses.
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One of those major pluses is the speed and flexibility.
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I'm gonna kind of like ask this question, but also give a scenario because you kind of mentioned it earlier and you guys were awesome and helped me out in a situation.
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I had a private money lender who drew out the morning of clothes.
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Uh, they decided that they were just not comfortable with the situation.
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You know, they may not have actually had all the funds.
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I don't know.
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But all I know is I was, you know, on my way to the closing table and I didn't have the money for the close.
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So I reached out to Rehab Wallet and you guys actually, I think, turned it around in like 24, 48 hours.
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Like it was so fast.
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And so knowing that I have that ability, especially when I go to even to make offers, like I'll always kind of make a buffer because again, pay like I have to do things, right?
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But you guys are and hard money lenders in general are usually have like speed and flexibility.
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To me, that's one of the big draws.
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So, like, you know, obviously there's one-off situations and you guys were super helpful with that.
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But like, what would be like a standard expectation of like a hard money lender?
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Like, how long if I go make an offer tomorrow, like how long?
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And I wanted to use a hard money lender, like how long should I put up my contract?
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Seven to ten days, business days is very realistic for us.
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Yeah.
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Now that's on your goal.
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Yeah, we have all your LSC documents, we've got your ID, we've got, you know, the few paperwork that we require, we can typically close within five days.
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I'll tell you what slows us down is not our end, our team, or what we have to do.
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It's sometimes the closing firm or the insurance agent can't quite get us the quote on time.
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And we need those things to close.
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So it's interesting when a borrower applies today, they automatically get an email that from Rehab Wallet that says, Have you talked to your closing firm?
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Have you found an insurance agent?
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Because if you want to close quicker, we can too.
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What those are the things that sometimes stop us.
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So, yeah, uh a brand new borrower for us, seven to ten business days.
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It also helps them negotiate in some cases a lower price on that purchase price because we can close super quick, but we have.
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It's interesting you mentioned your loan, but we've closed a loan in as little as eight hours.
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Um, again, title was ready, right?
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Insurance was ready, somebody else broke up with them.
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We won't mention any but any names, and then we came into the rescue, and yeah, we were able to fund it.
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So our team is is great.
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We take a lot of pride in that.
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Um, we want our borrowers to be able to close, and we understand that saves them time and money.
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Um, you don't want to start, you don't want to lose the deal, then you lose your escrow.
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We don't want you to, you know, potentially have an amendment uh to the contract and then you know have a new closing date and then the sellers requesting more money down, you know, whatever the case is.
00:14:58.480 --> 00:15:02.480
So, yes, uh speed and flexibility is really critical and important to us.
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When someone fills out an application, our sales team and and our loan originators, um, within 24 hours, we're going to email you.
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Whether we have questions about the deal, we want to better understand what you're trying to do and what you need and how do we best structure it so that it meets your needs.
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Or, you know, here's your term sheet.
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Let's go.
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Let's get it going.
00:15:24.720 --> 00:15:24.960
Yeah.
00:15:25.039 --> 00:15:31.519
And that's, I think that's important because I tell people all the time like there's more to an offer than just the price.
00:15:31.919 --> 00:15:35.519
And sometimes the speed is what will set you apart.
00:15:35.600 --> 00:15:40.960
You know, I always ask sellers like what works best for them, and I try to accommodate their timeline.
00:15:41.120 --> 00:15:49.759
And honestly, some of it is like I've had sellers that have approached me and it's, you know, somebody's left them at the altar, so to speak, at the closing table.
00:15:50.000 --> 00:15:55.039
And, you know, so we do have things like title, and it's easy for me to get the insurance for my agent.
00:15:55.120 --> 00:15:59.919
And so then I can confidently say, well, you know, hey, let me, the deal makes sense.
00:16:00.080 --> 00:16:01.600
Let me call this lender.
00:16:01.759 --> 00:16:08.399
And then you guys come back and you're like, yeah, okay, well, you know, two days, and then I can tell the seller, like, hey, super quick here.
00:16:08.480 --> 00:16:15.440
And they may be looking at two different people's offers because, you know, we know there's multiple investors out there and multiple people making offers.
00:16:15.519 --> 00:16:20.960
And it really helps set your offer ahead of everyone when you're you have that speed ability.
00:16:21.200 --> 00:16:27.039
Then maybe someone who's going through a traditional bank loan and they're like, okay, we're going to start over at like day 30.
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And that person, you know, in the back of their head, they're going, Oh my God, I got to pay the lights for another 30 days.
00:16:31.519 --> 00:16:34.480
I got to pay, you know, the insurance, the taxes.
00:16:34.639 --> 00:16:35.919
And maybe they don't have the money.
00:16:36.080 --> 00:16:39.039
A lot of times, you know, I deal with people that have inherited properties.
00:16:39.200 --> 00:16:40.960
So are that they're foreclosing.
00:16:41.039 --> 00:16:49.200
There is, there is a timeline and being able to be that solution backed by, you know, an HML and like rehab wallet.
00:16:49.440 --> 00:16:50.080
It just helps.
00:16:50.159 --> 00:16:52.159
It makes a win-win for everybody.
00:16:52.480 --> 00:16:52.720
Yeah.
00:16:52.799 --> 00:16:59.039
And I'll tell you, we've also told borrowers from the beginning or the get-go, like, that is not a great offer.
00:16:59.279 --> 00:17:06.559
Um, I know that the seller's agent is telling you it is the deal of the year, but you're overpaying for that property.
00:17:06.720 --> 00:17:06.880
Yeah.
00:17:07.039 --> 00:17:17.519
Um, so we'll dig a little bit deep on some of the most common missed things that we are learning because unfortunately, there's just sometimes not a lot of great agents out there.
00:17:17.839 --> 00:17:26.799
And that could really set apart, especially a brand new fix and flipper to making money on their first deal, or it being a really learning opportunity.
00:17:26.960 --> 00:17:29.839
So yeah, I do see that a lot.
00:17:30.079 --> 00:17:34.319
I know a lot of people that listen in know I'm an agent as well as an investor.
00:17:34.400 --> 00:17:36.559
Um, and that is something I see commonly.
00:17:36.799 --> 00:17:46.319
As people like agents will advertise something as a great investment opportunity, or I'll have another investor call me, or someone from our program will be like, hey, this agent said this was awesome.
00:17:46.480 --> 00:17:48.480
I'm not taking anything away from agents.
00:17:48.640 --> 00:17:56.799
Uh, there are wonderful agents out there who are really fantastic at like your traditional, traditional bank mortgage, traditional like transaction.
00:17:56.960 --> 00:18:07.119
Um, but maybe they don't have the education on what goes into the back end as far as the financing goes and the holding costs and everything and true construction costs.
00:18:07.279 --> 00:18:20.079
So it's again, it's super awesome for borrowers that they have your extra set of eyes and super expertise to kind of help them because I unfortunately I do see that a lot where people have been led to believe that something is a great investment.
00:18:20.160 --> 00:18:24.799
They purchase it and then when they go to sell it, it's, you know, they find out it wasn't.
00:18:25.119 --> 00:18:26.240
Yeah, yeah, absolutely.
00:18:26.400 --> 00:18:29.359
So we, you know, we we love guiding and supporting.
00:18:29.440 --> 00:18:35.519
Um, we'll we'd love to fund it, but we want to make sure at the end of the day that borrower is gonna walk away with a great deal.
00:18:35.759 --> 00:18:36.240
Yeah.
00:18:36.480 --> 00:18:37.039
Yeah.
00:18:37.279 --> 00:18:46.799
So speaking of that, like from your perspective as a lender, like when you're looking at deals and evaluating them, what helps you guys make that decision?
00:18:46.880 --> 00:18:49.759
Like, do we fund this or do we not fund this?
00:18:50.240 --> 00:18:50.480
Yeah.
00:18:50.559 --> 00:18:53.680
So I think it's important to look at your neighborhood, right?
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What's your next door neighbor?
00:18:55.440 --> 00:18:57.440
What's the property across the street look like?
00:18:57.599 --> 00:19:04.160
I think a lot of times we'll get, we call it wishful ARVs, which stands for after repair value.
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