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Receive application approval in as little as 24 hours. There is no credit check required.

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Review and return your signed agreement and get your money in as little as 24 hours.

Recent Business Loans Funded

100K Term Loan

Ambulance Service

Our client bought a new ambulance.
2019 - June
55K Advance

Truck Funded

Our client used the funds to hire new team members.
2019 - February
85K Term Loan

Restaurant Funded

Our client used the funds for restaurant equipment.
2019 - May

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How Delancey Street Works

Fill Out Our Application

Answer basic questions about yourself and fill out our entirely online application. Each loan has its own online process.

Meet Your Concierge

We'll pair you with an experienced Delancey Street specialist who will reach out to you, and understand your needs. We'll try to determine which financial product is right for you.

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We give you a few different loan offers based on your scenario and what options you qualify for.

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Once you've chosen a loan that works for you, we finalize it and start getting the documents needed.

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After you get funded, your Delancey Street concierge specialist will keep in touch to make sure you're happy and doing well.

Business Loans

Get business loans ranging from 3 months to 18 months
No credit score requirement, we have a program for everyone
We can fund up to $5 million in virtually 24 hours

Tennessee Fix and Flip Loans

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Tennessee fix and flip loans- What you need to know about these financing tools

Watching most of the popular property shows on TV might give you the impression that buying, fixing, and selling property to make money is easy- all you need to do is to purchase a house, renovate, and then sell it at a profit. In real life, though, it isn’t simple.

In the last decade, the housing market was hit worst by the economic recession, and many investors lost their money. In recent years, there’s been steady growth, and the market seems to stabilize. The recent growth has come along with many developments, including the fix and flip concept. Investors are reaping huge profits by purchasing houses, renovating and then selling them at a profit.

In 2017, the fix and flip business were booming where investors renovated more than 200,000 homes. Majority of the investors were smiling all the way to the bank having pocketed an average of $68,143 per property. Although fix and flip business have promising returns, the business is not for everyone. For most of the starters, it’s very challenging to venture into this business. Here’s why.

It’s costly to finance fix and flip project

Unless you are extremely wealthy, you will find it hard to venture into house flipping. The biggest challenge for most people is the lack of enough capital. You will need money to purchase the house, pay for the renovations, pay all the holding fees, and even money to market the property. Fortunately, nowadays investors have multiple options of raising money for their house flipping projects. Fix and flip loan is the most popular among the available options.

What are fix and flip loans?

Initially, investors relied on conventional mortgages and traditional bank loans to raise funds for purchasing a property. These loans are usually long-term and hard to access. A bank will require a lot of paperwork before they can approve your loan application. Most of the people can’t access these loans because they lack a perfect credit score or collateral required by banks.

Fix and flip loan is a relatively new financing tool that enables short-term real estate investors to raise funds for their fix and flip projects. These loans are often accessed outside the traditional financing system. In most cases, a private investor or business issues the fix and flip loans as hard money.

Facts about the fix and flip loans

The typical length of a fix and the flip loan is usually between six and twelve months. The interest rate of these loans depends on the lender, and they range between 12-21 percent. It is possible that you can get a lower interest rate on your loan especially if you have done other flipping projects. The loan amount for most of the flipping projects is usually between 60 and 75 percent of the property’s value. The best thing about the fix and flip loans is that you require little or no documentation.

Why you should consider fix and flip loans

As highlighted earlier fix and flip projects usually run for a short time. Mostly, when you find a suitable property, you want to purchase it and start renovations almost immediately. Applying for funding from the banks isn’t an option because they take their sweet time to approve applications. Finding a lender who can lend you the money in less than a week can be a great advantage to you. This is where to fix and flip loans come in. Most of the fix and flip lender will approve your loan within a short time.

Also, most of the fix and flip lenders don’t look at your credit score, your debt-to-income ratio, or even your income. These lenders are looking out for the current value and the expected resale value of the property. The difference between the resale price and the current value determines the strength of the deal.

What to consider when applying for a fix and flip loan

Before you decide whether or not to apply for a fix and flip loan, you need to ask yourself a few questions.
1. What is the minimum amount you can pay for the property?
2. How much will the renovations cost?
3. How much will you pay interest and holding fees before finding a suitable buyer?
4. How much are you likely to sell the house for. Will it yield a profit?

Knoxville is a growing city located in Tennessee. There is a large college called the University of Tennessee located in the area. The college has over 20,000 students who attend school there. With this large population of college students, Knoxville is an excellent place to become a real estate investor. Many students prefer to live in rental homes instead of dorms.

Real Estate Strategies

There are multiple ways to make money as a real estate investor in Knoxville. Some people prefer to focus on ways to earn profits quickly. Flipping a house is a common strategy for investors who want to maximize their income. An investor who wants to flip a house looks for a property in need of repairs. After buying the home, the investor makes the necessary repairs and then sells the house. In many cases, real estate investors can earn tens of thousands of dollars within a few months.

Another strategy for investors is renting properties to tenants. Renting a property requires a lot of hard work. Tenant management is especially challenging when renting to college students. The good news for investors is that there are hundreds of properties available in Knoxville to purchase. Before buying a property, real estate investors need to understand all of the costs involved. When tenants move out, there are often numerous repairs that need to be completed. These repairs can be costly and frustrating. Hiring a property management company may be a viable strategy for people struggling to manage tenants.

Interest Rates

Interest rates are increasing in the United States. Although interest rates are still low by historical standards, higher rates will decrease profits for real estate investors. Investors who have a strong credit history can qualify for the best loans.

Credit Score

Increasing a credit score is one of the best ways to qualify for loans with excellent interest rates. The most proven strategy to improve a credit score is to borrow money and pay the money back on time. Some people struggle to make timely payments on their debt. There are various credit programs at local banks for people who want to improve their credit score.

Lending Options

A traditional investment loan is a common choice for people who want to purchase a property. However, investment loans require more financial stability than other loans. The vast majority of investment loans require a substantial down payment. Some investors struggle to save up enough cash for a down payment. Other investors do not want to spend several months saving up money to purchase a property.

Using alternative sources of financing can be a viable strategy. Online lending is becoming more popular for real estate investors. However, lending options that require lower financial standards generally have elevated rates of interest. The longer an investor holds the debt, the higher the total interest payments will be. All of these factors need to be considered when choosing a lending option.

Hard Money Loans

A hard money loan is an excellent way to raise money for an investment property. Hard money loans are common for house flippers. These lending options have incredibly high rates of interest. However, people who flip homes generally do not hold the mortgage for more than a few weeks or months. As a result, the interest rate matters less than for someone owning a house for decades. People who have poor credit are also excellent candidates for hard money loans.

Before purchasing any investment property, investors should conduct thorough research on all of the lending options available. Some people get into financial trouble by borrowing too much money.

Delancey Street is here for you

Our team is available always to help you. Regardless of whether you need advice, or just want to run a scenario by us. We take pride in the fact our team loves working with our clients - and truly cares about their financial and mental wellbeing.

"Super fast, and super courteous, Delancey Street is amazing"
$125,000 Small Business Loan
"Thanks for funding me in literally 24 hours"
$35,000 Lawsuit Advance
"Great choice for first time fix and flippers"
$250,000 Hard money Loan

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