A hard money loan, also called a fix and flip or rehab loan, finances the purchase and renovation of an investment property on the strength of the deal instead of your income. It is short term, interest only, and the rehab money is released in draws as the work gets done. Here is what flipping in Baltimore actually looks like right now, and what the financing costs on a typical deal.
What Baltimore flips look like, from county records
We tracked Baltimore City properties bought by an investor entity and resold by that same entity for more, between 45 days and 20 months later, using the county's recorded sales. Bank, government and iBuyer resales (companies like Opendoor) are left out. From 2025/09 through 2026/09 that came to 627 completed flips by 510 different investors.
| Renovation flips | Heavy rehabs and rebuilds | |
|---|---|---|
| Completed flips | 412 | 215 |
| Typical purchase price | $145,000 | $97,000 |
| Typical resale price | $269,000 | $265,000 |
| Typical hold | 189 days | 327 days |
| Typical gross spread | $125,000 | $175,000 |
Renovation flips are the classic fix and flip: buy a dated house, renovate it, sell it. The middle half of them bought between $95,000 and $182,000. The second group bought cheap, held longer and resold for more than double: full gut rehabs, additions, or a new house on the lot. Those need a bigger budget and a longer timeline, and a true rebuild runs on a construction loan rather than a rehab loan.
How long Baltimore flips take
| Time from purchase to resale | Renovation flips | Share |
|---|---|---|
| Under 4 months | 91 | 22% |
| 4 to 6 months | 103 | 25% |
| 6 to 9 months | 122 | 30% |
| 9 to 12 months | 49 | 12% |
| Over 12 months | 47 | 11% |
The typical renovation flip took about 6 months from purchase to sale, and 23% took 9 months or longer. The records cover about 12 months, so the longest projects do not show up yet and real hold times run somewhat longer. Budget your interest past your contractor's schedule, and pick a loan term with room to spare.
Where Baltimore investors are flipping
By the property's ZIP code, renovation flips concentrated in 21215 (58), 21206 (42), 21218 (36), 21214 (36), 21239 (33), 21213 (27).
What the financing costs on a typical Baltimore flip
Take the typical renovation flip: a $145,000 purchase, an example rehab budget of $29,000 (20% of the price, for illustration), and a resale at the typical $269,000 after 189 days. With an example loan at 90% of total cost, 11% rate and 2 points, all assumed for illustration:
- Loan amount: $156,600
- Points at closing: $3,132
- Interest over 6 months: about $8,925, figured on the full balance, so a loan that charges only on drawn rehab funds costs less
- Selling costs at about 6% of the sale: $16,140
Out of the $125,000 gross spread, that leaves about $96,803 to cover the rehab and your profit. That is why the spread is not the profit, and why the hold time matters as much as the rate. Every extra month on this deal costs about $1,436 in interest. Work through monthly holding costs on a flip and points vs rate before you lock in a budget, and check how interest is charged with Dutch vs non Dutch interest.
Flip or keep it
If you would rather hold the house, a DSCR loan can refinance the rehab loan once it is leased. At Baltimore's median rent and home value, a DSCR loan works out to about 0.86, so rentals here usually need a lower purchase price or more down to work as an exit. See DSCR loans in Baltimore.
Financing your Baltimore flip
We make rehab loans on 1 to 4 unit investment properties in Baltimore, covering the purchase and the renovation in one loan. Every deal is priced on its own numbers: the purchase, the rehab budget, the after repair value and your experience. Send us yours and we'll come back with terms, or see how the program works on our rehab loans page.
Frequently asked questions
Can I get a hard money loan in Baltimore for my first flip?
Yes. We consider first time flippers in Baltimore. Expect to bring more cash than an experienced investor would, and a clear scope of work and budget make the file much stronger.
How much will a hard money lender lend on a Baltimore flip?
It depends on the deal. We size each loan off the purchase price, the rehab budget, the after repair value and your experience, on 1 to 4 unit investment properties. Send us the numbers and we will tell you what the deal supports.
What does a hard money loan cost in Baltimore?
It depends on the deal and your experience, so we price each file on its own numbers. As an illustration, on the typical Baltimore renovation flip, financing and selling costs together take roughly $28,197 out of the spread.
Do you finance full rebuilds in Baltimore?
Yes. Heavy rehabs can run on a rehab loan with a larger budget, and a new house on the lot runs on our new construction loan with draws by milestone.
Flip figures: Baltimore City recorded sales, properties bought by an investor entity and resold by the same entity 45 days to 20 months later at a higher price, excluding bank, government and iBuyer sellers, resales from 2025-09-24 to 2026-09-25. Typical means median. The financing example uses an assumed rehab budget, rate and points for illustration only. It is not a loan offer.