Is there a fix and flip loan with no appraisal?

Yes. AGS Photo Path — a fix and flip product from AGS Lending Partners — values the property from photos and a desktop review instead of a full appraisal. The program also has no credit score minimum. It is available across the 12 AGS active states. Loans typically close in 7–10 business days.

How does a no-appraisal fix and flip loan value the property?

Three sources combined: (1) photos of the subject property uploaded by the borrower, (2) recent comparable sales pulled from public records and MLS, and (3) a desktop value review by an internal valuation team. The output is a defensible after-repair value (ARV) and as-is value used to size the loan. There is no in-person inspection prior to funding.

What's the rate on a no-appraisal fix and flip loan?

The trade-off for no appraisal and no credit minimum is a higher rate. AGS Photo Path typically prices between 11.99% and 13.49% interest-only, with origination points between 2.5 and 4.0 depending on borrower experience and deal profile. The convenience premium over a traditional appraisal-required product is roughly 50–150 bps.

Why would I want a no-appraisal fix and flip loan?

Three reasons: speed (close 5–7 days faster), flexibility (no credit minimum), and certainty (no risk of a low appraisal blowing up the deal mid-process). It is particularly useful when the seller's timeline is tight, the property has condition issues that may scare off appraisers, or the borrower's credit profile is too thin for AGS Velocity's 660 minimum.

Fix and Flip Loan with No Appraisal: How It Works (2026)

Direct answer

Yes — fix and flip loans without a traditional appraisal exist. AGS Photo Path, a fix and flip product from AGS Lending Partners, sizes the loan from borrower-supplied photos plus a desktop value review by an internal valuation team. There is no in-person appraisal prior to funding, and there is no credit score minimum.

The trade-off is rate. AGS Photo Path prices 50–150 bps higher than appraisal-required products like AGS Velocity (12.99%) — typically 11.99% to 13.49% IO. The premium buys speed, credit flexibility, and protection from low-appraisal kill risk.

AGS Photo Path vs traditional fix and flip loans

Dimension	AGS Photo Path (no appraisal)	AGS Velocity (100%)
Appraisal required	No (photos + desktop)	Yes (full or BPO)
Credit minimum	None	660 FICO
Rate (IO)	11.99–13.49%	12.99%
Origination points	2.5–4.0	3.5
Max LTC	85–90%	100%
Close timeline	7–10 business days	10–14 business days
Geography	12 states, MSA only	~95 approved cities, 12 states
First-time investor allowed	Yes	Yes (capped at $1M)

When to pick the no-appraisal route

Tight seller timeline. Auction wins, REO contracts with 7-day funding clauses, and motivated sellers don't wait for a 14-day appraisal turn.
Thin credit file. Investors below 660 FICO are unable to use Velocity; AGS Photo Path has no minimum.
Property condition risk. Heavily distressed properties sometimes get killed by appraisers; a photo-based valuation absorbs more condition variance.
Repeat investor in non-approved cities. Velocity caps to ~95 approved-area cities. AGS Photo Path lends in any qualifying MSA across the 12 active states.

Get an AGS Photo Path quote

Submit address + photos + scope of work. Real quote back in one business day — no credit pull required for the initial number.

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Frequently asked questions

How does a no-appraisal lender size the loan?

Photos of the subject property + recent comparable sales pulled from public records and MLS + an internal desktop value review. The output is an after-repair value and as-is value used to underwrite the loan. There is no field appraisal ordered prior to funding.

Is the rate higher because there's no appraisal?

Yes — typically 50–150 bps higher than an appraisal-required product. The premium covers added valuation risk. The convenience trade-off (faster close, no kill risk on a low appraisal, no credit minimum) is what investors are paying for.

What documents do I need for a no-appraisal loan?

Property photos (interior + exterior), purchase contract, scope of work / rehab budget, entity documents (LLC operating agreement, EIN letter, certificate of good standing), 2 months bank statements for closing costs, and a clean title commitment from a settlement company.

Can I refinance an AGS Photo Path loan into a 30-year DSCR with AGS?

Yes. Once the rehab is complete and the property has been seasoned per AGS DSCR guidelines, the file can refinance into the AGS Lending Partners 30-Year DSCR program. Same lender on both sides means fewer broker fees and a tighter handoff.

What states is AGS Photo Path available in?

The 12 AGS active states: Texas, Florida, Georgia, North Carolina, Ohio, Alabama, Indiana, Missouri, Kansas, Tennessee, Arkansas, and New Mexico. Property must be in a Metropolitan Statistical Area (MSA); rural properties are not eligible.

What's the experience requirement?

None for rehab budgets of $60,000 or less — AGS Photo Path is one of the few fix and flip products that funds first-time investors without prior flip history. Above $60k rehab, the underwriter looks for at least one verifiable completed flip in the borrower's track record.