Hard Money Lenders in Covington, KY | Capital Kings LLC
Capital Kings LLC · Non-QM Mortgage Broker

Hard Money Lenders inCovington, Kentucky

Fix and flip, DSCR rental and new construction financing for Covington investors. We do not lend our own money, we shop your deal across a 400+ lender network and come back with real terms you can compare on total cost.

Get a term sheet →Price a Covington deal

Prefer to talk it through? Call or text Micah at (281) 636-5682.

Reviewed by Micah Foster, Founder & CEO, October 2026

Price a Covington deal right now

Prefilled with a realistic Covington deal. Change any number and it reprices on the programs that lend in Kentucky, with the same math as our term sheets.

Sizing your flip on the same terms as the term sheet. Get a real term sheet →

Financing a deal in Covington

Covington sits directly across the Ohio River from downtown Cincinnati, and for many buyers it is simply part of the Cincinnati market with Kentucky taxes. It has one of the largest collections of nineteenth century brick rowhouses and Italianate homes in the region, packed into walkable neighborhoods like Mainstrasse, Licking Riverside and Seminary Square. Further south, Latonia and South Covington have early twentieth century frame houses and postwar ranches.

The Covington deal is decided by how much of the old house you have to save. A rowhouse in a historic district is worth more finished with its original brick, trim and windows respected, but that work costs more and takes longer, and the exterior goes through design review. Buyers here pay for character done right and walk past a gut job that erased it. The market has been strong this year, so the right house finished well sells quickly. In Kentucky a first flip can be priced at 10% down with 660+ credit (from 9.99%) or 10% down with no credit minimum on the fastest-close program (from 11.99%). Programs that need completed flips: 15% down from 9.00% with 2+ flips; 7.5% down from 9.99% with 3+ flips; 5% down from 9.99% with 5+ flips; and 100% financing from 9.50% with 2+ flips when purchase plus rehab fits under 70% of ARV.

What a Covington deal looks like on paper

Covington example: $160,000 purchase, $60,000 rehab, $300,000 after repair value, 700 credit, 4+ completed flips. The engine puts that borrower on the 7.5% Down, 3+ Flips program at 9.99%. Say an 1890s brick rowhouse in Westside Covington, 41011: tuckpointing, a new roof and box gutters, rewiring, a kitchen and two baths, with the front windows and door kept to the historic look. Every number below is what the instant term sheet prints for that deal, so the picture cannot contradict the page.

Loan amount$203,500
Cash to close$31,202
Proof of funds to show$57,567
Where the $31,202 goes
  • Down payment (7.5% of purchase plus rehab)You$16,500
  • Origination (1.63%)Lender$3,307
  • Lender fees (flat)Lender$2,790
  • Broker fee (1%)Broker$2,035
  • Title and closing (estimate at Texas rates)Title$3,341
  • Prepaid interest (15 days)Lender$589
  • Property insuranceInsurer$2,090
  • AppraisalAppraiser$550

Interest while you rehab: $1,195 a month on the $143,500 funded at closing, $1,694 once every draw is out. Proof of funds is cash to close plus $16,200 of rehab reserve and $10,165 of interest reserve. Sample borrower, sample address; the sheet is issued by the same engine as the borrower’s instant term sheet.

Fix and flip programs in Covington

Swipe the table for rates, credit and terms →

ProgramDown paymentMin creditExperienceRateOriginationMax loanTermClose
Experienced Investor Rate115% of purchase680+2+ completed flips9.00%0.75%75% of ARV12-24 months7-14 days
First Flip, 10% Down210% of purchase + rehab660+First flip OK9.99%2%75% of ARV12 months21-30 days
7.5% Down, 3+ Flips37.5% of purchase + rehab660+3+ completed flips9.99%1.5%75% of ARV12 months21-30 days
5% Down, 5+ Flips45% of purchase660+5+ completed flips9.99% to 10.99%2%75% of ARV9-24 months10-14 days
100% Financing, 2+ Flips50% (100% financing)620+2+ completed flips9.50% to 12.00%2.5%70% of ARV9 months7-14 days
Fastest Close (3 days)10% of purchaseNo minimumFirst flip OK11.99%2%75% of ARV6 months72 hours
  1. Rate and origination are the program floor; two completed projects in the last 36 months preferred.
  2. Rate 9.99% with 2% to 2.25% origination by credit; more origination buys the rate down as far as 8.99%. Loans under $150,000 add 0.5% to the rate and 0.5% to the origination, under $100,000 1.5% and 1%. Under 680 credit the loan caps at 87.5% of cost. Standard interest, charged only on funds drawn. The loan is capped at a share of purchase plus rehab, the full rehab held back for draws, and the ARV must be at least 1.25 times purchase plus rehab. Processing $500, legal $1,495 and underwriting $795.
  3. Rate 9.99% with 1.5% to 1.75% origination by credit; more origination buys the rate down as far as 8.99%. Loans under $150,000 add 0.5% to the rate and 0.5% to the origination, under $100,000 1.5% and 1%. Under 680 credit the loan caps at 90% of cost. Standard interest, charged only on funds drawn. The loan is capped at a share of purchase plus rehab, the full rehab held back for draws, and the ARV must be at least 1.25 times purchase plus rehab. Processing $500, legal $1,495 and underwriting $795.
  4. Rate is set per file from 9.99%; origination about 2% plus a $995 processing fee.
  5. Needs 2 completed flips in the last two years and about $75,000 in verified liquidity. Rate 9.5% to 12% with 2% to 3% origination, set per file. Purchase plus rehab must fit under 70% of ARV.

Origination has a $2,000 minimum on most programs (a few lenders set a higher one, noted above) and our broker fee is 1% with a $2,000 minimum and a $10,000 maximum. These are the numbers our term sheets use as of October 2026. Strong credit, cash and a track record can price lower through specific lenders in the network.

Where Covington prices sit right now

Before we price a Covington flip, we look at where sales in the city sit today. Your block can run well above or below these numbers, so treat them as the starting point, not the answer.

Redfin puts the Covington median sale price at $239,000 for the three months ending September 2026, up 10.9% from a year earlier, with homes selling after 18 days on the market on average.

Median sale price, Covington (Redfin, 3 months to Sep 2026)$239,000
Change from a year earlier (Redfin)+10.9%
Average days on market, Covington (Redfin)18

Sources: Redfin, Covington housing market

How a Covington file actually gets priced

We comp Covington by neighborhood and by house type, because a renovated Mainstrasse rowhouse and a Latonia ranch are different products even a mile apart. We keep the comps on the Kentucky side of the river, because a buyer weighs a Covington house against Northern Kentucky taxes and schools, not against Cincinnati. We watch for unpermitted third-floor bedrooms and basement conversions in the older stock, and a rowhouse with no parking is compared with others like it.

Covington is protected by a floodwall along the Ohio and Licking rivers, but basements in low areas still take water, and the city’s hillsides are known for slow-moving landslides in Northern Kentucky soils. The old brick housing brings failing mortar, box gutters, lead paint and knob and tube wiring. Inside the local historic districts, exterior changes need a certificate from the city’s historic preservation review before work starts. Rental properties are subject to city registration and inspection rules.

Who buys your finished Covington deal

The finished Covington house sells to young professionals working in downtown Cincinnati, airport and logistics workers from the Northern Kentucky employers near CVG, and buyers who want a walkable neighborhood at a lower price than the Ohio side. They want updated systems, a clean inspection and the original character intact. Rentals are strong near Mainstrasse and the riverfront, so a DSCR refinance is a real backup.

What happens after you apply

Apply once and the whole Covington loan lives in the borrower portal: the term sheet you can accept and sign in the browser, where the loan stands, one place for documents, and the list of what the lender is still waiting on. These are real screens from the portal.

Capital Kings borrower portal: Welcome to your file
Welcome to your fileSign in and the term sheet is waiting, with every fee and who it goes to.
Capital Kings borrower portal: Where the loan stands
Where the loan standsApplication, appraisal, title, underwriting, clear to close.
Capital Kings borrower portal: Run the deal again
Run the deal againThe analyzer priced off your real numbers, before and after the appraisal.
Capital Kings borrower portal: What the lender still needs
What the lender still needsEvery open condition, what clears it, and who it is waiting on.

The full walkthrough is on how it works, and you can tour the borrower portal before you apply.

What we fund in Covington

Fix and flip

10%down on a first flip
Rates
from 9.00% at 680+ credit with 2+ completed flips
With experience
0% down with 2+ completed flips, purchase plus rehab under 70% of ARV
Rehab
100% funded, paid in draws
Fix and flip loans in Kentucky →

Rental (DSCR)

7.00%rates from, 30-year fixed
Qualify on
the rent, no W-2s or tax returns
Down
from 20% at 700+ credit
Good for
buy-and-hold, and the refinance when a flip becomes a rental
DSCR loans in Kentucky →

New construction

95%of cost with a financed interest reserve, after 1 completed build
Rates
from 8.49% with 5+ completed builds
First build
85% of cost with a GC who has 5+ builds
Builds
single family to small multifamily
New construction loans in Kentucky →

Where we lend in Covington

We broker deals across the whole Covington market. The submarkets investors ask us about most are Mainstrasse and Westside (41011), Licking Riverside and Seminary Square (41011), Old Town and Austinburg (41011), Peaselburg (41011), Latonia (41015) and South Covington (41015 / 41017).

How long does a Covington loan take to fund?

You send the address, purchase price, rehab budget and your ARV, which takes about five minutes and no credit pull. We take it to the lenders in our network that fit it and are licensed in Kentucky, and the rate, origination, leverage and cash to close come back side by side. As little as 72 hours on the fastest program, 7-30 days on the others. We stay on title and the lender through funding.

Covington hard money FAQ

Do you lend hard money in Covington?
Yes. Capital Kings is a broker, not a direct lender, so we shop your Covington scenario across a 400+ lender network and bring back real terms instead of one lender’s rate sheet. The programs on this page are the ones whose lenders are licensed in Kentucky, and the numbers come from the same engine that prices our instant term sheet.
Which fix and flip programs apply in Covington?
As of October 2026: Experienced Investor Rate (15% down, from 9.00%, 2+ completed flips); First Flip, 10% Down (10% down, from 9.99%); 7.5% Down, 3+ Flips (7.5% down, from 9.99%, 3+ completed flips); 5% Down, 5+ Flips (5% down, from 9.99%, 5+ completed flips); 100% Financing, 2+ Flips (100% financing when purchase plus rehab fits under 70% of ARV, from 9.50%, 2+ completed flips); Fastest Close (3 days) (10% down, from 11.99%). Rehab is funded 100 percent in draws on every one of them, and we shop the file against the rest of the network before anything is signed.
How fast can a Covington hard money loan close?
As little as 72 hours on the fastest-close program, which has no credit minimum. In Kentucky, once the file is complete, the programs for investors with completed flips close in 7-14 days (10-14 on 5% down with 5+ flips, 21-30 on 7.5% down with 3+ flips) and a first flip on the 10% down program closes in 21-30 days. The biggest delays are usually title issues or missing borrower documents, so getting those started early makes a big difference.
How much do I need to bring to close on a Covington flip?
The worked example on this page is a $160,000 Covington purchase with a $60,000 rehab and a $300,000 after repair value at 700 credit, 4+ completed flips: $16,500 down (7.5% of purchase plus rehab) and $31,202 total cash to close, with $57,567 of proof of funds to show the lender. Investors with a track record can go to 0% down (100% financing) from 9.50% at 620+ credit with 2+ completed flips, when purchase plus rehab fits under 70% of ARV, and you still bring the closing costs in cash. Rehab is funded 100 percent through draws in every case. Run your own numbers in the calculator above, or send us the deal and we will price it.
Do you fund the rehab budget in Covington?
Yes, 100 percent of the rehab is funded, but it is a holdback released in draws rather than cash at closing. You pay for each phase, request a draw, an inspector verifies the work, and the lender reimburses. That means you need working capital to float the first phase, which is the single most common thing new investors miss on their first deal.
What credit score do I need for a Covington fix and flip loan?
One Covington program has no credit floor at all, it is priced on speed rather than credit. The lowest rate here, 9.00%, needs 680+ credit and 2+ completed flips. Depending on the program, origination steps down at 700 and 740. Credit matters less here than on a conventional loan because the deal carries the file, but it moves your rate and your leverage, so know where you stand before you make offers.
Can I refinance a Covington flip into a rental loan?
Yes. That is the BRRRR exit, and it is the most common way a Covington flip becomes a hold. A DSCR loan qualifies on the property’s rental income rather than your W-2, so once the rehab is done and it is leased, you refinance out of the short-term hard money loan into 30-year financing. Worth deciding before you start, because it changes what finish level makes sense.
Do I need approval to renovate a historic rowhouse in Covington?
For exterior work in a local historic district, yes. Windows, doors, masonry, porches and rooflines usually need a certificate from the city’s historic preservation review before you start. Interior work follows the normal building permit process. Build the review time into your schedule so interest does not eat the margin.
Can I get a first-flip loan in Covington?
Yes. In Kentucky a first flip can be priced at 10% down with 660+ credit (from 9.99%) or 10% down with no credit minimum on the fastest-close program (from 11.99%). The worked example assumes a few completed flips; change your experience in the calculator to see what a first flip costs on the same house.
Micah Foster
Micah Foster
Founder & CEO, Capital Kings LLC
Micah brokers Non-QM and hard money loans for real estate investors across 38 states from his base in Texas. He founded Capital Kings to give investors a broker who shops the market on their behalf instead of pitching one lender product.

What to read before you sign a term sheet

Hard money near Covington: Cincinnati and Lexington. More Kentucky city guides: Bowling Green, Louisville and Owensboro. Or see everything we fund in Kentucky.

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