Hard Money Lenders in Evansville, IN | Capital Kings LLC
Capital Kings LLC · Non-QM Mortgage Broker

Hard Money Lenders inEvansville, Indiana

Fix and flip, DSCR rental and new construction financing for Evansville 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 an Evansville deal

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

Reviewed by Micah Foster, Founder & CEO, October 2026

Price an Evansville deal right now

Prefilled with a realistic Evansville deal. Change any number and it reprices on the programs that lend in Indiana, 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 Evansville

Evansville sits on a big bend of the Ohio River, at the corner where Indiana meets Kentucky and Illinois, and it trades like a regional hub. The older east side, Bayard Park, Lincolnshire and the streets around Washington Avenue, has brick Tudors, colonials and bungalows from the 1920s and 30s. Jacobsville and the near north side hold smaller frame houses, and the West Side is its own tight-knit market. Flips here are about solid old houses at prices well under most of the state.

Evansville cooled this year. Prices slipped from a year earlier and houses are taking noticeably longer to sell, so this isn’t a market where a rising trend covers a thin buy. The flips that work now are bought at a real discount, renovated to what the block supports, and priced to sell in the first few weeks. Out-of-area investors chasing low prices sometimes overpay for houses on weak streets, and those are the ones still sitting.

What an Evansville deal looks like on paper

Evansville example: $115,000 purchase, $55,000 rehab, $240,000 after repair value, 700 credit, first flip. The engine puts that borrower on the First Flip, 10% Down program at 9.99%. Think of a 1930s brick two-story near Bayard Park in 47714 with plaster walls, an original bath, old wiring and a roof at the end of its life. Plenty of Evansville houses sell for less, so we used a bigger house with a fuller scope to keep the loan above the program minimum. Every number below is what the instant term sheet prints for that deal, so the picture cannot contradict the page.

Loan amount$153,000
Cash to close$30,700
Proof of funds to show$53,192
Where the $30,700 goes
  • Down payment (10% of purchase plus rehab)You$17,000
  • Origination (2.13%)Lender$3,251
  • Lender fees (flat)Lender$2,790
  • Broker fee (1%)Broker$2,000
  • Title and closing (estimate at Texas rates)Title$3,092
  • Prepaid interest (15 days)Lender$402
  • Property insuranceInsurer$1,615
  • AppraisalAppraiser$550

Interest while you rehab: $816 a month on the $98,000 funded at closing, $1,274 once every draw is out. Proof of funds is cash to close plus $14,850 of rehab reserve and $7,642 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 Evansville

Swipe the table for rates, credit and terms →

ProgramDown paymentMin creditExperienceRateOriginationMax loanTermClose
First Flip, 10% Down110% of purchase + rehab660+First flip OK9.99%2%75% of ARV12 months21-30 days
7.5% Down, 3+ Flips27.5% of purchase + rehab660+3+ completed flips9.99%1.5%75% of ARV12 months21-30 days
5% Down, 5+ Flips35% of purchase660+5+ completed flips9.99% to 10.99%2%75% of ARV9-24 months10-14 days
100% Financing, 2+ Flips40% (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 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.
  2. 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.
  3. Rate is set per file from 9.99%; origination about 2% plus a $995 processing fee.
  4. 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 Evansville prices sit right now

Before we price an Evansville 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 Evansville median sale price at $155K for the three months ending September 2026, down 11.4% from a year earlier, with homes selling in about 25 days compared to 12 a year ago.

Median sale price, Evansville (Redfin, 3 months to Sep 2026)$155K
Change from a year earlier (Redfin)-11.4%
Days on market, Evansville (Redfin)25

Sources: Redfin, Evansville housing market

How an Evansville file actually gets priced

Vanderburgh County appraisers use closed sales from the same part of town, and in Evansville east, west and north sides are close to separate markets. We set the after repair value on renovated sales of the same age and size within a few blocks, and we discount stale comps from the spring run-up given the softer prices. Newburgh, across the county line in Warrick County, prices higher and won’t carry an Evansville address. Watch for finished attics and basements that the county record doesn’t count.

The Ohio River levee and floodwall protect most of the city, but Pigeon Creek and low ground near the river still put some addresses in the flood zone, so pull the map early. Southwest Indiana is also close to the Wabash Valley and New Madrid seismic zones, and some buyers will ask about earthquake coverage. Older brick houses need tuckpointing, roof flashing and gutter work, and pre-1978 paint means lead-safe practices. Permits go through the Evansville-Vanderburgh County Building Commission, and the Riverside Historic District has its own preservation review.

Who buys your finished Evansville deal

The finished Evansville house sells to buyers working at Deaconess, Ascension St. Vincent, the University of Southern Indiana, the University of Evansville or the Toyota plant up in Princeton. They’re mostly first-time and move-up buyers using FHA, VA or conventional loans, and they want a garage, central air and a dry basement or crawl space. With prices soft, have the rental math ready. A DSCR refinance on a well-located three bedroom is a real fallback here.

What happens after you apply

Apply once and the whole Evansville 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 Evansville

Fix and flip

10%down on a first flip
Rates
from 9.50% at 620+ 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 Indiana →

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 Indiana →

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 Indiana →

Where we lend in Evansville

We broker deals across the whole Evansville market. The submarkets investors ask us about most are Bayard Park and Lincolnshire (47714), Riverside Historic District (47713), Haynie’s Corner (47713), Jacobsville (47710), North Park (47710), West Side (47712) and East Side and Plaza Park (47715).

How long does a Evansville 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 Indiana, 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.

Evansville hard money FAQ

Do you lend hard money in Evansville?
Yes. Capital Kings is a broker, not a direct lender, so we shop your Evansville 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 Indiana, and the numbers come from the same engine that prices our instant term sheet.
Which fix and flip programs apply in Evansville?
As of October 2026: 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 an Evansville hard money loan close?
As little as 72 hours on the fastest-close program, which has no credit minimum. In Indiana, 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 an Evansville flip?
The worked example on this page is a $115,000 Evansville purchase with a $55,000 rehab and a $240,000 after repair value at 700 credit, first flip: $17,000 down (10% of purchase plus rehab) and $30,700 total cash to close, with $53,192 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 Evansville?
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 an Evansville fix and flip loan?
One Evansville program has no credit floor at all, it is priced on speed rather than credit. The lowest rate here, 9.50%, needs 620+ 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 an Evansville flip into a rental loan?
Yes. That is the BRRRR exit, and it is the most common way an Evansville 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.
Is Evansville a good market to flip in right now?
It can still work, but with prices softer than last year and houses taking longer to sell, the margin has to come from the purchase price. Budget a longer hold in your numbers and keep a rental exit priced. In Indiana 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%).
Does flood insurance matter on an Evansville flip?
On some addresses, yes. The levee covers most of town, but streets near Pigeon Creek and the river can still sit in a mapped flood zone. If the house is in one, your buyer’s lender will require flood insurance, and that monthly cost changes what they can pay. Check the map before you make the offer.
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 Evansville: Indianapolis, Louisville, Bloomington, Lexington and Owensboro. More Indiana city guides: Fort Wayne and South Bend. Or see everything we fund in Indiana.

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