Short answer: bridge and fix & flip lenders price by experience tier, based on documented completed deals in the last 12–36 months. What you can prove is what counts, not what you've done.
A real example (Colorado, October 2026)
Same property, same lender, three quotes:
| Version | Rate | Loan | Leverage |
|---|---|---|---|
| Experienced, standard rehab | 9.00% | ~$1.95M | 92.9% of cost |
| Experienced, extensive rehab | 9.25% | ~$1.83M | 85% of cost |
| No recent experience | 11.75% | ~$1.68M | 80% of cost |
The borrower's one recent project was a commercial rehab that didn't count toward the residential tier.
What to do
- Document every deal: closing statements and deeds for purchases, sales and refinances.
- Partner with an experienced sponsor if your record is thin.
- Ask which deals count before applying.
Related: Fix & flip · Bridge loans