Capital Kings LLC · Non-QM Mortgage Broker

Hard Money Lenders inCedar Rapids, Iowa

Fix and flip, DSCR rental and new construction financing for Cedar Rapids 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 Cedar Rapids deal

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

Reviewed by Micah Foster, Founder & CEO, September 2026

Price a Cedar Rapids deal right now

Prefilled with a realistic Cedar Rapids deal. Change any number and it reprices on the programs that lend in Iowa, 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 Cedar Rapids

Cedar Rapids is a manufacturing and food-processing city on the Cedar River, and it flips differently from Des Moines two hours west. Houses here are cheaper, they sell fast, and a lot of the stock east of the river is 1950s and 60s ranches and small bungalows that need a full refresh rather than a gut. It’s also a city still living with two disasters: the 2008 flood and the 2020 derecho. Every flip here gets looked at through both. Our example is an investor with a few finished deals. In Iowa a first flip can be priced at 10% down with 660+ credit (from 9.99%).

Speed is the Cedar Rapids story. Finished houses have been going pending within days, which means a fairly priced flip exits quickly and your carry stays short. The catch is the buy. With inventory that tight, the discount has to come from condition, an estate, or an owner who doesn’t want to deal with a roof or a basement, not from waiting out a slow listing. The east side ranches around Kenwood Park, Noelridge and Mound View are the cleanest turns. Wellington Heights and Oakhill Jackson are cheaper and older, with more upside and more surprises behind the plaster.

What a Cedar Rapids deal looks like on paper

Cedar Rapids example: $110,000 purchase, $40,000 rehab, $215,000 after repair value, 700 credit, 4+ completed flips. The engine puts that borrower on the 100% Financing, 2+ Flips program at 9.50%, which lends 100% of purchase and rehab because purchase plus rehab fits under 70% of ARV here. Think a 1950s ranch near Noelridge Park: roof and gutters, a kitchen, one bath, flooring and a furnace, finished for a young family. Every number below is what the instant term sheet prints for that deal, so the picture cannot contradict the page.

Loan amount$150,000

Cash to close$11,980

Proof of funds to show$31,105

Where the $11,980 goes

Down payment (0%, 100% financing under 70% of ARV)You$0
Origination (2.5%)Lender$3,750
Doc prepLender$749
Broker fee (1%)Broker$2,000
Title and closing (estimate at Texas rates)Title$3,077
Prepaid interest (15 days)Lender$429
Property insuranceInsurer$1,425
AppraisalAppraiser$550

Interest while you rehab: $871 a month on the $110,000 funded at closing, $1,188 once every draw is out. Proof of funds is cash to close plus $12,000 of rehab reserve and $7,125 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 Cedar Rapids

Swipe the table for rates, credit and terms →

Program	Down payment	Min credit	Experience	Rate	Origination	Max loan	Term	Close
Experienced Investor Rate¹	15% of purchase	680+	2+ completed flips	9.00%	0.75%	75% of ARV	12-24 months	7-14 days
First Flip, 10% Down²	10% of purchase + rehab	660+	First flip OK	9.99%	2%	75% of ARV	12 months	21-30 days
7.5% Down, 3+ Flips³	7.5% of purchase + rehab	660+	3+ completed flips	9.99%	1.5%	75% of ARV	12 months	21-30 days
5% Down, 5+ Flips⁴	5% of purchase	660+	5+ completed flips	9.99% to 10.99%	2%	75% of ARV	9-24 months	10-14 days
100% Financing, 2+ Flips⁵	0% (100% financing)	620+	2+ completed flips	9.50% to 12.00%	2.5%	70% of ARV	9 months	7-14 days

Rate and origination are the program floor; two completed projects in the last 36 months preferred.
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.
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.
Rate is set per file from 9.99%; origination about 2% plus a $995 processing fee.
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 Cedar Rapids prices sit right now

Before we price a Cedar Rapids 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 Cedar Rapids median sale price at $224,000 for the three months ending August 2026, about 5% above a year earlier, with homes selling in around 6 days. Zillow’s home value index for the city is $212,086. The older east side pockets sit under that: Zillow puts Wellington Heights at $131,062, Taylor at $137,416 and Noelridge Park at $172,145, while Cedar Valley runs $209,445.

Median sale price, Cedar Rapids (Redfin, 3 months to Aug 2026)	$224,000
Days on market, Cedar Rapids (Redfin)	6
Zillow home value index, Cedar Rapids (Aug 2026)	$212,086
Zillow home value index, Wellington Heights	$131,062
Zillow home value index, Noelridge Park	$172,145
Zillow home value index, Cedar Valley	$209,445

Sources: Redfin, Cedar Rapids housing market, Zillow, Cedar Rapids home values, Corridor Business Journal, flood protection progress (2025-08-11), City of Cedar Rapids, housing inspections

How a Cedar Rapids file actually gets priced

The spread between neighborhoods is wide for a city this size. Zillow’s values for Wellington Heights and Taylor sit well under Cedar Valley and Lincolnway Village, and appraisers treat the river as a real line, so we comp east side houses against east side sales and the west side against the west. We use closed sales from the last 90 days. On any house in the 2008 flood footprint, which covers Time Check, Czech Village and parts of downtown and New Bohemia, we look at the flood history, whether the house was substantially repaired after 2008, and what flood insurance will cost the next buyer, because that premium shows up in what they can pay.

The Cedar River crested far above its old record in June 2008 and put water across a huge share of the city, downtown and both banks included. The city has been building a permanent flood control system since, with walls, levees, pump stations and gates going up in phases on both banks; the west side, including Time Check, is further behind, and property acquisition there is still going on. Check the address against the current map and the construction plan. In August 2020 a derecho tore off roofs and siding across the whole city, and a lot of the fast repairs that followed were patch jobs; the city moved rental inspections from every five years to every three after it saw the damage. Have a roofer and an inspector look at anything re-roofed in late 2020.

Who buys your finished Cedar Rapids deal

The finished Cedar Rapids house sells to a local buyer: a plant or hospital worker, a young family, a first-time buyer on an FHA loan. Those buyers move fast when the price is right and they’re careful about flood risk, so a dry house outside the 2008 footprint is the easiest sale in town. Marion and Hiawatha are the new-construction competition on the north edge. Rental demand is steady and a lot of the city’s single-family stock already rents, so a DSCR refinance works on the cheaper east side streets when the sale price comes in soft. Just remember the city’s rental permit and inspection cycle if you go that way.

What happens after you apply

Apply once and the whole Cedar Rapids 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 file**Sign 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 stands**Application, appraisal, title, underwriting, clear to close.

Capital Kings borrower portal: Run the deal again — **Run the deal again**The analyzer priced off your real numbers, before and after the appraisal.

Capital Kings borrower portal: What the lender still needs — **What the lender still needs**Every 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 Cedar Rapids

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 Iowa →

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 Iowa →

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 Iowa →

Where we lend in Cedar Rapids

We broker deals across the whole Cedar Rapids market. The submarkets investors ask us about most are Kenwood Park and Noelridge (52402), Wellington Heights and Oakhill Jackson (52403), Taylor and Cedar Valley (52404), Time Check and the Northwest Area (52405), Mound View (52402) and Czech Village and New Bohemia (52401 / 52404).

How long does a Cedar Rapids 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 Iowa, and the rate, origination, leverage and cash to close come back side by side. Plan on 7-14 days with completed flips and 21-30 days on a first flip. We stay on title and the lender through funding.

Cedar Rapids hard money FAQ

Do you lend hard money in Cedar Rapids?

Yes. Capital Kings is a broker, not a direct lender, so we shop your Cedar Rapids 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 Iowa, and the numbers come from the same engine that prices our instant term sheet.

Which fix and flip programs apply in Cedar Rapids?

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). 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 Cedar Rapids hard money loan close?

In Iowa, 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 Cedar Rapids flip?

The worked example on this page is a $110,000 Cedar Rapids purchase with a $40,000 rehab and a $215,000 after repair value at 700 credit, 4+ completed flips: $0 down (0%, 100% financing under 70% of ARV) and $11,980 total cash to close, with $31,105 of proof of funds to show the lender. 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 Cedar Rapids?

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 Cedar Rapids fix and flip loan?

The lowest credit floor among the Cedar Rapids programs is 620, on 100% financing (under 70% of ARV) with 2+ completed flips. A first flip needs 660 or higher. 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 Cedar Rapids flip into a rental loan?

Yes. That is the BRRRR exit, and it is the most common way a Cedar Rapids 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.

Will you lend on a Cedar Rapids house that flooded in 2008?

Often, yes. A house that was properly rebuilt after 2008 can be a fine flip, and some of the best-priced stock in Time Check and Czech Village is exactly that. What we need is the story: what was replaced, whether the city required elevation or substantial improvement work, where the house sits relative to the flood control system, and a flood insurance quote. The next buyer’s lender will ask the same questions, so we’d rather have the answers before you buy.

Is Cedar Rapids a good market for an experienced flipper from out of state?

It can be, because houses turn quickly and entry prices are low. The work is in finding the deal, since good inventory doesn’t sit, and in getting a local contractor who knows derecho-era roofs and old basements. The lower down payment programs in Iowa want completed flips, so bring your track record with the file. If you’re coming from Des Moines or Chicago, expect a buyer who is price sensitive and careful about flood history.

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 Cedar Rapids: Des Moines and Chicago. More Iowa city guides: Davenport, Iowa City and Sioux City. Or see everything we fund in Iowa.

Ready to fund your Cedar Rapids deal?

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