Capital Kings LLC

Purchase-Only Loans in Texas.From 9.75%, no appraisal fee.

A short-term bridge loan for buying a house you don’t need a renovation loan on. It funds up to 90% of the purchase at closing, with no rehab holdback, no draws and no inspections between draws, and the lender values the property in-house, so there’s no appraisal fee. Your term sheet lists every fee and who it goes to.

Get my term sheet →No deal yet? Get pre-approved

No credit pull
No appraisal fee
Every fee on the sheet
First purchase welcome

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

Reviewed by Micah Foster, Founder & Mortgage Broker · September 2026

What would you bring to closing?

Purchase priceMarket value todayValue

Cash to close$35,674

Loan$175,000

Rate9.75%

Proof of funds$44,205

First purchase, every closing fee included. No appraisal fee.

Get this as a term sheet →Change deals completed →

At a glance

The purchase-only loan, in four numbers

87.5%

Of the purchase funded at 680+ credit, 90% at 730+ after four deals

9.75%

Rate at 730+ credit, 1% origination

Appraisal fee, the lender values the property in-house

8 days

Application to closing on a recent Houston purchase

A worked example

One Texas purchase, priced by credit

A $200,000 purchase of a house worth $265,000 today, no renovation financed, first deal. The same purchase at every credit band the instant term sheet prices, run through the term sheet the application generates.

Credit	Down payment	Loan	Rate	Cash to close	Proof of funds
730 and up12.5% down · 1 point · 12 monthsProof of funds $44,205	$25,000	$175,000	9.75%	$35,674	$44,205
730 and up, 4+ deals10% down · 1 point · 12 monthsProof of funds $39,469	$20,000	$180,000	9.75%	$30,694	$39,469
700 to 72912.5% down · 1 point · 12 monthsProof of funds $44,679	$25,000	$175,000	10.25%	$35,710	$44,679
680 to 69912.5% down · 1 point · 12 monthsProof of funds $44,916	$25,000	$175,000	10.5%	$35,728	$44,916
Under 68015% down · 1 point · 12 monthsProof of funds $50,091	$30,000	$170,000	11%	$40,741	$50,091

Credit sets the rate: 730 and up closes at 9.75%, and under 680 the down payment steps up to 15%, $5,067 more at closing. Four completed deals at 730 and up drops the down payment to 10%, $4,980 less. Every figure includes the $5,000 realtor commission line and the $5,000 earnest money credit, which offset, and the appraisal line shows as waived.

The real term sheet for this purchase

The same $200,000 purchase at 730 and up credit, on a first deal and after four completed deals. Every fee is on the sheet, and every line says who gets paid: your equity, the lender, the title company, the insurer, the realtor, or the broker.

Cash to close$35,674

Proof of funds to show$44,205

Where the $35,674 goes

Down paymentEquity$25,000
Appraisal fee, waivedAppraiser$0
Prepaid interestLender$701
Lender fees, origination and doc prepLender$2,749
Broker feeBroker$2,000
Closing / titleTitle co$3,324
Property insuranceInsurer$1,900
Realtor commissionRealtor$5,000
Earnest money creditCredit−$5,000

The gold broker line is the only money Capital Kings earns. The appraisal line is waived because the lender values the property in-house. The $5,000 realtor line pays the agent who brought the deal and comes off if nobody did, and your earnest money comes back as the credit under it. Proof of funds adds $8,531 of interest that stays in your account.

These are sample sheets for a made-up borrower, built by the same engine that builds yours. Yours takes about two minutes and doesn’t pull your credit.

The terms

Rate, down payment and every fee

Credit	Rate	Down, first purchase	Down, 4+ deals	Origination
730 and up credit	9.75%	12.5%	10%	1%
700 to 729 credit	10.25%	12.5%	12.5%	1%
680 to 699 credit	10.5%	12.5%	12.5%	1%
Under 680 credit	11%	15%	15%	1%

Interest-only for 12 months, funded in full at closing, never more than 90% of the purchase or 75% of the market value. Origination has a $2,000 minimum. These are the numbers the instant term sheet uses as of September 2026, and we shop every purchase against the whole network before it’s signed.

Every fee on the term sheet

Broker fee	1% of the loan, $2,000 minimum. The only money Capital Kings earns
Lender origination	1% of the loan, $2,000 minimum
Lender doc prep	$749
Appraisal	Waived, the lender values the property in-house
Title and closing	Texas owner’s and lender’s policy plus escrow, recording and notary
Property insurance	About 0.95% of the purchase, $800 minimum, est.
Prepaid interest	From the closing date to the end of the month
Realtor commission	$5,000 flat when a realtor is on the deal, off when not
Earnest money	Credited back to you at closing
Reserves verified	Six months of interest

Run the numbers

Price your purchase right now

Prefilled with the example above. Change any number and it reprices on the same math the application’s term sheet uses.

Purchase priceMarket value todayCredit scoreDeals completed

Enter a purchase price to see the loan, the cash to close and the rate.

Get the real term sheet →Same math as the application’s term sheet. No credit pull, nothing saved.

First-time investors

Your first purchase, without a track record

Most people buying a first investment property assume a lender wants a track record and a big down payment before it will fund one. On a purchase-only loan you need neither. A first purchase gets the same rate as a tenth: the loan is sized on the price you pay and what the house is worth today, and what the lender checks is your credit and the cash in your account.

CreditEvery band prices

730 and up gets 9.75%, 700 to 729 gets 10.25%, 680 to 699 gets 10.5%, and under 680 gets 11% with 15% down.

Cash12.5% plus costs

On the example that’s $25,000 down, $35,674 cash to close with every fee in, and $44,205 in the bank to show the lender.

The propertyUp to 75% of value

The loan can’t pass 75% of what the house is worth today. Buy at a discount and it never comes up. Pay close to retail and you bring the gap in cash.

ExperienceNone required

A first purchase prices the same as a tenth. Four completed deals at 730 and up drops the down payment to 10%.

Four mistakes first-time buyers make

Paying close to retail. The loan is capped at 75% of the market value. On a $250,000 purchase of a $265,000 house that holds the loan to $198,750, so the down payment is $51,250 instead of $31,250.
Using purchase-only for a real renovation. The loan funds no repairs. If the work adds square footage or is structural, lenders want it financed as a rehab or size the loan down. A fix and flip loan funds 100% of the rehab in draws.
Budgeting cash to close and forgetting reserves. Lenders verify six months of interest on top of cash to close. On the example that’s $8,531 more in the bank.
Waiting on paperwork. There’s no appraisal to wait on, so the closing date is set by your documents: the contract, two months of bank statements, LLC documents, ID and an insurance binder. Have them ready before you go under contract.

Send Micah your purchase →Run the numbers first

After you apply

Your whole loan, in one portal

Apply once and the whole 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.

Real terms before you talk to anyone

The instant term sheet from your application, every fee and who it goes to, accepted and signed in the browser.

Always know where your loan stands

Follow the file from application through valuation, title and underwriting to clear to close.

Upload once, never resend

Contract, bank statements, entity documents and ID in one place, from your phone or your desk.

Always know what the holdup is

Every open condition on your file, what clears it, and who it’s waiting on.

Tour the borrower portal →

How it works

How a purchase-only loan is sized

Loan=Lowest of87.5% of the purchase·75% of the market value

87.5% at 680 and up on a first purchase, 90% at 730 and up after four completed deals, 85% under 680, and never more than 90% of the purchase. Interest-only for 12 months, funded in full at closing.

What the loan covers

Most of the purchase price, wired at closing. No rehab holdback, no draw schedule and no inspections between draws. The lender values the house in-house, and that value caps how far the loan can go.

What you bring

The down payment, the closing costs, and proof of funds: the lender verifies six months of interest in your account before closing. Not tax returns, W-2s or pay stubs.

Who it’s for

Built for buying fast

Auction and off-market buyers who need to close before a bank loan could.
First-time investors buying a house that needs little or no work.
Buy and hold investors who buy now, rent it, and refinance into a DSCR rental loan.
Investors who pay for light repairs in cash and don’t want draw inspections.
Buyers up against cash offers, with no appraisal to wait on.
Clients of realtors and wholesalers, with the partner’s $5,000 commission already on the sheet. How the partner program works.

What we need

The document list, and what isn’t on it

Purchase contract and the property address.
Two months of bank statements showing cash to close and reserves.
LLC certificate of formation, EIN letter and operating agreement if you close in an entity.
Government ID.
Insurance quote or binder.
Settlement statements from completed deals, if you have them. Four or more lower the down payment at 730+ credit.

Not on the list: an appraisal, a scope of work, tax returns, W-2s or pay stubs.

Purchase only vs fix and flip

Which loan does your deal need

Purchase only

Fix and flip

Funds

The purchase, in full at closing

The purchase and 100% of the rehab in draws

Sized on

Purchase price, up to 75% of market value

Purchase, rehab and after repair value, up to 75% of ARV

Down

12.5% at 680+ credit, 10% at 730+ after 4 deals

From 5%

Appraisal

Waived

$550, est.

Rate

From 9.75%, 1% origination

From 8.99% with 15% down

Best for

Buying without a renovation to finance

Buying and renovating

Renovating? See fix and flip loans in Texas, or read purchase-only vs fix and flip loans.

Process

From offer to closing

Send the deal

Address, purchase price, what the house is worth and your credit band. Two minutes, no credit pull, instant term sheet.

We shop it

Your purchase goes to the lenders in our network whose programs fit your credit and the leverage you want.

Valuation and title

The lender values the property, title and insurance get ordered, and your documents clear underwriting.

Close

The loan funds in full at the table. A recent Houston purchase closed 8 days after the application.

Questions

Texas purchase-only loan FAQ

What is a purchase-only loan?

A short-term, interest-only loan that funds the purchase of an investment property and nothing else. There’s no rehab holdback and no draws: the loan funds in full at closing. It’s sized on the purchase price and capped at 75% of what the property is worth today. Investors use it to buy at auction or off market, to close fast against cash offers, or to buy a house that needs only light work they will pay for themselves.

How much do I need to put down on a purchase-only loan in Texas?

12.5% of the purchase price at 680 or higher credit, dropping to 10% at 730 or higher once you have four completed deals. Under 680 it’s 15% down. The loan is also capped at 75% of the market value, so if you pay close to retail the down payment grows: on a $250,000 purchase of a $265,000 house the cap holds the loan to $198,750 and you bring $51,250.

What credit score do I need for a purchase-only loan?

The instant term sheet prices every credit band. 730 or higher gets 9.75% with 1% origination, 700 to 729 gets 10.25%, 680 to 699 gets 10.5%, and under 680 gets 11% with 15% down. The term sheet uses the score you enter, with no credit pull. The lender pulls credit once, in underwriting.

Is there an appraisal on a purchase-only loan?

Not one you pay for. The lender behind these terms values the property in-house at no cost to you, so the appraisal line on the term sheet shows as waived. Some lenders in the network do order an appraisal, and if your deal goes to one of them the fee is on your term sheet before you sign.

Can I renovate the house with a purchase-only loan?

Light work, yes, as long as you pay for it. The loan doesn’t fund repairs. If the work adds square footage or is structural, lenders want it financed as a rehab loan or size the loan down, so a fix and flip loan is the better fit: it funds 100% of the rehab in draws.

How much cash do I need to close on a purchase-only loan?

On a $200,000 purchase at 730 or higher credit, first deal: $25,000 down, $2,000 origination, a $2,000 broker fee, $3,324 for Texas title, $1,900 for insurance, $749 in lender doc prep and $701 of prepaid interest, $35,674 in total. There’s no appraisal fee. Lenders also want $8,531 of interest reserves in the bank on top of it, $44,205 in total.

How fast can a purchase-only loan close in Texas?

There’s no appraisal to wait on and no scope of work to review, so the clock is mostly your documents: the purchase contract, two months of bank statements, LLC documents, ID and an insurance binder. A recent Houston purchase closed 8 days after the application.

Purchase-only or fix and flip: which loan do I need?

If the house needs a renovation you want financed, a fix and flip loan funds up to 100% of the rehab in draws and is sized on the after repair value. If the house is rent-ready, needs only light work, or you plan to resell it as is, purchase-only is simpler: it funds in full at closing with no draw inspections and no appraisal fee.

What does Capital Kings charge on a purchase-only loan?

One broker fee: 1% of the loan amount, $2,000 minimum, on the term sheet before you sign anything. That’s the only money Capital Kings earns. Everything else on the sheet goes to someone else, and each line says who. A $5,000 realtor commission is built in when a realtor is on the deal and comes off when one isn’t, and your earnest money comes back to you as a credit at closing.

Who you’re working with

Founder & Mortgage Broker

Micah Foster

Micah brokers purchase-only, fix and flip, DSCR and new construction loans for real estate investors across 37 states, with most of his volume in Texas. He founded Capital Kings LLC to give investors a broker who shops the market on their behalf instead of pitching one lender product, and every term sheet he sends is itemized down to the last fee.

Send Micah your purchase →

Keep reading

Before you make the offer

Ready to price your Texas purchase?

Two minutes to an instant purchase-only term sheet. No credit pull, no appraisal fee, every fee on the page.

Get my purchase terms →Call (281) 636-5682 Text Micah