How stay-and-renovate works in 4 steps
FLYP's stay-and-renovate path is built for homeowners who love their location, hate writing checks, and don't want to manage a contractor. Here's the flow:
- Equity check. We confirm you have enough equity to support the renovation scope. Most lenders allow you to borrow up to 80–85% of your home's value minus your existing mortgage.
- HELOC setup. You apply with a lender of your choice (or one of our partners). FLYP coordinates the timing so the HELOC closes before the renovation kicks off.
- Renovation. FLYP's project manager owns the build, design, permits, contractors, materials, inspections. You stay in the home where it's practical; we phase the work room-by-room when needed.
- Payment. Each contractor invoice is paid out of the HELOC, not your bank account. You make interest-only HELOC payments during the project, then pay down the balance on your own schedule (or roll it into a future refinance).
Why FLYP-managed beats DIY contractor coordination
Most homeowners trying to renovate-and-stay learn the hard way that hiring contractors yourself burns 10–20 hours a week of your life and still leaves you exposed. You're managing scopes, change orders, schedules, sub-contractor handoffs, and the inevitable "the cabinets came in wrong" surprises, on top of your real job.
FLYP runs the project the way a developer runs a build: a single project manager, a vetted contractor network, fixed scope contracts, and a budget that doesn't balloon mid-project. The HELOC funds the work; you don't become an unpaid general contractor.
- One contract, FLYP holds the master agreement, you don't chase 8 trades.
- Vetted, licensed contractors with insurance and warranty coverage.
- Fixed-scope budget agreed before work begins. No surprise change orders.
- Designer-led finish selection so the result reads like a renovation, not a patchwork.
- Your time stays your time.
What FLYP handles vs. what your lender handles
Two parties, two clear responsibilities:
- FLYP: Scope, design, permits, contractor selection, project management, quality control, schedule, change-order discipline, final walk-through.
- Your lender: HELOC underwriting, draw mechanics, interest-only payment schedule, eventual payoff terms.
- You: Approve the scope and budget at the start. Live in the home. Pay the HELOC monthly.
Cost structure: $0 upfront, then standard HELOC terms
The whole point of this path is to avoid out-of-pocket spend. Here's how the dollars actually move:
- $0 from savings on day one. The HELOC funds the work.
- During the build: You make interest-only payments on the drawn balance. Most HELOCs run prime + 0.5–2% in 2026.
- After the build: Pay down the principal on your own schedule, or roll the balance into a cash-out refinance when you eventually want to lock a fixed rate.
- If you sell later: The HELOC payoff happens at closing alongside your existing mortgage, and the renovation increased your sale price by 1.5–2x what you spent.
Who this path is for (and who it isn't)
Stay-and-renovate is the right fit when:
- You love your location and aren't planning to sell in the next 5+ years.
- You have meaningful equity, typically 30%+ above your existing mortgage.
- You can comfortably absorb a HELOC monthly payment.
- You want a renovation handled professionally end-to-end, not a contractor list.
- You want $0 out of pocket today.
