Residential transition loans · Fix & flip · Bridge · Ground-up construction
Interest-only loans from $125,000 to $5,000,000 on one-to-four family, townhouse, condo and multifamily property to 20 units. Leverage is set by your track record, not by a form.
Program terms
Figures are program maximums. Your term sheet will show the leverage your experience tier and the property support.
| Item | Fix & flip | Bridge (no rehab) | Ground-up construction |
|---|---|---|---|
| Loan amount | $125,000 – $5,000,000 | $125,000 – $5,000,000 | $150,000 – $5,000,000 |
| Term | 12 – 18 months | 12 – 18 months | 12 – 18 months, up to 24 for heavier builds |
| Payments | Interest-only on funds drawn | Interest-only, monthly | Interest-only on funds drawn; interest reserve available |
| Rate | 9.50% – 10.50% | 9.50% – 10.50% | 9.50% – 10.50% |
| Origination | 1 – 3 points | 1 – 3 points | 1 – 3 points |
| Max loan-to-cost | 90% | — | 85% · 90% with five or more ground-up exits in three years |
| Max loan-to-as-is value | 85% | 85% purchase · 80% refinance · 75% cash-out | 85% (land) |
| Max loan-to-finished value | 75% | — | 75% |
| Rehab / construction holdback | 100% of budget, funded in draws | None | 100% of hard and soft budget, funded in draws |
| Property | 1–4 family, townhouse, condo, multifamily to 20 units | Same | 1–4 family, townhouse, small multifamily to 20 units |
| Borrower | LLC, LP or corporation. Personal guaranty from owners of 20% or more, 51% aggregate. Minimum 660 credit score (700 for limited guaranty). | ||
| Prepayment | None after three months of minimum interest. Pay off any time once the job is done. | ||
Fix & flip
Purchase plus 100% of the budget, held back and released as work is inspected. Light rehab is a budget to 50% of as-is value; heavy covers gut work, structure and additions over 25% of the building.
Bridge
A fast close on a purchase, a payoff of a maturing loan, or equity out of a property you will sell or refinance within eighteen months. No budget, no holdback, no draws.
Ground-up construction
For builders with completed projects behind them. Land funds at closing, construction funds in draws against a schedule of values, and an interest reserve carries the loan to certificate of occupancy.
Leverage
Three limits apply to every loan. The lowest one is the loan. Experience is counted in completed projects of the same kind in the last three years.
| Experience tier | Project type | Loan-to-as-is value | Loan-to-cost | Loan-to-finished value |
|---|---|---|---|---|
| Institutional · 10 or more completed projects | ||||
| Institutional | Light rehab | 85% (90% purchase, case by case) | 90% (95% case by case) | 75% |
| Institutional | Heavy rehab | 85% | 85% | 75% |
| Institutional | Ground-up | 85% | 85% · 90% with 5+ ground-up exits | 75% |
| Experienced · 3 to 9 completed projects | ||||
| Experienced | Light rehab | 85% | 90% | 75% |
| Experienced | Heavy rehab | 85% | 85% | 70% |
| Experienced | Ground-up | 85% | 85% | 70% |
| New investor · fewer than 3 completed projects | ||||
| New investor | Light rehab only | 75% | 80% | 70% |
| New investor | Heavy rehab / ground-up | Not offered. Partner with an experienced sponsor as a guarantor. | ||
Bridge loans with no renovation: 85% of purchase price for institutional and experienced borrowers, 75% for new investors. Multifamily of five to twenty units is capped at 80% on every test. Light rehab means a budget of 50% or less of as-is value.
Eligible property
Eligible borrower
Not eligible
Deal sizer
Runs the three leverage limits for your tier and shows which one sets the loan. Indicative only. The term sheet governs.
Enter whole dollars. Costs include purchase and budget, before points and closing costs.
The loan is the lowest of the three limits, capped at the program maximum.
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Documents
Send what you have. We issue terms on the first column and clear to close on the second.
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