Lending
What we lend on
Short-term, first-lien bridge loans on single-family homes in North Carolina and Virginia, for investors and operators who buy, renovate and sell.
01 / Typical terms
Typical terms
- Loan size
- Roughly $50,000 to $350,000
- Term
- 6 to 12 months
- Interest
- 10% to 12% annual, actual/360
- Points
- 1 to 3
- Leverage
- Up to about 75% of purchase price
- Collateral
- First lien on non-owner-occupied single-family
- Funding
- Wired to your closing attorney
- Prepayment
- No prepayment penalty. Some loans carry a minimum interest amount; if yours does, the term sheet says so.
- Extensions
- Available for a fee
- Payoff letter
- Typically within one business day
Typical of loans we have made. Not an offer or a rate quote. Subject to underwriting.
02 / The math
The math, shown.
Interest is quoted as an annual rate and accrues daily on an actual/360 basis: the balance times the rate, divided by 360, for each day the loan is out. Points are a percentage of the note amount, stated up front.
Example: $200,000 for 120 days
- Principal
- $200,000.00
- Interest, 120 days at 10%, actual/360
- $6,666.67
- Points, 2 on the $200,000 note
- $4,000.00
- Interest and points
- $10,666.67
- Per diem (200,000 x 0.10 / 360)
- $55.56
Example only, not an offer. Some loans carry a minimum interest amount. If yours does, the term sheet says so, and the payoff letter itemizes every amount due.
Try your own numbers
Enter an amount from $0 to $10,000,000.
Enter a rate from 0 to 30.
Enter points from 0 to 10.
Enter a number of days from 0 to 1,000.
- Per diem
- $55.56
- Interest
- $6,666.67
- Points
- $4,000.00
- Interest and points
- $10,666.67
Enter valid numbers
Illustration only. Your rate, points and any minimum interest are set in your note after underwriting.
03 / Who we lend to
A good fit, and not a fit
A good fit
- Buying and renovating a single-family home to sell
- Borrowing through an LLC or other business entity
- A clear exit, by sale or refinance, within 6 to 12 months
- A closing attorney in place, or one you are ready to engage
Not a fit
- Your home, or any home you or your family will live in
- Personal, family or household loans of any kind
- Property outside North Carolina and Virginia
04 / What we need
What we need from you
Most of this is what you already have for the purchase. Having it ready is the fastest way to a decision.
- Purchase contract
- Scope of work and rehab budget
- Comparable sales or other support for the after-repair value
- Entity documents: articles, operating agreement and EIN letter
- A short list of projects you have completed
- Your closing attorney's contact
- Proof of funds for your down payment and closing costs
- Evidence of insurance naming the lender, before closing
05 / Extensions and payoff
Extensions and payoff
If the project runs long, extensions are available for a fee. Ask before your maturity date, not after.
When you sell or refinance, ask for a payoff letter. It typically arrives within one business day and shows the per diem, so your attorney can close on any date. There is no prepayment penalty; if your loan carries a minimum interest amount, the term sheet says so.
Have a deal under contract?
Send the address, the numbers and what you need. You will get a clear yes, a clear no, or a short list of what we need to decide.
Start an inquiryBusiness-purpose loans only. North Carolina and Virginia.