Acquisition Bridge

Residential only, 1-4 unit single-family or 5+ unit multifamily

Has certificate of occupancy ("CO") or local equivalent, TCO may be acceptable

47 states!

$400,000 - $4,000,000

Minimum credit of 620

Borrower can select no monthly payments  during initial term (accrual)

Borrower's choice, reduces maximum LTV

-All states except FL, IL, DC, NY
-Within 3 miles: 50,000+ people OR 5 sales within 12 months at or above 125% of value

-Loan size: $1,000,000+

-Minimum credit: 680

-Financials: Business or at least 1 guarantor has 1 or more of these items: (i) $300,000+ of taxable income in 2 of 3 most recent years; (ii) $10+ million of gross revenue in 2 of 3 most recent years; (iii) $1,000,000+ across bank accounts and publicly traded securities

- Other: No TCOs, No LTV exceptions

Existing BFI clients are welcome! Up to 75% LTV available but if in a non-contractual extension on current construction or fix-flip loan, LTV on a Bridge may not exceed 60%. 

Request a term sheet for greater detail

70% as standard, subject to adjustment if any LTV Exceptions. For 75% see other section.

6 months + 6 month extension option, OR
9 months + 6 month extension option

8.5% interest rate if current pay,
9.0% for interest accrual,
Rate subject to increase for items below or ask for waiver if borrowing at reduced LTV: if credit below 720; fewer than 10 homes built and sold in past 10 years across all guarantors; or population projected to decline

6+6 term: greater of 0.6% or $6,000, OR
9+6 term: greater of 0.75% or $7,500

At borrower's option, 0.5% fee OR WAIVED subject to sale contract with specific deposit requirements per term sheet. To extend any accrued interest must be capitalized and then pay interest on a current basis thereafter.

Standard appraisal pricing, underwriting fee, and third-party costs (e.g. title expense)

Applied as follows: (1) Fund acquisition plus funds for closing costs. (2) Pay Origination Fee. (3) If relevant, pay broker. (4) Fund an interest reserve for initial term or WAIVED if accrual. 

Request a term sheet for greater detail