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Built but Unsold?

Don’t rush a sale. Refinance your construction loan or fix-flip loan. 70% LTV is standard and low-doc. 75% LTV + initial period interest is the maximum.

75% LTV
+ 9 Months Interest
= Max Loan
Interest Rate
8.5%* Monthly payments
9.0%* No monthly payments (accrual)

Cash-Out

SPEC inventory loans offer cash-out up to 15% of the loan amount or unlimited cash-out if LTV would not exceed 60%. The unlimited cash-out is relevant when there is low or no existing debt on the property. Use for one house or multiple homes/units at a time. 

Fast & Easy

LOW DOC: Tax returns and personal financial statements NOT required for loans up to 70% LTV + 9 months interest. Use our online application here. Target closing is 2 business days after receipt of final appraisal.

No Monthly Payments?

Select the "interest accrual" option and make NO monthly payments during the initial term of 6 or 9 months (you select length) and enjoy NO interest-on-interest. Need to extend? You have a 6-month extension option written into the loan agreement. At extension unpaid interest will be added to the loan amount - no need to repay until maturity - and you will need to start making monthly payments. Interest accrual is subject to the loan + unpaid interest not exceeding 81% LTV.

Non-Recourse Option

Yes, always offered on bridge loans. For the non-recourse option maximum LTV is reduced to 63%.

Buying a house that will tear down later?

Pre-construction bridge is also an option. It allows you to acquire, plan, and permit new construction. Available on comparable terms to post-construction/renovation bridge loans.

*Rates and terms shown on this page assume 1-Year Treasury before closing at or below 4.15%, 720+ credit, and other standards per term sheet and below.

Loan Purpose

Post-Construction Refinance a construction or renovation loan for a cash-out and for time to market and sell or find long-term/DSCR financing. 

ALSO AVAIALBLE: Pre-Construction Acquisition funding. Use proceeds to buy, plan, and permit. Existing improvements MUST remain intact during loan. Proceeds applied to purchase price and sized based on LTV with value not to exceed cost.

Eligibility
Property Type

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

Property Status

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

Location

47 states!

Loan Size

$400,000 - $5,000,000

Credit

Minimum credit of 620

Payments

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

Non-Recourse

Borrower's choice, reduces maximum LTV

75% LTV

-All areas but FL, IL, DC, NJ, NY, and parts of PA
-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 Clients

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%. 

Other

Request a term sheet for greater detail

Structure & Pricing
LTV

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

Term

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

Interest Rate

8.5% interest rate if current pay,
9.0% for interest accrual,
Rate subject to 1-Year Treasury at or below 4.20% when documents drafted and subject to increase for items below or ask for waiver if borrowing at reduced LTV: if credit below 720; fewer than 3 homes built and sold in past 5 years across all guarantors; or population projected to decline

Origination Fee

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

Extension

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.

Other Costs

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

Loan Proceeds

Applied as follows: (1) Repay existing debt 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. (5) Cash-Out unlimited if 60% LTV or lower, otherwise up to 15% of the loan amount. Subject to full recourse and no "Appraisal Issue".

Other

Request a term sheet for greater detail

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