Single Family Bridge

Dragon Realty Capital offers bridge loans on non-owner occupied single family homes that can close in FIVE DAYS with the following minimum documentation:

  1. Borrower signed 1003.
  2. Borrower driver’s license.
  3. Borrower credit report.
  4. Recent Appraisal.
  5. Purchase Contract OR Recent Mortgage Statement/Payoff Demand.
  6. Preliminary Title Report.

Loan Program Criteria:

Loan Size:  $200,000 to $2,000,000 (we will consider loans greater than $2MM on a case-by-case basis).

Loan Purpose:  Acquisition or Refinance

Loan Strategies:  Fix to rent, Fix and flip, Buy to rent, and Bridge

Loan-to-Value (LTV) Maximums:

  • 75% of “as-is” LTV not to exceed 90% loan-to-purchase-price
  • 70% LTV for refinance loans with the strategy of fix and flip and fix to rent
  • 65% LTV for cash-out refinance
  • 70% ARV on loans with construction reserves
  • 65% ARV for fix and flip and fix to rent refinance loans
  • 60% ARV for cash-out refinance

Term:  Up to 24 months.

Occupancy:  Non-owner occupied only.

Lien Type:  First-position trust deeds and mortgages.  All subordinate liens must be co-terminus with or mature after the first mortgage.

Location:  United States (excluding South Dakota and Minnesota). No rural properties (if there are fewer than 3 sales comps within 3 miles, the property will be considered rural).

Not Considered:  High-rise condominiums in Las Vegas or Florida, First-generation condominiums or housing communities will not be considered.

Rate:  Generally loans with fixed note rates of 8.0% or higher, credit dependent.

Junior Liens:  Allowed with an intercreditor agreement.

Valuation:  DRC requires an appraisal on all properties.

Construction Management:  DRC requires approved third-party construction management to oversee the draw process, including inspections. Upon submission of draw requests, DRC will collect third-party progress inspection reports, lien releases, and receipts in order to determine approval of draw request.  Loans with construction reserves that exceed $250k or 40% of the unpaid principal balance are subject to a higher level of due diligence and require case-by-case approval.

Borrower Type:  Individual or U.S. entity required.

Credit:  Minimum middle score of 600 for the borrower/guarantor is required, but exceptions may apply on a case-by-case basis.  Credit reports must be 3 month old or less.

Bankruptcy:   The borrower/guarantor must be at least one year removed from discharge/dismissal.

Track Record:  At least one previous project is required for rehab loans (exceptions on a case-by-case basis).  No track record is required for buy to rent and bridge loans

Citizenship:  A U.S. Citizen or a permanent resident alien.  If borrower is a U.S.-domiciled company then a Certificate of Good Standing must be provided.

1-888-578-5441