Two different deals live inside this program. A stabilized bridge is underwritten on as is value and the takeout. A value add is underwritten on the renovation plan and the after repair value, and the scope classification matters enormously, because heavy rehab moves your ARV ceiling down and takes cash out off the table entirely. The reserve requirement is the tightest of any product we run at 12 months, which is deliberate on a 5+ unit asset with tenants in place. Per door minimum of $50,000 is a real screen, so a low basis portfolio deal may need a different structure.

We are consultants, not a lender, so we have no credit box of our own to protect. We work across a nationwide network: banks and credit unions, local and regional lenders, national platforms, private lenders, debt funds, family offices, and commercial balance sheet lenders. Some are large, some will write one loan a quarter in a market they know better than anyone. Small apartment value add sits in a gap. It is too small for most institutions and too complex for most residential lenders, so it lands with regional banks, debt funds, and private capital, each with genuinely different views on unit count, market, and business plan.

Our job is to match the file to the lender whose appetite actually fits it, both the sponsor profile, experience, credit, liquidity, entity structure, and the property itself, its type, market, condition, and business plan. That is the part a borrower cannot do alone, because it depends on knowing who is lending this month, on what, and at what price. You get the placement, not a rate sheet.