5+ units · 7 states
Multifamily bridge loans
Buy, renovate and stabilize a 5+ unit apartment building, then refinance into long-term agency financing. Available in California, Illinois, Massachusetts and four more states.
- $2M to $5M per building
- 100% of the renovation budget
- Built for an agency refinance
Got it. Thank you.
We’ll review your deal and call you back. If it’s urgent, call 310-654-1577.
Multifamily bridge terms
- Loan amount
- $2M – $5M one property per loan
- Purchase price
- Up to 75%
- Renovation budget
- 100%, through a holdback
- Total project cost
- Up to 80%
- Term
- 18–24 month term, interest-only two 6-month extensions available
- As-stabilized value
- 70% LTV max
- Once stabilized
- DSCR of 1.25x and debt yield of 9%
- Credit score
- 725+
Program maximums for 5+ unit residential buildings. Not a commitment to lend. Program guidelines current as of November 2026.
What is a multifamily bridge loan?
Multifamily bridge financing is a short-term, interest-only loan to buy an apartment building of five or more units, renovate and lease it up, and then refinance into long-term agency debt. The purchase is funded at closing; the renovation budget is held back and released as work is completed.
The plan is value-add: light to moderate renovation, up to about half of the purchase price, with no structural work, additions or ground-up construction.
How the loan is sized
Up to 75% of the price plus 100% of the renovation, within 80% of total cost, as long as the stabilized building supports a 1.25x DSCR, a 9% debt yield and 70% of its stabilized value.
| Sizing test | Limit |
|---|---|
| Loan-to-purchase price | 75% |
| Loan-to-cost (initial) | 70% |
| Loan-to-total cost (with renovation) | 80% |
| As-is loan-to-value | 75% |
| As-stabilized loan-to-value | 70% |
| Stabilized debt-service coverage | 1.25x |
| Debt yield | 9% or higher |
Sponsor requirements
- A track record owning and running apartment buildings in the same submarket
- A single-purpose LLC or corporation, newly formed or holding no other property, with no more than two members
- Every member needs 725+ credit and no bankruptcy or foreclosure in the last seven years
- Post-closing liquidity of 10% of the loan and a net worth at least equal to the loan amount
Send me the deal first
Send the rent roll, price, renovation budget and business plan, and I’ll test it against the sizing rules before you pay for third-party reports.
Where multifamily bridge loans are available
- California, Connecticut, Illinois, Massachusetts, New Hampshire, Rhode Island and South Carolina.
- Primary and secondary markets only; no tertiary markets.
- Not available in Florida or Texas.
- An attorney opinion letter is required above $2M in California and above $1M in the other states.
- Apartment building in California? You can also meet us in Burbank: multifamily bridge loans in California at West Coast Capital Mortgage.
Questions about multifamily bridge loans
What’s the exit for a multifamily bridge loan?
Refinancing into long-term agency debt after the building stabilizes.
How many units do I need?
Five or more, in a fully residential building worth at least $100,000 per unit.
What renovations can be financed?
Light-to-moderate value-add renovations of up to roughly half the purchase price.
How does prepayment work?
Prepayment is allowed any time, with at least 12 months of interest due at payoff.
Where can I use this loan?
Primary and secondary markets in California, Connecticut, Illinois, Massachusetts, New Hampshire, Rhode Island and South Carolina.
What due diligence is required?
A commercial appraisal, an environmental report, a property condition report, a budget review and a site inspection.
Other loan programs
Underwriting an apartment deal?
Share the rent roll, price, renovation budget and business plan to see how the loan sizes before you order third-party reports.