When Your Borrower Stabilizes, We Take Them Conventional, and You Get Your Capital Back

We do not originate hard money, bridge, or private credit loans, so there is no product on our shelf that competes with what your fund already does. Our business is permanent, agency, life company, CMBS, and construction financing, the executions that come after a hard money loan has done its job.

When we take a referral, the scope is the specific transaction you send us: the takeout, the co-lending piece, or the out-of-box deal. We do not use that introduction to market to your borrower's other properties, and we do not approach your fund's other borrowers directly. If a borrower we are working with mentions a new acquisition that needs bridge capital, that conversation gets routed back to hard money lenders we work with, including you, if the deal fits your box.

The relationship works because it is a two way pipeline. Lenders who send us takeout candidates are the same lenders we send pre-stabilization deals back to. A referral partner who quietly competed for the next loan would not stay in that pipeline for long.

Seasoning requirements vary meaningfully by lender category. Agency small balance execution through Fannie Mae or Freddie Mac typically wants at least 90 days of stabilized operating history at the DSCR the program requires, sometimes longer if the property was in significant renovation. CMBS conduits generally want six to twelve months of stabilized cash flow before they will underwrite off actual trailing NOI rather than a pro forma. Life company correspondents are the most conservative: most want twelve months or more of stabilized, in-place NOI and a clean rent roll before they will quote, though a strong sponsor and asset can sometimes shorten that.

Debt funds and private credit lenders offering a bridge to permanent takeout are typically the most flexible on seasoning, sometimes willing to underwrite off a shorter stabilization period if the trend line is clearly positive, but they price accordingly. If your borrower's note matures before any of these lenders' seasoning thresholds are met, a short term extension from your fund, or a second bridge loan from a different capital source, is usually the more realistic near term answer, with the permanent takeout following once the seasoning clock runs out.

We tell your borrower and your fund up front which category their deal fits, rather than shopping an execution that will stall in underwriting.

We place takeout and permanent financing across multifamily, industrial, retail, office, mixed-use, and hospitality, generally on loans of $1,000,000 and above. That covers the large majority of hard money and private bridge loans that reach stabilization and need a conventional exit.

Smaller balance transactions, particularly single-family or small residential rehab loans under that threshold, are typically better served by agency small balance or local bank programs directly, and we are glad to point your borrower in the right direction even when the loan is below what we place ourselves.

Hard money and private bridge loans are typically underwritten to loan to cost or as stabilized loan to value, often in the 65 to 75 percent range, with limited emphasis on in-place DSCR since the asset is not yet stabilized. Conventional takeout lenders flip that underwriting: DSCR becomes the binding constraint. Agency small balance programs generally want 1.25x or better. CMBS conduits typically want 1.20x to 1.25x depending on property type. Life companies, the most conservative on leverage, often want 1.30x or better paired with loan to value in the 60 to 65 percent range.

The practical implication for your borrower is that the takeout loan amount is frequently smaller than the hard money loan being paid off, especially if the value-add business plan did not fully perform. We run that math before your borrower gets to the closing table, so there are no surprises about how much equity needs to come in at the takeout.

It depends on the lender category. An agency small balance takeout can sometimes close in 45 to 60 days if the file is clean, the appraisal comes in where expected, and the borrower is responsive on documentation. A CMBS conduit execution more typically needs 60 to 90 days given the additional third party reports and rating agency review. Life company executions are usually the slowest, often 75 to 100 days, because of the underwriting depth involved.

If 60 days genuinely is not enough runway for the lender category your borrower's deal fits, the realistic options are a short maturity extension from your fund, a bridge to permanent loan from a debt fund that can close faster and refinance again once the permanent execution is ready, or, in some cases, running the permanent application in parallel with a documented extension so there is no gap between your note's maturity and the takeout closing.

We tell you within days of the introduction whether 60 days is workable for a direct takeout or whether we need to build in a bridge step, so your fund can make an informed decision about extending rather than finding out at day 55.