MULTIFAMILY GROUND-UP CONSTRUCTION
Institutional Capital for Multifamily Developers. Built for $5Mā$100M+ deals.
Ground-up construction financing for 5+ unit multifamily, mixed-use, and build-to-rent projects. Up to 75% LTC, 70% LTARV, and a sponsor-level exposure limit that funds every deal after the first ā without re-collecting financials.
- $1B+ Funded
- Up to $100M Per Deal
- Nationwide Lending
- NMLS 1003404
Leverage
Loan Size
$2Mā$100M+
Direct balance sheet capacity for middle-market portfolios.
The Terms, Up Front.
No “call for pricing.” No mystery fees buried in a term sheet. Here’s the box we lend in.Ā
| Loan Structure | |
|---|---|
|
Loan Size |
$2M ā $100M+ (sweet spot $5Mā$50M) |
|
Max LTC |
75% standard (up to 80% as exception) |
|
Max LTARV |
Up to 70% (60% if pushing 80% LTC) |
|
Min DSCR (stabilized) |
1.20x minimum, 1.25x preferred/> |
|
DSCR Stress Test |
Stressed at 5.75% perm takeout, 30-yr amort |
|
Term |
Up to 24 months, interest-only |
|
Rate |
Fixed (ā¤18 mo) or SOFR + margin (>18 mo)
|
|
Origination Fee |
1.5% – 2.5% |
|
Recourse |
Recourse standard; non-recourse for qualified sponsors |
|
Prepayment |
No prepay penalty after lock-out |
| Eligibile Asset Types | |
|---|---|
|
We fund residential and small-scale subdivision construction across 40+ states. |
|
|
Multifamily Ground-Up |
5+ unit conventional apartments. Sweet spot 100ā150 units. We’ve closed 200+ unit deals. |
|
Build-to-Rent (BTR) |
SFR communities and BTR subdivisions structured as a single asset. |
|
Mixed-Use |
Residential ā„75% of gross square footage and income. |
|
Small Lot Subdivisions |
Phased takedowns with absorption-rate-driven structuring. |
|
Multifamily Value-Add |
Heavy rehab and repositioning of existing 5+ unit assets. |
We Underwrite the Sponsor First. Then the Asset.
Most lenders make you start from scratch on every deal ā new financials, new PFS, new SREO, new tax returns. Six weeks of diligence on a $10M deal you’ve already proven you can execute. We don’t operate that way.
| WHAT MOST LENDERS DO | WHAT HML DOES |
|---|---|
|
Issue LOIs before credit committee reviews |
LOIs only after credit committee sign-off |
|
Re-underwrite the sponsor on every deal |
Sponsor exposure limit ā set once, used many times |
|
60-day diligence theater on every project |
30 days first deal, weeks thereafter |
|
80% LTC on the brochure, 65% in practice |
75% LTC standard ā what we quote is what we close |
|
$1ā2M exposure cap |
$20M+ exposure limits ($100M+ for enterprise) Negotiate rate |
|
Punish prepayment |
No prepay penalty after lock-out Force a perm takeout exit |
Our first deal with a new sponsor takes roughly 30 days from a full submission package. That’s longer than the term sheet you’ll get from a competitor who hasn’t actually committed yet ā and
that’s the point. By the time we issue an LOI, it’s been through credit committee. The number you see is the number that closes.Ā
After the first deal, your exposure limit is set. Every project under that limit only requires asset-level underwriting ā appraisal, title, project pro forma. That’s how serious developers actually want to work: prove yourself once, then deploy capital at the speed of your pipeline.
One Approval. Multiple Closings.
The single biggest source of operational drag for active developers isn’t deal flow ā it’s the financial-package treadmill. Our sponsor exposure limit eliminates it.
01
~30 days from complete submission
Full sponsor underwriting: PFS, SREO, track record, project pro forma, tax returns (at higher exposure tiers). Credit committee review. LOI issued. Close.Ā
You’re not just getting one approved deal ā you’re getting an exposure limit set against your sponsor profile, sized from $5M up to $500M+ for institutional iBuyers.
02
2+ Weeks, not months
No new PFS. No new SREO. No new financial repackaging. The sponsor is already underwritten. We only need:
- Asset-level project package
- Appraisal
- Title work
- Asset-class fit check
For SF and small subdivisions, this can be appraisal + title only. For institutional MF, it’s appraisal + asset-level review.
03
Year 2+ Capital at the speed of your pipeline
By your third or fourth deal with us, the relationship operates like a credit facility ā not a one-deal-at-a-time application process. Capital functions like a utility. You bring deals; we fund them inside the box.
Are You a Fit?
We’re built for sponsors with verifiable track record and operational discipline. Here’s what we need to see before issuing an LOI.
Volume Track Record
Minimum $5M/year in completed loan volume in residential investment, multifamily, or mixed-use. Commercial and industrial volume does not count toward this threshold.
Asset Class Experience
You've built AND stabilized (or exited) similar product. Small gaps are workable ā heavy rehab to SF ground-up, SF ground-up to 10-unit MF. Larger jumps (SF flip to 50-unit MF) require credit team sign-off and typically a strong GC or experienced partner.
Liquidity
Approximately 10% of total debt exposure (this loan plus existing non-stabilized debt) at close. Post-close liquidity covenant of 5ā7.5%.
Partial Sell-Out Credit
Mid-sellout projects count toward track record if absorption pace is reasonable (not stale 2+ years).
Edge case? Reach out anyway. Most “no” answers turn into “yes” with the right partner or structural adjustment. We’d rather tell you that on a 15-minute call than have you guess from a checklist.
What to Send Us First.
We lend in major metropolitan and emerging secondary markets across the following states:
01
PFS + SREO
02
Track Record
03
Project Pro Forma / Deck
04
Tax Returns
What We Need on the Deal.
For every project we underwrite, here’s the data set. Having this organized before submission cuts days off your timeline.
PROJECT DATA
01
Unit Count & Total Square Footage
Exact unit mix and gross/net SF per unit type
02
Acquisition Status
03
Spent-to-Date
04
05
06
Current appraised value and after-renovation/completion value
07
08
09
WHY IT MATTERS
Every line item above is a number we underwrite against. The more precise your inputs, the tighter the LOI ā and the faster the close.
We underwrite numbers.”
- Clean files close faster. Sponsors who submit a complete data set get a term sheet in 24ā48 hours. Incomplete files go back-and-forth for days.
- Precision = better pricing. Tight numbers let us push leverage and compress rate. Vague submissions get conservative structures.
- Your exit is our exit. We underwrite to your stabilization plan ā not a generic stress test. The more specific your exit, the more capital we can deploy.
The Mechanism
From Submission to Close.
We stripped the friction from construction lending to match your build speed.
01
Pre-Screen (48 hours)
You submit the four-item package. Our team reviews for fit against sponsor and asset criteria. If it’s a fit, we move to formal underwriting. If it’s not, we tell you within 48 hours ā and refer you to a better-fit lender if we know one.
02
Underwriting (~3 weeks)
Full sponsor and asset diligence. PFS analysis, track record verification, project pro forma stress-testing at 5.75% perm takeout, DSCR validation, LTC/LTARV modeling.Ā
03
Credit Committee Review
Every LOI we issue has been through credit committee. No retrades. No “soft commitments” we have to walk back. The number on the term sheet is the number that closes.
04
LOI to Close (~1 week)
Document collection, appraisal, title, and closing. Total first-deal timeline: ~30 days from a complete submission package.Ā
05
Subsequent Deals
Asset-level underwriting only. Same exposure limit, same sponsor profile, weeks instead of months.
$1B+ Funded. Investors Don't Switch Lenders Twice.
The first deal is an audition. Here’s what happens after.
4.8
Verified ReviewsĀ
loan type
region
Luxury Beachfront Spec Home
Common Questions From Sponsors.
What's your sweet spot for deal size?
$5Mā$50M loan size, 100ā150 units. We’ve closed both smaller ($2M minimum) and significantly larger ($80M closed, up to $100M+ in size). Sizing is driven by sponsor strength more than a hard cap.
How is the loan priced?
For terms of 18 months or less, we offer fixed-rate pricing. For terms over 18 months, pricing is 30-day SOFR plus a margin in the high-5s to low-6s (currently in the mid-9s with SOFR around 3.65%).
What's the difference between LTC and LTARV?
Ā LTC is loan-to-cost (loan size as a percentage of total project cost ā land, hard costs, soft costs, contingency, carry). LTARV is loan-to-after-repair-value (loan size as a percentage of stabilized appraised value). We size to the lower of the two. Standard ceilings are 75% LTC and 70% LTARV; if you push LTC to 80% as an exception, LTARV typically tightens to 60%.
Why does the first deal take 30 days?
Because we issue LOIs only after credit committee review. That means longer front-end diligence than competitors ā but the term sheet you receive is the term sheet that closes. We don’t retrade. After the first deal, your sponsor exposure limit is established, and subsequent deals close in a fraction of the time.
What's the sponsor exposure limit and how does it work?
We underwrite the sponsor (not just the asset) and approve a total exposure limit ā anywhere from $5M to $500M+ depending on your scale. Once approved, every subsequent project under that limit only requires asset-level underwriting (appraisal, title, project pro forma). No re-collecting financials. No restarting the process.Ā
What asset classes do you fund?
Multifamily ground-up and value-add, build-to-rent, mixed-use (with residential at 75%+ of GSF and income), small lot subdivisions, modular (limited), and mobile home parks (land only). If someone could live in it and it’s not owner-occupied, we likely have a product.
Do you require non-recourse?
Recourse is standard. Non-recourse is available for qualified sponsors and institutional asset profiles ā typically larger sponsors with verifiable track record at this asset class and scale.Ā
What's the liquidity requirement?
Approximately 10% of total debt exposure (this loan plus your existing non-stabilized debt) pre-close. Post-close, we maintain a liquidity covenant of 5ā7.5% of exposure.Ā
Can a mid-sellout project count as experience?
Yes ā provided absorption pace is reasonable. A project that’s halfway sold out in a reasonable timeframe counts. A project that’s been sitting at 50% sold for 2+ years does not.Ā
What states do you lend in?
Nationwide, with a small handful of excluded states. We’re headquartered in Los Angeles with a national HQ in Miami. NMLS 1003404 / DRE 01436503.
What if my deal doesn't fit perfectly?
Submit it anyway. Many sponsors who think they’re outside the box turn out to be inside with the right structural adjustment. And if your deal genuinely isn’t a fit for our program, we’ll often refer you to a lender we trust who can fund it.
Request a Term Sheet.
Submit your basic deal info and we’ll respond within 48 hours with either a pre-screen result or a complete submission checklist tailored to your scenario.
48-hour pre-screen response. Confidential review. No retrade on issued LOIs.Ā
