Direct lending tools

Hard money term sheet calculator

Size a Texas fix and flip, construction, bridge or DSCR rental loan against our actual program maximums. It tells you the loan we could write, which constraint is binding, and what you bring to the table.

Run the numbers

The deal

Program *

Purpose

Purchase price *

Rehab budget *

After repair value *

Land or lot cost *

Hard and soft costs * Vertical construction, permits, engineering, contingency.

Finished value *

Existing debt to pay off Leave blank on a purchase or an unencumbered property.

The borrower

Projects completed in the last 3 years

Credit band

Property location

Indicative only, and not a commitment to lend. Figures are produced from the numbers you entered against our published program maximums. Any financing remains subject to full underwriting, valuation, clear title, insurance and the execution of definitive loan documents. Business purpose loans on non owner occupied property only.

How it sizes

Lowest constraint wins

Every program has two or three caps. We advance against purchase, against total cost, and against the finished value, and the loan is the smallest of those numbers. The calculator names which one is binding, because that is the number worth arguing about.

What it does not do

It is not an approval

It takes your values at face value. An appraisal or BPO sets the real ones.
It does not read credit, title, entity or insurance.
It does not price the loan. Pricing is set against the file.
It does not include closing costs, interest carry or contingency in your equity figure.

Outside Texas

We still want the deal

Our own capital goes into Texas property. A rehab, bridge or construction deal in another state gets placed with a bridge desk instead of funded here, and the intake is the same. Capital markets.

The math

How each program is sized

The same caps published on the program pages, written out as the arithmetic the calculator runs.

Leverage caps and the sizing formula for each direct lending program
Program	The loan is the lower of	Loan size	Term
Fix and flip	90% of purchase plus 100% of the rehab budget 75% of the after repair value	$100K to $3MM	12 to 18 mo
Ground up construction	85% of total project cost, land plus build 70% of the finished value	$250K to $5MM	12 to 24 mo
Bridge	75% of value on a purchase 70% of value on a cash out	$100K to $5MM	12 to 24 mo
DSCR rental	80% of value on a purchase 75% of value on a cash out	$100K to $3MM	30 yr

Maximum leverage assumes an experienced sponsor, a credible budget and a Texas market we underwrite. A borrower with no completed projects is sized at 80% of purchase, and one or two completed projects at 85%, which is the adjustment the calculator applies. These are maximums, not offers.

Binding constraint

Why it matters

A deal capped by the after repair value is telling you the ARV is too thin for the basis, and more cash will not fix it. A deal capped by purchase and rehab is telling you the leverage is working as intended. They are different problems.

Your equity

What the number leaves out

Equity here is total cost minus the loan. Your real cash also covers closing costs, interest carry for the hold, and a contingency. Budget for those on top, because projects run long.

The exit

Underwritten before we fund

Sale, DSCR refinance, bank or agency debt. The calculator does not ask, but the term sheet does, because a bridge loan without a landing is a problem with a maturity date.