Closings &
Case Studies

12-month interest-only bridge loan for a Pensacola flip. IO structure keeps monthly carry costs low during the rehab period. At 10.49%, the rate reflects a fast-close, low-doc execution. Pensacola's coastal market seeing 4–6% YoY appreciation. Projected ROI on invested capital: 25–40%.

The first loan 818 wrote for this DFW operator — and the deal that opened a three-close relationship. A $203,000 fix-and-flip in Burleson, structured at 90% of acquisition plus 100% of rehab so the borrower brought minimal cash to close. First call to HUD settlement in roughly eight days. The detail that shows how we work: we restructured the facility from $182,300 up to $203,000 against a $160,000 purchase contract — sizing the loan to what the project actually needed, not to a rigid box — with a $50,000 rehab holdback released across five inspected draws. The same operator came back for a Fort Worth flip that same month, then a seven-figure Colleyville flip within the quarter. Back the operator, not just the deal. Profit and ROI vary by execution; figures illustrative.

Deal two with the same DFW operator, funded the same month as their Burleson flip. A $230,787 fix-and-flip in Fort Worth at 90% of cost plus 100% of rehab — maximum leverage for a repeat borrower we already knew. Roughly $82,000 of the facility sat in a renovation holdback, released against verified progress. Because we'd already closed with the sponsor once, the second underwrite was faster and cleaner — the compounding value of a real lender relationship rather than a one-off transaction. This operator scaled from here into a seven-figure Colleyville flip within the quarter. Figures illustrative; every deal varies.

DC metro flip with premium ARV potential. At 9.5% IO with 90% LTC and full rehab funding, the borrower minimizes upfront cash while accessing a high-value market. DC's median home prices ($600K+) mean even modest renovations can generate $60K–$100K+ in profit. Projected ROI: 30–45%.

Silver Spring — DC suburb with strong demand from government and private-sector workers. 90% LTC with 100% rehab means the borrower deploys minimal equity. Montgomery County's high median income supports premium renovated-home pricing. Cash-on-cash ROI: 35–55%.

Second DC-area flip — repeat borrower scaling in the same market. Proven comps and contractor relationships reduce execution risk. Repeat deals improve margins. Projected profit: $55K–$90K. IO structure keeps monthly carry under $4K. Cumulative ROI across DC deals: 70–100%+.

Cash-out refi on a 4-unit at 60% LTV — conservative leverage with strong equity retention. IO period maximizes cash flow. Four units provide income diversification. St. Pete's rental market growing 5–7% YoY. Projected cash-on-cash with IO: 10–14%.

Smoky Mountains STR — one of the top vacation rental markets in the US. Pigeon Forge sees 12M+ visitors annually, driving year-round occupancy. STR income typically 2–3x long-term rents. Projected gross yield: 15–22%. Net cash-on-cash: 10–15%.

Nashville STR with cash-out refi at 75% LTV. Music City's tourism economy ($7B+ annually) creates consistent short-term rental demand. Borrower extracts equity for portfolio expansion while STR income covers debt service. Cash-on-cash return after refi: 11–16%.

A 33-unit, 2023-built multifamily most lenders would only touch as 10%+ bridge debt — placed instead as a permanent bank acquisition loan at 6.65%, with $70,250 in seller credits negotiated and a 12-month interest-only runway to lease up. Bought below replacement cost with rents well under market — clear value-add upside as leases roll. Projected stabilized NOI: $280K–$340K. Figures illustrative; every deal varies.

A $978,000 commercial value-add loan at 6.32% — a genuinely low rate for small-balance commercial in 2026. Permanent financing on conservative leverage kept pricing sharp for this sponsor. Written at a conservative 57.5% of after-repair value (65% max) against a $1.9M ARV. This was the borrower's first commercial deal with us — his fourth funded loan in four months, after a $203K flip, a second flip, and a $1.46M rebuild. Figures reflect this specific transaction; every deal varies.

A $2.75M transitional multifamily bridge on a 26-unit Silver Spring asset — bridge-to-perm underwriting on the business plan and takeout, including navigation of a county subordinate / regulatory-agreement component that would stall a conventional desk. Market-rate multifamily in the DC suburbs, not a subsidy program. The structure preserved the sponsor's existing county relationship while funding the senior bridge needed to close. Full narrative at the deal report. Figures reflect this transaction; every deal varies.

A $19.5M hospitality bridge in closing on a full-service hotel in Hauppauge — the kind of execution that usually stalls because the asset needs a lender comfortable underwriting operating income rather than just bricks. Full-service hospitality carries a different risk profile than the rest of this page: revenue moves with occupancy, rate, and the quality of the operator, and the capital stack has to survive a repositioning period. This is written as bridge debt against in-place performance, with permanent financing already in motion behind it — the full story gets told when the second leg closes. In-closing figures are expected loan amounts, not a commitment until funded; every deal varies.

A $957,900 fix-and-flip on Long Island — the kind of high-basis suburban renovation that needs a lender who will underwrite the after-repair number rather than flinch at the entry price. Nassau County inventory is tight, and renovated single-family product in East Meadow clears to a deep, school-driven buyer pool. The file moved on a real appraisal, not a broker opinion: a lender-ordered appraisal set as-is value at $790,000 and after-repair value at $1,290,000 on 2,160 square feet. That $500K spread is what the loan was sized against, with rehab funded through inspected draws so capital released as the work got done. Figures reflect this transaction; every deal varies.

A seven-figure rowhouse renovation on 16th Street NW — one of the strongest north-south corridors in the District, walkable to Columbia Heights and Mount Pleasant with sustained demand for finished single-family product. Structured at 87% of total cost with a $200,500 rehab holdback released across inspected draws, so the sponsor carried minimal cash into a heavy scope. Deals at this basis live or die on the renovated comp set and on draw discipline — both were underwritten up front rather than negotiated mid-project. Figures reflect this transaction; every deal varies.

Cleveland SFR — one of the top cash-flow markets in the US. Low acquisition costs relative to rental income create outsized DSCR ratios. Median home prices under $150K with rents of $1,100–$1,400. DSCR ratios of 1.3–1.6x. Projected cash-on-cash return: 12–18%.

Sandpoint, Idaho — premium lakeside resort market. Condo STR at 75% LTV via rate & term refi locks in long-term financing on a proven income property. Lake Pend Oreille area draws year-round tourism. STR condos command $150–$300/night. Net cash-on-cash: 8–12%.

2-unit duplex cash-out refi in upstate NY's Finger Lakes region. At 75% LTV, the borrower extracts equity while maintaining solid coverage. Dual-unit income provides built-in vacancy protection. Projected cash-on-cash after refi: 10–15%. Classic BRRRR execution.

North Jersey duplex purchase at 80% LTV — strong leverage in a high-rent market. Bergen County's proximity to NYC drives premium rents of $1,800–$2,400/unit. Projected cash-on-cash: 7–10%. NYC commuter demand ensures low vacancy. 5-year equity build: 35–50%.

3-unit triplex purchase at 70% LTV — conservative leverage with three income streams. More units per property = better expense ratios and vacancy protection. Three units at $900–$1,100/mo each provide $2,700–$3,300 gross monthly. DSCR: 1.4–1.7x. Cash-on-cash: 11–16%.

A $116,000 single-family rental in the Kansas City metro — proof that 818's underwriting standard isn't reserved for the seven-figure deals. Qualified on the property's own cash flow (1.2x DSCR), not the owner's tax returns, so a working investor locks in 30-year financing without a W-2 underwrite. This is the loan most desks quietly pass on: too small for a bank to bother with, and exactly the entry-level rental where a real DSCR program matters most. Underwritten to a 1.2x coverage cushion for a well-qualified borrower on 818's standard 30-year DSCR rate-and-term terms. Grandview's low basis and steady KC-metro rental demand keep the coverage durable as leases roll. Final HUD and cash-on-cash confirmed at close; figures illustrative.

Tulsa cash-out refi at 75% LTV — harvests equity from an appreciated property while maintaining positive cash flow. Oklahoma's landlord-friendly laws add efficiency. Median prices $180K–$220K with rents of $1,100–$1,400. Cash-on-cash after refi: 9–13%.

Woodstock duplex at 60% LTV — conservative leverage in a desirable Hudson Valley market. Heavy equity position means lower payments and stronger cash flow. Woodstock's tourism economy supports both long-term and STR strategies. Cash-on-cash: 6–9% traditional, or 10–15% with one STR unit.

Second Woodstock duplex — higher leverage at 75% LTV preserves capital for additional deals. Combined portfolio averages ~68% LTV. Scaling in the same market reduces management friction. Blended cash-on-cash: 8–12%. Hudson Valley popularity with remote workers supports rent growth.

Ultra-conservative 50% LTV cash-out with interest-only payments. IO structure maximizes cash flow while low leverage provides maximum downside protection. Lawrenceville (Gwinnett County, Atlanta metro) — one of the fastest-growing Southeast suburbs. IO payments boost cash-on-cash to 12–18%.

New Mexico SFR — an emerging cash-flow market with low entry costs and solid rental demand. Growing tech and healthcare sectors drive consistent tenant demand. Median prices $280K–$320K with rents of $1,300–$1,700. Cash-on-cash: 8–12%. Low property taxes enhance net returns.

Rio Grande Valley SFR — one of the most affordable markets in Texas with strong rental demand from border trade and healthcare employment. Low acquisition costs and rents of $1,100–$1,400 create excellent rent-to-price ratios. DSCR: 1.3–1.5x. Cash-on-cash: 10–15%.

Oakland 5-unit value-add play — older building in a high-demand Bay Area rental market. DSCR financing on the as-is income with upside from unit renovations. Oakland rents for renovated units run $2,200–$3,000+. Built-in value-add opportunity. Post-renovation cash-on-cash: 8–12%. Appreciation potential 6–10% YoY.

Maine SFR — Portland's tourism and food scene create dual rental strategies: long-term tenants in winter, premium STR rates in summer. Blended gross yield: 8–12%. Limited housing supply and Boston remote worker demand support 4–6% YoY appreciation. Cash-on-cash: 7–10%.

Linden, NJ — Union County commuter town with strong rental demand from NYC/Newark workers. NJ Transit access makes this desirable despite lower acquisition costs. Rents of $2,000–$2,600 on homes priced $350K–$450K create solid DSCR ratios. Cash-on-cash: 7–10%.

Long Island 2-family in Nassau County — one of the most supply-constrained rental markets in the Northeast. Syosset's top-rated schools and LIRR access drive premium demand. At 60% LTV, significant equity protection. Dual-unit income of $3,000–$4,500/mo combined. Cash-on-cash: 6–9%.

Decatur Street rowhouse flip in the Petworth / 16th Street Heights corridor — one of DC's fastest-appreciating inner submarkets. Metro-accessible neighborhoods inside the Diamond have seen sustained 5–8% YoY gains. Full interest-only bridge with 90% acquisition plus 100% rehab draws lets the sponsor recycle capital across concurrent DC flips. Target ARV spread of $200K+ on a 4–6 month renovation. Projected net profit: $120K–$180K. ROI on invested capital: 55–85%.

Northern Virginia brick Colonial inside the Beltway — Falls Church consistently ranks among the top school districts in the DMV and commands a significant premium vs. comparable Fairfax County inventory. High-velocity buyer pool of federal contractors, DoD relocations, and dual-income professional households. Renovated 4-bed homes clear at $800K–$1.2M. IO bridge keeps monthly carry tight during a 5–7 month reposition. Projected net profit: $90K–$140K. ROI on invested capital: 45–70%.

Downtown DC condo reposition — walkable to Navy Yard, L'Enfant Plaza, and the Wharf. Institutional-grade building in one of the strongest walk-score submarkets in the metro. Condo-specific bridge underwriting accounts for HOA financials, reserve adequacy, and insurance walls. Renovated 1-bed units resell to federal workers and young professionals at $550K–$700K. 12-month IO matched to a lean cosmetic rehab (kitchens, baths, floors, paint). Projected net profit: $55K–$85K. ROI on invested capital: 40–65%.

Cleveland small-balance commercial acquisition in the E 69th / Kinsman corridor — part of the broader East Side industrial-to-mixed-use repositioning trend. Cleveland's cost basis for commercial properties remains 40–60% below Midwest peer cities. At 70% LTV, bridge execution provides speed advantage over agency and CMBS while the sponsor stabilizes operations and tenant mix. Cap rate compression opportunity: acquire at 9–11% going-in, exit at 7.5–8.5% on stabilized NOI. 12–18 month hold to permanent financing.

A seven-figure Colleyville flip funded on 818's own paper — our credit decision, our capital, no broker chain. Colleyville ranks among the strongest suburbs in the DFW metro, with renovated-home demand from relocating executives and dual-income professional households. High-basis flips at this price point live or die on the after-repair comp set. Underwritten against real renovated comps with a draw schedule structured to protect both sides through the rehab. Projected net profit: $150K–$250K. ROI on invested capital: 40–70%.

Sedona short-term rental financed on its own cash flow — a 30-year DSCR loan qualified on property income, not the owner's tax returns. Sedona is one of the premier STR markets in the Southwest: constrained supply, year-round tourism, and nightly rates a long-term lease can't match. DSCR underwriting lives on the realism of the revenue assumption. Short-term-rental income was normalized conservatively so the deal pencils through a slow month, not just peak season. The owner locked in long-term financing on a proven income property. Projected cash-on-cash: 9–14%.