On the Coast, the fastest part of a bridge closing is often the loan. The slowest is getting a wind policy bound, especially if a storm is spinning in the Gulf the week you want to close.
In short: LendingStreet makes residential investor bridge loans on 1-8 unit properties in Gulfport, Biloxi and along the Mississippi Coast. Loans run from $150,000 to $5M+ with rates from 7.99%, close in as little as 10 days, and some bridge programs need no appraisal. Bridge loans are short-term and interest-only, and the exit is a sale or a refinance into a DSCR loan.
Bridge money is built for speed and for properties that are not ready for a long-term loan yet. On the Coast that usually means one of a few situations.
Insurers routinely suspend binding new policies in coastal counties when a named storm threatens. If your closing falls inside that window, the loan cannot fund without coverage, no matter how fast underwriting moves.
From June through November, get your wind, hazard and flood quotes early and bind as soon as you are under contract. Ask your agent whether the wind policy will come from a standard carrier or the Mississippi Windstorm Underwriting Association, since that affects timing and cost.
This example is illustrative and not a quote. An investor buys a fourplex near downtown Gulfport for $360,000. Two units are vacant and need paint, flooring and fixtures. The bridge loan is $270,000, 75% of the price, with estimated interest-only payments of about $2,250 a month. The investor spends $25,000 of their own cash on the turn.
After about 5 months, all four units lease at $1,050, or $4,200 a month. The property appraises at $420,000. A DSCR refinance at 75% LTV produces $315,000, enough to pay off the bridge. Estimated principal and interest is about $2,203, taxes $410 and insurance $640, for a payment of about $3,253 and a DSCR of about 1.29x.
| Stage | Figure |
|---|---|
| Purchase price | $360,000 |
| Bridge loan (75%) | $270,000 |
| Estimated monthly interest-only payment | $2,250 |
| Rent after lease-up | $4,200 |
| Appraised value at refinance | $420,000 |
| DSCR refinance (75%) | $315,000 |
| Total monthly payment after refinance | $3,253 |
| DSCR | 1.29x |
Biloxi's older neighborhoods near Keesler have duplexes and small buildings that cycle through landlords. Long Beach and Pass Christian see estate sales of family homes that heirs want sold quickly. D'Iberville and north Gulfport have newer homes that sometimes trade between investors in packages. Each one tends to need a few months of work or leasing before it fits a DSCR loan.
Timing on the Coast also follows the calendar. Sellers who inherit property often want to close before hurricane season or before the next tax bill, and investors who move quickly with a bridge loan can negotiate on price in exchange for certainty. Being able to close in as little as 10 days is often worth more to those sellers than a slightly higher offer with financing contingencies.
If the plan is a full rehab with a construction budget, a fix and flip loan with a rehab holdback is usually the better tool. A bridge loan suits light work or none: leasing vacant units, clearing up title or timing, or bridging to a sale. Our Gulfport fix and flip page covers the rehab route and the FEMA 50% rule.
Some investors use both in sequence: a bridge loan to secure a property quickly from an estate seller, then a decision within a few weeks on whether the house needs a full rehab or just a light turn. If it needs more work than expected, talk to us before spending your own cash, since a rehab budget can sometimes be structured into a new loan. Clear scope and a realistic budget make either route faster.
Some bridge programs need no appraisal and size the loan on price and an internal value review; larger balances usually get a full valuation. Title in Harrison County runs through the chancery clerk, and the county has two judicial districts, with courthouses in Gulfport and Biloxi, so make sure your title company searches the right one. Mississippi has no state real estate transfer tax, which keeps closing costs modest, but confirm fees with your closing attorney.
Terms depend on the property, the exit and your experience.
A bridge loan is only as good as its exit. Before closing, run the refinance math on the rent you expect, the full insurance quote and a tax bill at the 15% assessment ratio for non-homestead property. If the DSCR only works at an aggressive rent, plan on a lower refinance amount and keep cash to cover the gap.
If the exit is a sale, check how long similar properties have taken to sell in that part of the Coast and what buyers there pay for insurance. A bridge loan that has to be extended because a sale stalls gets expensive, so build in a margin of time.
Investors who plan to hold several Coast rentals sometimes exit a group of bridge loans into a single blanket loan once they own five or more properties. That keeps one payment and one closing instead of several.
Send the address, price, your exit plan and your target closing date through the form below or call (877) 298-1001. Our investor loans are business-purpose loans on non-owner-occupied property. Our Mississippi bridge loan page covers the rest of the state.
In as little as 10 days with a clean title and insurance bound. During hurricane season, insurance binding can be the limiting step.
Rates start from 7.99% and depend on leverage, property and experience. Payments are interest-only.
Some bridge programs need no appraisal. Larger loans and certain properties usually require a full valuation.
Yes. Most Coast investors exit into a DSCR loan qualified on the leased rent, as in the fourplex example.
Yes, for investment property. Budget carefully for wind and flood insurance, which affects both the bridge and the later refinance.
If insurers suspend binding, closing waits until coverage can be placed. Building time into your contract helps.
Yes. We make bridge loans across the Mississippi Coast and statewide.
No. Our investor loans are business-purpose loans on non-owner-occupied property.
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