Salt Lake City's older brick bungalows and small plexes are steady rental stock, but many need work before a long-term lender will touch them. A bridge loan handles the purchase and renovation, then hands off to a DSCR refinance.
In short: LendingStreet offers residential bridge loans in Salt Lake City from $150,000 to $5M+ on 1 to 8 unit investment property, with rates from 7.99% and closings in as little as 10 days. Investors use them to buy and renovate older homes and duplexes along the Wasatch Front before refinancing into a DSCR loan. Utah has no real estate transfer tax, but sale prices are not public, which makes good comps more important.
Neighborhoods like Sugar House, Liberty Wells, Ballpark, Rose Park and Glendale have plenty of early to mid-1900s brick bungalows and small duplexes. The Avenues and Central City hold older Victorians and walk-up apartments.
Many homes have basements that can be finished or converted where zoning allows, and Salt Lake City has expanded its rules for accessory dwelling units. Investors often buy an older brick home, update it and add rentable space.
A bridge loan is short-term, interest-only financing for an investor who needs to close before long-term financing makes sense. LendingStreet's residential bridge loans cover 1 to 8 unit investment property, from $150,000 to $5M+, with rates from 7.99% and closings in as little as 10 days. Some bridge programs require no appraisal, which helps when a seller wants a quick, clean close.
The loan is built around the exit. You either sell the property or refinance it into a 30-year DSCR loan once it is renovated and leased. We look at the purchase price, the rehab scope and budget, the expected after-repair value, your track record and how realistic that exit is in Salt Lake City.
Your total cost is more than the rate. Budget for interest during the hold, closing costs on the purchase, any lender fees and the closing costs of the refinance or sale at the end. The bridge loan cost calculator can help you add these up before you make an offer.
Most bridge requests in Salt Lake City fall into a few patterns. The common thread is speed, a property a long-term lender will not finance yet, or both.
Demand along the Wasatch Front has stayed steady with job growth in tech, health care and the university. Well-priced older homes still go quickly, and a bridge loan lets you close before the listing draws multiple offers.
| Deal | Where you see it | Why a bridge fits |
|---|---|---|
| Brick bungalow renovation | Sugar House, Liberty Wells, Rose Park | Older systems need work before long-term financing |
| Duplex value-add | Ballpark, Central City, Glendale | Units need turnover before refinance |
| Basement or ADU conversion | Residential lots citywide | Carry the property while the space is permitted and finished |
This example is illustrative and not a quote. An investor buys a brick duplex near Liberty Wells with dated units and renovates both before leasing. The purchase price is $560,000, the rehab budget is $75,000 and the investor expects an after-repair value of $700,000.
Assume a sample bridge loan that funds 80% of the purchase price plus the rehab budget, $523,000 in total. Interest on the full balance is about $4,140 a month, or about $28,983 over a 7-month hold. The investor brings the $112,000 down payment plus closing costs.
At refinance, a DSCR loan at 75% of the $700,000 value is $525,000, which pays off the $523,000 bridge balance with about $2,000 left over before closing costs., principal and interest is about $3,581. With taxes of $330 and insurance of $120 a month, the payment is about $4,031. Rent of $4,200 gives a DSCR of about 1.04x, above the 1.0x standard minimum.
| Item | Amount |
|---|---|
| Purchase price | $560,000 |
| Rehab budget | $75,000 |
| Bridge loan (80% of price plus rehab) | $523,000 |
| Monthly interest | $4,140 |
| Interest over 7 months | $28,983 |
| DSCR refinance at 75% of $700,000 | $525,000 |
| Monthly payment with taxes and insurance | $4,031 |
| DSCR at $4,200 rent | About 1.04x |
Utah does not charge a state real estate transfer tax, so closing costs are mostly title insurance, escrow and recording fees.
Utah is a non-disclosure state, which means sale prices are not part of the public record. Appraisers and lenders rely on multiple listing data and their own research, so bring strong comparable sales to support your after-repair value.
The Wasatch Fault runs along the east side of the valley, and many older unreinforced brick homes carry seismic risk. Earthquake insurance is usually optional but worth pricing, and retrofit work can be part of a rehab budget.
Salt Lake City requires a business license for many rental properties and permits for most renovation work. Confirm requirements before you start.
Most rental investors exit by refinancing into a DSCR loan, which qualifies on the property's rent, with a 620 minimum credit score, LLC borrowers standard and 30-year terms available. Cash-out goes up to 75% LTV, and the rent has to cover the new payment at the program minimum, 1.0x on standard programs. Cash-out seasoning varies by program, so ask about timing before you close the bridge.
Since sale prices are not public, the DSCR refinance appraisal can take more work. Keep a list of comparable sales and rents from your agent.
Our investor loans are business-purpose loans on non-owner-occupied property. Send the address, the price and the plan through the form below, and the team will come back with options sized to the deal.
No. Utah does not charge a state real estate transfer tax. Closing costs are mostly title, escrow and recording fees.
Utah is a non-disclosure state, so sale prices are not public. Appraisers rely on MLS data, so strong comps from your agent help.
The rehab budget can include finishing a basement where zoning allows a separate unit. Confirm permits before you start.
Talk to us before the maturity date, not after. Build a cushion into the term when you apply, and keep the lender informed if contractors, permits or materials push the schedule.
Not always. Some bridge programs require no appraisal, while others use a valuation. The DSCR refinance at the end will normally include an appraisal, because that loan is sized on value.
Yes. Most investors take bridge loans in an LLC or other entity. You may still need to sign for the loan personally.
Yes. Residential bridge loans cover 1 to 8 units. Buildings with 9 or more units are commercial and are handled through our commercial and multifamily programs.
Residential investor bridge loans run from $150,000 to $5M+ on 1 to 8 unit property. The amount depends on the purchase price, rehab budget, after-repair value and your experience.
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