With typical rental houses in the Kanawha Valley priced well under $200,000, a $1 million bridge loan here almost always means one thing: a lot of properties at once.
In short: LendingStreet makes residential investor bridge loans from $1M to $5M+ in the Charleston, West Virginia area, on 1-8 unit properties, with rates from 7.99% and closings in as little as 10 days. In this lower-cost market, large balances usually mean a package of houses, a group of small apartment buildings or a payoff of a maturing loan on many properties, not a single home. Loans are short-term and interest-only, larger balances usually need a full valuation, and the usual exit is a blanket DSCR refinance or a sale.
Be realistic about scale. A $1.5 million loan in the Kanawha Valley could cover fifteen or more single-family rentals, several East End fourplexes, or a handful of small brick apartment buildings of up to eight units. Single homes above $1 million are rare in the valley, limited mostly to a few estates in South Hills and parts of Putnam County.
That means a large bridge request here is really a portfolio request, and it should be structured that way from the start.
Structuring it that way means pricing each property separately, deciding early which ones you plan to keep and which to sell, and making sure the eventual blanket refinance can cover the bridge payoff. It also means having a property manager or team in place who can handle a large number of units in one valley.
Many Kanawha Valley rental portfolios were built over decades by local owners who now want to retire. They often prefer to sell everything at once, sometimes at a discount, rather than list houses one by one. A bridge loan that can close in as little as 10 days lets an investor buy the whole group, then renovate vacant units, raise rents to market and organize leases before refinancing into long-term debt.
Buying in bulk also comes with risk. A package rarely contains only good houses, and the seller's rent roll may include below-market leases, tenants behind on rent or units that have not been inspected in years. Walk every property, read every lease, and price the package on what each house will rent for after work, not on the seller's totals.
This example is illustrative and not a quote. An investor buys 18 single-family rentals across Charleston, South Charleston, St. Albans and Dunbar for $1,800,000, an average of $100,000 each. The bridge loan is $1,350,000, 75% of price. Estimated interest-only payments are about $11,812 a month while vacant houses are renovated and re-leased.
A year later the package appraises at $2,100,000 and all 18 houses rent for about $1,000 each, $18,000 a month. A blanket DSCR refinance at 70% of value is $1,470,000, enough to retire the bridge. Estimated principal and interest is about $10,028, taxes about $1,800 and insurance about $1,710, for $13,538 total and a portfolio DSCR of about 1.33x.
| Stage | Amount |
|---|---|
| Package price, 18 houses | $1,800,000 |
| Bridge loan (75%) | $1,350,000 |
| Estimated monthly interest-only payment | $11,812 |
| Appraised value after renovation | $2,100,000 |
| Blanket DSCR refinance (70%) | $1,470,000 |
| Monthly rent | $18,000 |
| Payment after refinance | $13,538 |
| Portfolio DSCR | About 1.33x |
Some valley investors carry their portfolios on local bank loans with five-year balloons. When a balloon comes due and several units are vacant or need work, a permanent refinance may not size well. A large bridge loan can pay off the bank, fund the work and give time to lease up. Expect a full valuation on every property, which on a large package can take several weeks.
Start the process before the maturity date gets close. A bank that knows a refinance is in progress may extend for a short time, but that is not something to count on. A complete property schedule, current leases and a clear renovation list let the bridge close in time and keep the takeout realistic.
West Virginia assesses property at 60% of appraised value. Rentals inside cities are Class IV and outside cities Class III, both at twice the owner-occupied rate, so a package that mixes city and county houses will carry different tax rates. Several valley neighborhoods along the Kanawha and Elk rivers lie in flood zones. Older houses can have roof, foundation and sewer line issues. Build each into your budget property by property.
Insurance on a large package can often be written on one policy, which simplifies renewals and proof of coverage. Ask carriers about vacancy clauses, since several houses may sit empty during renovation and standard landlord policies can limit coverage on vacant homes.
The most common exit is a blanket DSCR loan covering the whole package, which also solves the $150,000 minimum on individual low-priced houses. Investors can also sell weaker houses to owner-occupants and refinance the rest, or refinance small apartment buildings individually with 5-8 unit DSCR loans. A jumbo DSCR loan fits only the largest stabilized portfolios. West Virginia charges a state and county excise tax on deed transfers, which matters for a sale exit.
A complete schedule speeds up a large file. Have the following ready.
Our investor loans are business-purpose loans on non-owner-occupied property. Send your package details and timeline, and we will size the bridge and the refinance together so the exit is clear before closing. Call (877) 298-1001 or use the form below. The West Virginia large bridge page covers other markets in the state.
Yes. Residential investor bridge loans run from $150,000 to $5M+, with larger balances reviewed case by case. Here they usually finance packages.
Rates start from 7.99%. Pricing depends on leverage, the properties, your experience and the exit.
Yes, as long as each property has 1 to 8 units. The package can then refinance into a blanket DSCR loan.
Larger balances usually need a full valuation, and packages typically need one on each property.
As little as 10 days, though valuations on many properties can take longer.
Yes. That is a common use when units are vacant or need work.
Usually a blanket DSCR refinance, which also handles houses too small for individual loans.
Our residential bridge covers 1-8 units. For 9 or more units, see our commercial loan page.
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