A $1M bridge loan in Davenport rarely buys one house. It buys a dozen rentals from a retiring landlord, a block of bluff-top apartments, or the time you need to pay off a local bank note that is coming due.
In short: LendingStreet makes residential investor bridge loans from $1M to $5M+ in Davenport and the Iowa Quad Cities, with program loans from $150,000 and rates from 7.99%. Bridge loans are short-term and interest-only, can close in as little as 10 days, and exit by sale or by refinancing into a DSCR, blanket or jumbo DSCR loan. Larger balances usually need a full valuation, and in a market with Davenport's price levels, most large bridge requests involve packages of homes or small 5-8 unit buildings.
Davenport home prices are modest compared with coastal markets, so a seven-figure balance usually means scale rather than one high-end house. The common requests are portfolio purchases from long-time local landlords, mixed packages of single-family homes and duplexes, a few 5-8 unit buildings near downtown, and occasionally a high-value riverfront or Bettendorf home bought for resale.
Bridge works here because these deals often need to close faster than a portfolio refinance can be underwritten, or the properties need work and lease-up before they qualify for long-term financing.
Each of these comes up in Scott County, and each has a different exit.
| Scenario | Why bridge | Likely exit |
|---|---|---|
| Rental package from a retiring landlord | Speed; some homes vacant or under-rented | Blanket portfolio loan |
| Maturing local note | Payoff deadline before long-term loan is ready | DSCR or blanket refinance |
| 5-8 unit buildings needing work | Units offline; rents below market | DSCR loan on stabilized rent |
| High-value home for resale | Short hold | Sale |
Smaller bridge loans can sometimes close on a lighter valuation, but larger balances usually need a full valuation of each property. On a package, that means every address gets looked at, and the loan is sized on the combined value and the cost of the work.
Expect questions about condition, rental permits and occupancy on each house. A package with a few vacant or rough properties is normal; the plan to fix and lease them is what we underwrite.
This example is illustrative and not a quote. An investor buys 11 single-family rentals from one seller for $1,562,000, or about $142,000 each. A bridge loan at 75% of the purchase price is $1,171,500, with estimated interest-only payments of about $10,251 a month during the hold.
Over the next several months the investor turns over three vacant homes and raises below-market rents. The stabilized package rents for $14,575 a month and is valued at $1,720,000. A blanket DSCR refinance at 70% of that value is $1,204,000, enough to pay off the bridge loan.
On the blanket, estimated principal and interest is about $8,213 a month. Taxes of about $2,695 and insurance of about $1,210 bring the payment to about $12,118, for a portfolio DSCR near 1.20x.
Bridge loans can close in as little as 10 days when the file is complete. On a package, the bottleneck is usually paperwork for each address: title on every parcel, current leases, rent rolls and insurance. Get the seller's rent roll and leases at the start, and ask for the title commitment on all parcels together.
Iowa titles are typically handled through an abstract and attorney opinion or a title product, so allow time for that review on each parcel.
A common Davenport use is a payoff. Many local portfolios were financed with community bank loans that reprice or mature every few years. When a maturity arrives before you have stabilized the rents or assembled the documents for a long-term loan, a bridge loan pays off the old note and buys time. Plan the exit before you close so the bridge term matches the work ahead.
Most Davenport packages exit into a blanket portfolio loan, which qualifies on combined cash flow and allows release provisions. A single high-value property can exit into a DSCR loan or, at larger balances, a jumbo DSCR loan. If the plan is resale, the exit is a sale and the bridge term should cover marketing time.
Iowa taxes matter on the exit. Scott County revalues in odd-numbered years and owner-occupant credits come off when an investor buys, so budget taxes at investor levels when you run the refinance numbers.
Interest-only payments on a seven-figure balance add up quickly, so build the full carry into your plan: monthly interest, taxes, insurance, utilities on vacant homes and the cost of turning units. On a package, a few homes sitting empty for an extra month can matter more than the purchase price you negotiated.
Set the bridge term with room to spare. Rental permits and city inspections on Davenport properties, contractor availability and appraisal timing on the exit loan can each add weeks. A term that assumes everything goes right leaves no cushion if one of them runs long.
Keep reserves outside the loan for surprises. Older Quad Cities housing stock often hides foundation, sewer line and electrical issues that only show up once work begins.
Send the property list or rent roll, purchase price, scope of work, current loan payoff if any, and your planned exit. Use the form below or call (877) 298-1001. Larger balances are reviewed case by case.
Our residential investor bridge program runs from $150,000 to $5M+. Balances above $1M are reviewed case by case.
Bridge rates start from 7.99%. Pricing on a large balance depends on leverage, the properties and the exit.
Larger balances usually need a full valuation of each property, including every address in a package.
Yes. Packages of homes, duplexes and small 5-8 unit buildings can be financed together, then refinanced into a blanket portfolio loan.
Yes. Paying off a maturing note while you stabilize rents or prepare a long-term refinance is a common use.
In as little as 10 days with a complete file. Packages take longer when title or leases on individual parcels are missing.
Most packages refinance into a blanket portfolio loan qualified on combined rent. A single high-value property can move into a DSCR or jumbo DSCR loan, or be sold.
No. Our investor loans are business-purpose loans on non-owner-occupied property.
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