Large bridge requests on the Volusia coast come in two shapes: a single oceanfront home in Ormond Beach, Ponce Inlet or New Smyrna Beach, or a package of beachside small multifamily that needs work after years of deferred maintenance and storm wear.
In short: LendingStreet makes residential investor bridge loans from $1M to $5M+ in Daytona Beach and across Volusia County, within a program that starts at $150,000, with rates from 7.99%. Bridge loans are short-term and interest-only, can close in as little as 10 days, and exit through sale or refinance into a DSCR or jumbo DSCR loan. Larger balances usually need a full valuation, and storm, insurance and condo review is part of every coastal file.
Oceanfront and riverfront homes in Ormond Beach, Ormond-by-the-Sea, Ponce Inlet and New Smyrna Beach often trade above $1M, and investors buy them to renovate and resell or to hold as high-end rentals. On the beachside in Daytona, investors assemble packages of 1950s and 1960s duplexes and fourplexes to renovate together. After major storms, damaged properties sometimes sell quickly at a discount to buyers who can close fast.
Bridge also pays off maturing loans on portfolios and buys time when a long-term refinance needs repairs, new insurance or stabilized rents first.
| Scenario | Why bridge | Exit |
|---|---|---|
| Oceanfront home renovation | Fast close; property not rentable at full value yet | Sale or jumbo DSCR |
| Beachside fourplex package | Several buildings need work and lease-up | DSCR loans per building |
| Post-storm acquisition | Quick close; repairs before long-term financing | Sale or DSCR |
| Maturing portfolio loan | Payoff deadline | DSCR or blanket refinance |
This example is illustrative and not a quote. An investor buys three concrete-block fourplexes on adjacent beachside streets from one seller for $2,280,000. A bridge loan at 75% of the purchase price is $1,710,000, with estimated interest-only payments of about $14,962 a month. The investor funds about $240,000 in renovations: roofs, impact windows, kitchens and baths.
After renovation the 12 units rent for $1,750 each, or $21,000 a month, and the three buildings are valued at $3,000,000. A refinance at 70% of value totals $2,100,000, enough to repay the bridge loan.
Estimated principal and interest on the new loans is about $14,326 a month. Taxes at about $2,900 and wind and flood insurance at about $2,600, lowered by the new roofs and windows, bring the payment to about $19,826. The combined DSCR is about 1.06x.
Larger balances usually need a full valuation. On the coast, we also look at the flood zone, elevation, roof age and current or quoted wind and flood insurance, because those costs drive the exit. A property that cannot be insured at a workable cost is hard to refinance into a DSCR loan.
For condos, ask for the building's milestone inspection, reserve study and any special assessments. Buying several units in one tower gets extra review.
For an oceanfront home bought at $1.5M or more, the exit is usually a sale after renovation. If you plan to hold it as a rental, the jumbo DSCR exit has to be supported by long-term rent or, where zoning and HOA rules allow nightly stays, by projected short-term revenue on some programs. Many coastal Volusia neighborhoods restrict short stays, so confirm before you count on them.
Investors who bought beachside property with short-term or seller financing sometimes reach maturity in the middle of a repair cycle, or just after a storm. A bridge loan can pay off the old note, fund the time needed to finish repairs and re-lease units, and set up a clean DSCR refinance once insurance and rents are in place.
In that situation the payoff letter, a current insurance quote and a repair budget drive the file. If a property has open storm claims, tell us at the start; how the claim is handled affects both the repair plan and the valuation.
Investors with several properties maturing together can use one bridge loan across all of them, then exit into a blanket portfolio loan once the work is done.
Bridge loans can close in as little as 10 days with a complete file. On packages, title for each parcel, surveys and insurance binders are the usual timing factors. Florida charges documentary stamp tax on the note and an intangible tax on new mortgages, which are part of closing costs on a large loan.
When you buy, the assessment resets to market value. After that, non-homestead property has a 10% annual cap on increases for non-school taxes. Budget exit taxes on your purchase price plus renovation value, since a substantial renovation can also raise the assessment.
Renovations on the coast often run into hurricane season, from June through November. Schedule roof and window work early, keep the property insured during construction with a builder's risk or vacant property policy, and add time to the bridge term for storm delays and contractor shortages after a major event.
Interest-only payments on a seven-figure balance are a real monthly cost. Build a carry budget that covers interest, taxes, insurance and utilities for the whole hold, and keep it outside the loan.
Send the property list, price, renovation budget, insurance quotes, flood zones and your exit plan through the form below, or call (877) 298-1001. Large balances are reviewed case by case.
Yes. Our residential investor bridge program runs from $150,000 to $5M+, and larger balances are reviewed case by case.
Rates start from 7.99%. Pricing depends on leverage, property condition, insurance and the exit.
Larger balances usually need a full valuation of each property.
Often, yes, with a clear repair budget, insurance plan and exit. Expect questions about the damage, permits and the cost to insure after repairs.
Yes. Packages of 1-8 unit properties can be financed together, then refinanced into DSCR or blanket loans.
Usually a sale after renovation. A hold can exit into a jumbo DSCR loan if the rent supports it.
Yes. Paying off a maturing note while you finish repairs or lease up units is a common use, with a DSCR or blanket refinance as the exit.
In as little as 10 days with a complete file. Title, surveys and insurance binders on each parcel are the usual timing factors.
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