Manchester is a mid-priced market. A single triple-decker rarely reaches $1M, so a large bridge loan here usually means several buildings bought together, a brick block with five to eight units near downtown, or a high-value home in the North End or Bedford.
In short: LendingStreet makes residential investor bridge loans for Manchester-area deals from $1M to $5M+ on 1 to 8 unit properties, with rates from 7.99%, interest-only payments and closings in as little as 10 days. Larger balances are reviewed case by case and usually need a full valuation. Exits are a sale or a refinance into a DSCR or jumbo DSCR loan.
Because single buildings here usually sell well under $1M, larger loans come from combining properties or buying the city's bigger residential buildings. The most common situations:
Our residential investor bridge program runs from $150,000 to $5M+ on 1 to 8 unit properties. Rates start at 7.99%. Loans are short-term and interest-only, and closings can happen in as little as 10 days with a complete file.
On $1M+ loans, expect a full valuation on each property, a review of your renovation budget and track record, and liquidity to carry the interest during the work. A package with stable tenants and a clear refinance plan is a simpler file than a gut renovation.
We look hardest at the exit. In a mid-priced market like Manchester, the refinance has to come from real rents on real units, so we want to see current leases, your target rents and how you know the market will pay them. Recent leases on similar renovated units nearby are the best support.
This example is illustrative and not a quote. An investor buys a six-unit brick building and two triple-deckers in Center City from one seller for $1,850,000, with $220,000 of work planned for kitchens, baths, porches and heating. Many of the 12 units rent well below market.
The bridge loan covers 75% of the price plus the renovation budget, for $1,607,500. Estimated monthly interest is about $14,066. After the work and new leases, total rent reaches $19,400 a month and the three buildings appraise at $2,350,000 combined.
Because there are only three properties, the exit is three separate DSCR loans rather than a blanket, which needs five or more. Refinancing each at 70% of its new value raises $1,645,000, enough to pay off the $1,607,500 bridge. Max LTV on the six-unit building varies by program.
| Building | Value after work | Refinance at 70% | Est. principal and interest | Taxes and insurance | Rent | DSCR |
|---|---|---|---|---|---|---|
| 6-unit brick building | $1,150,000 | $805,000 | $5,629 | $2,150 | $9,600 | About 1.23x |
| Triple-decker A | $600,000 | $420,000 | $2,937 | $1,080 | $4,900 | About 1.22x |
| Triple-decker B | $600,000 | $420,000 | $2,937 | $1,080 | $4,900 | About 1.22x |
New Hampshire charges a real estate transfer tax on both buyer and seller, which adds to closing costs on a large purchase and again on any sale. Property taxes are high because towns depend on them, and the city revalues at least every five years. On older buildings, heating oil, insurance and vacancy during renovation all add to carrying costs. Build interest and those costs into your budget for the full renovation and lease-up period.
Most of Manchester's multi-family stock was built before 1940. Large renovation budgets here often cover new heating systems, electrical service upgrades, porch rebuilds and lead paint work, along with kitchens and baths. Insurers and appraisers will ask about each one.
Get contractor bids before you close. Labor in southern New Hampshire is in demand, and a realistic timeline protects your exit.
Tenants in place are another factor. Renovating occupied units means working around leases and New Hampshire's rules on notice and tenancy. Many investors renovate units as they turn over, which spreads the work out but lengthens the timeline. Size the bridge term to fit your plan.
Most Manchester bridge loans end with a DSCR refinance once leases are in place. Our DSCR loans go up to 75% LTV on cash-out and qualify on rent. Balances above about $1.5M on a single property can use our jumbo DSCR program, though few single Manchester buildings reach that size. If you grow to five or more properties, a blanket portfolio loan can replace several separate loans.
A sale is also an exit. Some investors sell one renovated building to pay down the bridge and keep the rest. In a package deal, that option can lower the amount you need to refinance and leave the remaining buildings with stronger cash flow.
Whatever the plan, talk it through before closing so the loan is set up to match. Releasing one property from a bridge loan is easier when the structure anticipates it.
Have these items ready to keep the timeline short:
A DSCR loan qualifies on the rent a building earns today. A package with below-market rents, vacant units or deferred maintenance often cannot support the loan you need on day one. The bridge funds the purchase and the work, and the DSCR refinance follows once the rent roll reflects the improvements.
If the buildings already rent near market and need little work, a DSCR loan from the start may be the better choice. We will tell you which fits.
Send the deal through the form below or call (877) 298-1001. We will review the purchase, the work and the exit and tell you quickly whether it fits our program.
Yes. Our residential bridge program runs to $5M+ on 1 to 8 unit properties, and packages of buildings often reach that range.
Larger balances usually need a full valuation on each property.
Rates start at 7.99% for strong files. Large balances are priced case by case.
In as little as 10 days with a complete file.
Yes. Buildings with up to 8 units fit our residential program. Larger buildings are commercial.
A sale or a refinance into DSCR loans, or a blanket loan if you own five or more properties.
Yes. Payoff of a maturing loan is a common use, as long as there is a clear exit.
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