In Miami, $1M is an ordinary price. A single fourplex in Little Havana, a renovated house in the Grove or a small building in Edgewater can pass that mark on its own, and a package of small buildings can reach $5M. Speed matters too: good Miami deals often go to the buyer who can close first.
In short: LendingStreet makes residential investor bridge loans in Miami 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. Typical exits are a sale or a refinance into a DSCR, blanket portfolio or jumbo DSCR loan once the property is renovated and leased.
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 large Miami loans, expect a full valuation, a review of your renovation budget and track record, and liquidity to carry interest, insurance and taxes during the work. Leverage depends on the property, the plan and the exit.
We look hardest at the exit. In Miami, insurance and taxes can turn a strong rent roll into a thin refinance, so we want to see target rents backed by recent leases nearby, a realistic tax figure at the new value and insurance quotes for the finished building.
This example is illustrative and not a quote. An investor buys two fourplexes, two triplexes and a duplex, 16 units in all, from one seller for $3,600,000, with $400,000 of renovation planned for roofs, windows, kitchens and baths. The bridge loan covers 75% of the price plus the renovation budget, for $3,100,000. Estimated monthly interest is about $27,125.
After the work and new leases, the 16 units rent for $37,600 a month and the buildings appraise at $4,600,000 combined. Because there are five properties, they can refinance together into a blanket portfolio loan. At 70% of value the blanket is $3,220,000, enough to pay off the bridge. Estimated principal and interest is about $22,515, plus $7,700 in taxes and $4,600 in insurance, for a payment of about $34,815 and portfolio DSCR of about 1.08x.
| Stage | Amount |
|---|---|
| Purchase, 5 buildings | $3,600,000 |
| Renovation budget | $400,000 |
| Bridge loan | $3,100,000 |
| Estimated monthly interest | $27,125 |
| Value after work | $4,600,000 |
| Blanket refinance at 70% | $3,220,000 |
| Monthly payment after refinance | $34,815 |
| Portfolio DSCR | About 1.08x |
Homes in Coconut Grove, Coral Gables, Pinecrest and Key Biscayne can be excellent bridge purchases, but rents on luxury homes are often low relative to price once taxes and insurance are added. If your exit is a jumbo DSCR refinance, run the ratio carefully: a $3M home may need well below maximum leverage to clear 1.0x. Many investors in this segment plan a sale instead, or a lower-leverage refinance. Executive and seasonal tenants in these neighborhoods also tend to sign shorter or furnished leases, so confirm how the rent you expect will be documented for a refinance.
Our jumbo DSCR program covers about $1.5M to $5M+, with max LTV that can be lower on larger balances.
Builder's risk or vacant property coverage during renovation, wind coverage and flood insurance in mapped zones all add to carrying costs. After purchase, taxes reset to the new assessed value, and homestead benefits do not carry over. Budget both for the full renovation and lease-up period, plus a cushion for hurricane season delays.
Interest-only payments help during the bridge, but on a $3M+ loan they are still a large monthly number. Keep reserves for several months of interest, taxes and insurance beyond your planned timeline, because permits, contractors and leasing can all run long in Miami.
Permitting in the City of Miami and other Miami-Dade municipalities can take time, especially for roofs, windows, structural work and anything in a historic district. Many older buildings also have open permits or unpermitted work that must be resolved. Pull the permit history before you buy, and build realistic permitting time into the bridge term.
Older buildings also face Florida's roof and wind rules. Replacing a roof or windows on a multi-unit building usually means meeting current wind codes, which raises the cost but can lower insurance afterward. Price the work with a contractor who knows Miami-Dade product approvals.
Most Miami bridge loans end in a refinance once the property is leased. Our DSCR loans go to 75% LTV on cash-out and qualify on rent. Five or more properties can refinance into one blanket loan. Larger single properties can use jumbo DSCR. A sale is also an exit, particularly for renovated high-value homes.
Florida's documentary stamp tax applies to deeds and new mortgages, and Miami-Dade has its own deed rate and surtax, so include those costs in your exit math.
Some investors combine exits: they sell one renovated building to repay part of the bridge and refinance the rest. Tell us the plan at the start so the loan can be set up to allow it.
A complete file gets a faster answer, and in Miami speed often wins the deal.
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 residential bridge program runs to $5M+ on 1 to 8 unit properties, reviewed case by case.
Larger balances usually need a full valuation.
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, if it is a non-owner-occupied investment property. Plan the exit carefully, since luxury rents may not support high leverage.
Yes. Five or more properties can refinance into a blanket portfolio loan.
Not in this program. Those are commercial loans.
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