Richmond's $1M-plus investor deals usually show up in one of three ways: a landlord selling a block of East End rowhouses at once, a large Fan or Monument Avenue house with multiple units, or a West End or Windsor Farms home bought fast at a price that needs a short-term loan.
In short: LendingStreet makes residential investor bridge loans in the Richmond area from $1M to $5M+ on 1 to 8 unit properties, with rates from 7.99% and closings in as little as 10 days. Larger balances are reviewed case by case and usually need a full valuation. Bridge loans are short-term and interest-only, with exits by sale or refinance into DSCR, blanket or jumbo DSCR loans.
Most single rentals in Richmond sell for well under $1M, so a large bridge loan here is usually a package or a high-value property. Packages come from long-time landlords in Church Hill, Union Hill, Manchester and Northside selling several houses together. High-value single properties include multi-unit houses on Monument Avenue and in the Fan, and homes in Windsor Farms, Westover Hills, the Near West End and along River Road toward Goochland.
Small buildings of five to eight units in the Fan, Museum District and Jackson Ward also cross $1M, and investors often buy them with a bridge loan to renovate units before a long-term refinance.
| Deal type | Richmond example | Common exit |
|---|---|---|
| Rowhouse package | 5-10 houses in Church Hill, Union Hill, Manchester | Blanket portfolio loan |
| Multi-unit house | Monument Avenue or Fan building, 3-8 units | DSCR loan after renovation |
| High-value home | Windsor Farms, Westover Hills, River Road | Jumbo DSCR or sale |
| Maturing loan payoff | Any of the above | Sale or long-term refinance |
Our bridge program runs from $150,000 to $5M+, with rates from 7.99%. On files above $1M, expect more review of the property, your experience and the exit. Larger balances usually need a full appraisal, and leverage is set by the deal, not a fixed chart.
Loans are interest-only and short term, so the carry stays manageable during renovation or lease-up. With title, insurance and valuation in hand, closings can happen in as little as 10 days.
This example is illustrative and not a quote. An investor buys six Union Hill rowhouses from a retiring landlord for $2,100,000 and plans $420,000 of renovation, paid from their own funds and staged house by house. A bridge loan at 70% of the purchase price is $1,470,000, with an estimated interest-only payment of about $12,556 a month.
After renovation, the six houses rent for $18,600 a month combined and appraise at $2,950,000. A blanket refinance at 65% of value is $1,917,500, which pays off the bridge. Estimated principal and interest is about $13,081; with taxes of $2,600 and insurance of $900, the payment is about $16,581 and DSCR is about 1.12x.
| Stage | Amount |
|---|---|
| Purchase price | $2,100,000 |
| Bridge loan (70% of price) | $1,470,000 |
| Estimated interest-only payment | $12,556 |
| Renovation budget | $420,000 |
| Value after renovation | $2,950,000 |
| Blanket refinance (65% of value) | $1,917,500 |
| Refinance payment with taxes and insurance | $16,581 |
| Monthly rent | $18,600 |
| DSCR at refinance | 1.12x |
Union Hill, Church Hill, the Fan and Jackson Ward include city Old and Historic Districts, and exterior work there, such as windows, doors, porches and rooflines, needs a certificate of appropriateness. Build approval time into the bridge term. Some buyers also look at historic rehabilitation tax credits; that is a question for your tax advisor, and credits are not part of our underwriting.
Interior work usually moves faster, but older rowhouses often reveal surprises once walls are open: knob-and-tube wiring, failing cast iron drain lines or rotted joists near the rear additions. Keep a contingency in the budget, and stage work so finished houses can be leased while others are still under way.
A large bridge can pay off a loan that is coming due on a project that needs more time: a renovation that ran long, a lease-up that is behind or a sale that slipped. Bring the payoff letter, maturity date, current rent roll and an honest account of what changed. If the value and exit hold up, we can move quickly.
We also see investors who bought several houses with seller financing that balloons in two or three years. A bridge loan can retire that note, fund the remaining renovation and set up a long-term refinance once the houses are leased.
Rowhouse packages usually refinance into a blanket portfolio loan with release provisions so you can sell houses one at a time later. A multi-unit Fan house refinances into a DSCR loan on its combined rent. A high-value West End home can go to a jumbo DSCR loan, which runs from about $1.5M to $5M+, qualifies on rent and has max LTV that varies by program.
Plan the exit around Richmond's tax bill. City assessments reset annually, and a renovated property can see a sharp increase that lowers the refinance ratio.
Virginia recordation taxes apply to the deed and deed of trust, and they add up on a $2M+ closing. Insurance on older brick rowhouses can be higher for roof, wiring and plumbing age, and properties near the James River or Shockoe Bottom may need flood coverage.
On a $1M+ bridge, your track record carries weight. Lenders look for completed renovations or lease-ups of similar size, in Richmond or comparable markets, and a contractor who has worked on older brick housing. A first large deal can still work with a strong plan, more cash in the deal or an experienced partner on the LLC.
Show the numbers you expect at exit: rents by unit, the post-renovation tax estimate and the refinance loan size.
Include the contract or payoff letter, property list, rent roll, budget, track record and exit plan. LendingStreet finances business-purpose loans on non-owner-occupied 1-8 unit property; for 9+ unit buildings, see our commercial page. Use the form below to start.
If you have a firm closing date on an off-market package, tell us up front. On larger balances we will say early whether the timeline is realistic, which lets you negotiate an extension before it becomes a problem.
Our bridge program runs from $150,000 to $5M+, with larger balances reviewed case by case.
Rates start from 7.99%. Pricing on large balances depends on leverage, the property and the exit.
Larger balances usually need a full valuation, typically an appraisal on each property.
Yes. Packages of 1-8 unit properties are common, often with a blanket loan exit.
They affect your timeline and budget. Build approval time into the bridge term.
Yes, if it is non-owner-occupied. The exit can be a jumbo DSCR refinance or a sale.
In as little as 10 days once title, insurance and valuation are complete.
Yes, when the value supports it and there is a clear exit.
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