Virginia taxes both the deed and the loan when they are recorded, so a large bridge loan carries more closing cost here than in many neighboring states. In Richmond, Hampton Roads and Northern Virginia, the deals are still worth it when the exit is planned.
In short: LendingStreet makes residential investor bridge loans from $1M to $5M+ on 1-8 unit Virginia property, with rates from 7.99%, interest-only payments and closings in as little as 10 days on a complete file. Common uses are Richmond duplex and small multifamily packages, Northern Virginia homes and townhomes, and Hampton Roads rentals. Larger balances usually need a full valuation, and exits are a sale or a DSCR or jumbo DSCR refinance.
Richmond is the busiest market for small multifamily: duplexes and rowhouses in Church Hill, the Fan, Northside, Jackson Ward and Manchester, and suburban rentals in Henrico and Chesterfield. Northern Virginia (Fairfax, Arlington, Alexandria, Loudoun and Prince William counties) has high prices, where one townhome or single-family home can pass $1M.
Hampton Roads (Norfolk, Virginia Beach, Chesapeake, Newport News, Hampton) has deep military rental demand. Charlottesville, Harrisonburg and Blacksburg have university demand, and Roanoke offers lower prices.
A large bridge loan is a short-term, interest-only loan used to buy or recapitalize investment property fast, then exit through a sale or a long-term refinance. Our bridge program spans $150,000 to $5M+, with rates from 7.99% and closings in as little as 10 days on a complete file.
At $1M and above in Virginia, each request is reviewed on its own merits, and larger balances usually require a full valuation of every property securing the loan.
| Feature | Large residential bridge |
|---|---|
| Loan size | $1M to $5M+ (program from $150,000) |
| Rates | From 7.99% |
| Payments | Interest-only |
| Speed | As little as 10 days on a complete file |
| Valuation | Full valuation usually required on larger balances |
| Property | 1-8 unit non-owner-occupied investment property |
| Exit | Sale, DSCR or jumbo DSCR refinance |
Richmond's renovated duplexes and rowhouses are popular, and sellers often want a fast close. A bridge loan buys the package, then funds the time to renovate and lease before refinancing.
This example is illustrative and not a quote. An investor buys five duplexes in Northside and Church Hill for $2,750,000, 10 units in all. Four units need renovation, and the buyer pays recordation tax on both the deed and the bridge loan.
The bridge loan is $1,925,000, sized at 70% of the purchase price for this example, and the estimated interest-only payment is about $16,042 a month. Over a 10-month hold that is roughly $160,417 of interest carry, which belongs in the budget from day one.
The exit appraisal comes in at $3,000,000, and the DSCR loan is sized at 65% LTV, or $1,950,000. That carries estimated principal and interest of about $13,302 a month. Taxes ($3,000), insurance ($900) and other costs ($0) bring the payment to about $17,202, and $19,000 of rent works out to DSCR of about 1.10x.
At 65% LTV the 10 units clear 1.0x. The $1,950,000 refinance repays the $1,925,000 bridge with about $25,000 left, before recordation tax on the new loan.
| Item | Amount |
|---|---|
| Purchase price | $2,750,000 |
| Bridge loan (70% of price) | $1,925,000 |
| Estimated monthly interest-only payment | $16,042 |
| Interest carry over 10 months | $160,417 |
| Value at refinance | $3,000,000 |
| DSCR refinance at 65% LTV | $1,950,000 |
| Estimated principal and interest | $13,302 |
| Taxes, insurance and other monthly costs | $3,900 |
| Total monthly payment | $17,202 |
| Monthly rent | $19,000 |
| DSCR | 1.10x |
Virginia charges a state recordation tax of $0.25 per $100 on deeds and on deeds of trust, and cities and counties can add a local recordation tax of up to one-third of the state amount. The buyer pays recordation on the deed and on the loan, so a bridge loan and the later refinance both carry it.
Sellers pay a grantor tax of $0.50 per $500, and Northern Virginia and Hampton Roads add a regional fee on the seller side. Get a full settlement estimate from your title company before you finalize the offer.
Richmond duplexes and rowhouses, once renovated, often clear a 1.0x DSCR on long-term leases at a moderate leverage. Virginia does not have local rent control, so rents follow the market.
Northern Virginia homes are expensive relative to rent, and a $1M townhome often needs a lower LTV to reach 1.0x. High-value homes there may need jumbo DSCR financing with leverage that varies by program. Hampton Roads rentals near bases usually exit on long-term leases, often to military tenants.
Northern Virginia counties generally limit short-term rentals to a host's primary residence, which rules out most investor STRs. Virginia Beach allows short-term rentals only in certain overlay areas, such as Sandbridge and parts of the oceanfront. Confirm the rules for each address.
Norfolk and parts of Hampton Roads have tidal and storm flooding, so check flood zones. Richmond's older housing brings lead paint, masonry and sewer issues.
Our investor loans are business-purpose loans on non-owner-occupied property. The fastest large-balance files show the exit math up front: what the properties rent for, what they will be worth, and how the bridge gets repaid. Get a quote with the form below or at (877) 298-1001.
Expect the team to test the exit first. If the rents and values support a DSCR or jumbo DSCR refinance, or a sale makes sense, the bridge can be sized around that plan, and you will know what cash the Virginia deal needs at closing and at refinance.
Yes. The state recordation tax applies to deeds and deeds of trust, and localities can add to it. Both the bridge and the refinance carry it.
The seller pays the grantor tax, plus a regional fee in Northern Virginia and Hampton Roads. Confirm with your title company.
Generally not as an investor. Northern Virginia counties limit STRs to a host's primary residence.
As little as 10 days on a clean, complete file. Multi-property loans and larger balances usually need more time for valuations and title.
Usually, yes. Some smaller bridge programs skip the appraisal, but larger balances generally require a full valuation of each property.
No. Our investor loans are business-purpose loans on non-owner-occupied property only. The properties must be held as investments.
No. Virginia does not have local rent control, so rents follow the market.
Yes, as investment property. STRs are allowed only in certain areas, so most exits are long-term leases.
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