Large bridge loans in the Wilmington area split into two kinds of deals: high-value homes in Greenville, Centreville and the Brandywine Valley, and packages of city rowhomes and twins sold by long-time landlords. Both need fast money and a clear exit, and both carry Delaware's sizable transfer tax.
In short: LendingStreet provides residential investor bridge loans in the Wilmington area from $1M to $5M+ on 1-8 unit properties, with rates from 7.99%, short interest-only terms and closings in as little as 10 days when the file is ready. Larger balances usually need a full valuation and are reviewed case by case. In much of Wilmington, large balances mean packages of homes or small buildings, and the exit is a blanket portfolio loan, DSCR or jumbo DSCR refinance, or a sale.
In the city, $1M+ usually buys a group: ten or more rowhomes and twins in neighborhoods like Hilltop, Hedgeville, Browntown, Canby Park or Forty Acres, or several converted Victorians in Cool Spring and Trolley Square. Long-time landlords and estates often prefer selling the whole group to one buyer on one date.
Single properties above $1M are concentrated outside the city in Greenville, Centreville, Westover Hills and the Brandywine Valley's estate areas, plus some larger newer homes around Hockessin and Middletown. Investors use bridge loans there to buy, renovate and sell, or to rent to executives.
Bridge loans also help when a maturing loan on a small portfolio needs to be paid off before rents and licenses are in order for a long-term refinance. The bridge buys time to finish turnover work, renew licenses and document a clean rent roll.
| Scenario | Typical size | Common exit |
|---|---|---|
| Package of city rowhomes and twins | $1M to $4M | Blanket portfolio loan |
| Several converted Victorians | $1M to $3M | 2-4 and 5-8 unit DSCR loans |
| Greenville or Brandywine Valley home | $1M to $3M+ | Sale, or jumbo DSCR at moderate leverage |
| Payoff of a maturing loan | Matches the payoff | DSCR or blanket once stabilized |
Delaware's realty transfer tax is generally 4% combined, customarily split between buyer and seller. On a $2M+ package, the buyer's half is a five-figure cash item on top of the down payment, renovation money and reserves. If the plan is to buy, renovate and sell, the seller's share comes due again on the way out.
Build both into your numbers before you commit. Transfer tax often decides whether a quick resale works in Delaware, and it is one reason many investors here buy to hold and refinance instead.
This example is illustrative and not a quote. An investor buys 12 Wilmington rowhomes and twins from a retiring landlord for $2,280,000. The buyer's share of transfer tax is about $45,600. A bridge loan of $1,710,000, 75% of the price, closes the purchase. Estimated interest-only payments run about $14,962 a month while three vacant homes are updated and leased.
Once all 12 lease at about $1,750, rent is $21,000 a month and the group appraises at $2,500,000. A blanket portfolio loan at 75% of value is $1,875,000, enough to repay the bridge. Estimated principal and interest is about $12,474, taxes are $2,700 and insurance is $1,500, for a total of about $16,674 and a portfolio DSCR of about 1.26x.
| Item | Bridge period | Blanket exit |
|---|---|---|
| Loan amount | $1,710,000 | $1,875,000 |
| Payment type | Interest-only | 30-year amortizing |
| Estimated monthly payment | $14,962 | $12,474 |
| Taxes and insurance | Paid by owner | $4,200 |
| Monthly rent | Partial during turnover | $21,000 |
| DSCR | Not used | About 1.26x |
Expect full appraisals on $1M+ loans. City rowhome values vary block to block, and estate properties in Greenville or Centreville can have few close comparables. For packages, each property is valued, and many programs size the loan on the lower of cost or value, so plan cash to close on the contract price.
Order appraisals and inspections at contract. Occupied rowhomes need coordination with tenants, and the seller's property manager should be part of the scheduling from the start.
Rent comparables matter for the exit. Appraisers will look at what similar rowhomes and twins lease for nearby, so keep evidence of the rents you achieve after turnover.
New Castle County's recent reassessment changed many tax bills, so use current bills when you size the exit. Every rental in the city needs a Wilmington rental license and must pass inspection; a package with lapsed licenses or open violations needs time and money to fix before a long-term refinance.
Ask the seller for license records and any violation notices on each property before you sign. Clearing those items during the bridge term is often the main work that turns a tired package into one a long-term lender will refinance.
Older rowhomes share walls, often have low-slope roofs and may have outdated electrical and plumbing. Properties near the Brandywine Creek or Christina River may need flood coverage. Every property must have insurance bound before funding, and vacant homes under renovation may need a vacant policy.
Start insurance quotes the day the contract is signed. On a 12-property package, gathering roof ages, wiring details and photos for each home takes time, and missing information is a common reason quick closings slip.
Closings can happen in as little as 10 days when title is clean, valuations are in and insurance is bound. Interest-only carry on a $1.5M+ loan adds up, so plan turnover with slack. Investors with a record of similar purchases generally see stronger terms. Share closing statements, budgets and photos from past projects.
For five or more rentals, a blanket portfolio loan can refinance them together on combined cash flow, with release provisions for later sales. Converted Victorians can move into individual 2-4 or 5-8 unit DSCR loans. For a high-value home, a jumbo DSCR loan can take out the bridge if rent supports the payment at the leverage offered, which varies by program; otherwise a sale is the exit.
Deals under $1M use our standard Wilmington bridge loans. Heavier rehabs may fit fix and flip loans, and new building fits construction loans.
Send the property list, price, rents and exit plan. We will size the bridge and the exit together. Call (877) 298-1001 or use the form below. See also our Delaware large bridge page and Wilmington jumbo DSCR options.
Our residential investor bridge program runs from $150,000 to $5M+, and larger balances are reviewed case by case.
Rates start from 7.99% and depend on leverage, property type and experience.
Delaware's transfer tax is generally 4% combined and customarily split. Budget your share at purchase and the seller's share if you resell.
On larger balances, usually yes. Expect a full valuation.
Yes, if each property is a 1-8 unit residential investment property.
By a blanket portfolio loan, individual DSCR or jumbo DSCR loans, or a sale.
As little as 10 days with clean title, valuations and bound insurance.
No. Our investor loans are business-purpose loans on non-owner-occupied property.
2-3 competing quotes from 30+ capital sources. No credit pull. No commitment.
By clicking, you provide express written consent to be contacted by LendingStreet (NMLS #1734316) via SMS, phone, or email, possibly using automated technology, regarding your loan inquiry. Reply STOP to opt out. Consent is not required to obtain services. See our Privacy Policy and Terms.