On the Cape Fear coast, a $1M+ residential bridge loan is usually about one of two things: a high-value waterfront or beach property that needs to close fast, or a group of rentals bought together. Both have to be timed around hurricane season and insurance.
In short: LendingStreet provides residential investor bridge loans from $1M to $5M+ in the Wilmington area, within a program range of $150,000 to $5M+, with rates from 7.99% and closings in as little as 10 days. Loans are short-term and interest-only on 1-8 unit investment property, and larger balances usually need a full valuation. Exits are a sale or a refinance into a DSCR or jumbo DSCR loan.
Higher-value deals cluster at Wrightsville Beach, Figure Eight Island, along Masonboro Sound and the Intracoastal Waterway, in Landfall and at the Topsail and Brunswick County beaches. Inland, $1M+ requests are more often packages of rentals near UNCW, in Ogden or in Leland, or a few small multi-unit buildings downtown.
Each type has a different exit. A renovated oceanfront home may be sold. A package of long-term rentals is usually refinanced into DSCR or blanket financing.
In a lower-priced inland neighborhood, reaching $1M usually means several homes or a small building rather than one house. That is normal, and a single bridge loan across several properties can make the purchase cleaner than separate short-term loans.
| Deal type | Example areas | Usual exit |
|---|---|---|
| Waterfront or oceanfront home | Wrightsville Beach, Figure Eight, Masonboro Sound | Sale, or jumbo DSCR on rental income |
| Beach rental to renovate | Carolina Beach, Topsail, Oak Island | STR DSCR refinance or sale |
| Package of rentals | UNCW area, Ogden, Leland | Blanket or individual DSCR loans |
| Small downtown buildings | Downtown, Carolina Heights | DSCR or 5-8 unit DSCR |
Bridge loans close quickly and fund properties that do not yet qualify for long-term debt. On the coast, sellers of high-value homes often favor buyers who can close fast and without a financing contingency that drags on, and a bridge loan lets an investor compete on those terms. Typical Wilmington uses include:
This example is illustrative and not a quote. An investor buys a Wrightsville Beach duplex for $2,400,000 and budgets $250,000 for renovation, a total cost of $2,650,000. Leverage varies by program; this example assumes a bridge at 70% of total cost, $1,855,000, with renovation funds released in draws.
The estimated interest-only payment on the full balance is about $14,685 a month, or about $176,000 over 12 months. The investor brings $795,000. If the renovated duplex sells for $3,200,000 and selling costs are about 6%, or $192,000, net proceeds of $3,008,000 repay the $1,855,000 loan and return the $795,000 cash invested, leaving about $182,000 after interest.
| Item | Amount |
|---|---|
| Purchase plus renovation | $2,650,000 |
| Bridge loan (70% of cost) | $1,855,000 |
| Estimated interest-only payment | About $14,685 a month |
| Interest over 12 months | About $176,000 |
| Sale price less 6% costs | $3,008,000 |
| Left after loan, cash in and interest | About $182,000 |
Larger balances usually need a full valuation, and on a package of homes each property is typically valued. Oceanfront and soundfront homes are hard to compare because lot frontage, elevation, views and dock rights vary a lot. Provide recent sales you think are comparable, a survey and any elevation certificate.
Erosion history, beach nourishment and storm repairs can matter to valuation and insurance on oceanfront lots. Be ready to explain any past damage and repairs.
Hurricane season runs June through November. Insurers commonly stop binding new coverage while a named storm threatens, which can push a closing back. On a large coastal loan, bind wind and flood coverage early and keep your contract dates flexible in late summer.
Renovation schedules can slip after a storm, too, when contractors are in demand. Leave time before maturity for the work, the sale or the refinance.
Sale timing matters as well. The coastal buying season tends to be strongest in spring and early summer, when vacation-home buyers are looking. A renovation finishing in November may sit through winter before the best selling months, which adds interest cost to the plan.
If the plan is to refinance on short-term rental income, the property must be allowed to operate as an STR. Beach towns generally allow vacation rentals under their own rules, while the City of Wilmington regulates whole-house STRs in residential districts through zoning. Confirm the rules before you count nightly revenue in your exit.
North Carolina's deed excise tax is $1 per $500 of price, customarily paid by the seller, and the state has no mortgage recording tax. Property taxes include the county plus the town or city. Reappraisals in New Hanover, Pender and Brunswick can change the tax bill that your refinance payment will carry.
Budget the carrying costs of a large coastal property during the bridge term as well: insurance, utilities, HOA or association dues and property taxes all continue while the home is being renovated or marketed. On a $2M+ home those costs add up alongside the interest.
A refinance exit can go into a DSCR loan, a jumbo DSCR loan on high-value 1-8 unit rentals, or a blanket loan for five or more properties. A sale exit should leave room for selling costs and slower winter months.
For a refinance exit, run the long-term numbers before you buy. High-value coastal homes often rent for less, on a long-term lease, than their price suggests, so the refinance may need STR income, lower leverage or more cash in. Knowing that at the start avoids a surprise at maturity.
Send the address or property list, price, renovation budget, timeline and exit plan, and we will show how the bridge and the exit loan fit together. Call (877) 298-1001 or use the form below to get a quote.
Yes. The program runs from $150,000 to $5M+, and larger balances are reviewed case by case.
Rates start from 7.99%. Pricing on large loans depends on leverage, the property, the exit and your experience.
Larger balances usually need a full valuation, especially on waterfront and oceanfront homes.
As little as 10 days on some files. Large coastal loans often take longer because of valuation and insurance.
Yes, if the property can legally operate as an STR. Most beach towns allow vacation rentals; inside the city, check zoning first.
Yes. Bridge loans are often used to pay off a maturing loan while you arrange a sale or long-term refinance.
Yes. Bridge loans are short-term and interest-only, so plan for the full interest cost over the hold period.
Yes. Packages of homes or small buildings can be financed together, which is common for $1M+ requests outside the beach markets. Each property is usually valued, and the exit can be a blanket or individual DSCR loans.
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