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Bridge Loan West Virginia
Last Updated: May 2, 2025
At OfferMarket, our goal is to empower real estate investors in West Virginia to build long-term wealth. Whether you're eyeing properties in Charleston, Huntington, or smaller markets like Beckley or Wheeling, our vertically integrated platform is built to accelerate your success in the Mountain State:
💰 Private lending
☂️ Insurance rate comparison
🏚️ Off-market deals
Our Bridge Loan program offers fast, reliable, and cost-effective financing to acquire and improve 1-4 unit residential investment properties throughout West Virginia.
Whether your strategy is to renovate and sell or refinance into a DSCR loan and hold for passive income, we’re ready to support your journey and earn your business.
Let’s take a deep dive into the OfferMarket Bridge Loan Program!
What is a Bridge Loan?
A bridge loan provides short-term funding that fills the gap between now and your permanent financing solution. It's a flexible financing tool that’s ideal for investment scenarios that require speed and adaptability.
Bridge loan scenarios
For West Virginia real estate investors, bridge loans are commonly used in the following ways:
You’re buying a fixer-upper in Morgantown and need capital to acquire and rehab without draining your cash reserves.
You’ve already secured a distressed property in Parkersburg with cash, and now you're ready to fund the renovation through a cash-out refinance.
You need to refinance an existing loan on a property in Martinsburg and require funds to complete improvements before selling or refinancing.
You’ve acquired an off-market property in Fairmont below market value and want to flip it without any rehab.
You made a cash buy in Bluefield and want to tap equity without improving the property.
You completed your renovation in Clarksburg and want to refinance out of your original loan while waiting to sell.
Bridge loans in West Virginia are often called “hard money loans” or “fix and flip loans,” and those terms are used interchangeably in the investment community.
How it works
Bridge loans are composed of two key parts:
Initial Advance: This covers part or all of the property’s purchase price and is wired directly to the title company at settlement.
Construction Holdback: This portion is reserved for your rehab costs and is disbursed to you through a draw process once work is verified.
The beauty of our West Virginia bridge loans lies in their flexibility. Want only funds for rehab? No problem. Need just the initial advance? We’ve got you covered.
Many investors across the state prefer to combine both components for optimal leverage, but some choose to fund their rehab with personal cash or avoid renovations altogether. Others purchase in cash and later request a 100% rehab budget through the construction holdback. In West Virginia, there’s room to build your path your way.
Your bridge loan exit strategy might be to sell the property after renovation or to refinance into a longer-term product like a DSCR loan and hold as a rental. In real estate markets like Charleston, Martinsburg, or Beckley, the optimal path can shift with changing market dynamics — and that’s okay.
Imagine this: You plan to BRRRR a single-family property in Huntington — Buy, Rehab, Rent, Refinance, Repeat — but by the time you're done, you find the resale market stronger than the rental market. You pivot, take your profit, and reinvest in another opportunity.
Or perhaps you were gearing up to flip a home in Wheeling, but the market slows. Instead of rushing the sale, you refinance into a DSCR loan with a low prepay penalty and turn it into a cash-flowing rental.
That’s the magic of dual exit strategies: flexibility that helps you stay profitable and avoid getting stuck.
Who uses bridge loans?
Bridge loans in West Virginia serve a diverse group of real estate investors, including:
Fix and flip investors renovating older homes across Appalachian towns and small cities
Buy and hold investors using the BRRRR method to build rental portfolios
In fact, many savvy investors across West Virginia combine these strategies — flipping some deals and holding others — based on conditions and opportunity.
Learn more about our Fix and Rent bundle, combining our bridge loan with a discounted DSCR loan to streamline your BRRRR strategy.
Bridge Loan Program Guidelines
| Criteria | Guideline |
|---|---|
| Loan amount (minimum) | $25,000 |
| Loan amount (maximum) | $2,000,000 |
| ARV (minimum) | $100,000 |
| Experience | Not required |
| Credit score (minimum) | 680 |
| Borrowing entity | LLC or Corporation |
| Initial advance | Up to 90% |
| Construction holdback | Up to 100% |
| LTARV (maximum) | 75% |
| Interest rate | Get instant quote |
| Origination fee | 1.5 to 2 points |
| Term | 12 to 24 months |
| Points out | None |
| Prepayment penalty | None |
| Structure | Interest-only with balloon payment |
| Recourse | Full (51% of entity must guarantee) |
| Exit strategy: Sale | 30% ROI minimum |
| Exit strategy: Refinance | 1.1 DSCR minimum post-rehab |
| Valuation | Appraisal or in-house |
| SqFt (minimum) | SFH: 700+, 2-4 unit: 500+ |
| Condo: | 500+ |
| Acreage (maximum) | 5 |
| Interest accrual | <$100K loan: full boat $100K+: as disbursed |
| Advanced draws | Lender discretion |
| Down payment (minimum) | $10,000 |
Project Eligibility
Our primary mission is to help West Virginia investors build lasting wealth through real estate — and that starts with risk management. Across our nationwide lending operations, fewer than 0.5% of originated loans have ever defaulted. That’s a track record we’re proud to uphold in West Virginia.
Projects with heavy rehab demands or investors with limited experience face the highest risk — especially during market shifts. Full gut jobs or extensive additions in areas like Bluefield or Elkins can quickly spiral in cost or time. That’s why we emphasize clear expectations and structured eligibility.
OfferMarket isn’t just your bridge lender — we’re your deal advisor, capital partner, and risk manager. Here’s how we categorize project scope and set eligibility.
Initial Advance
The size of your initial advance depends on both your background and the specifics of your West Virginia deal. We look at:
Number of rehabbed investment properties in the last 5 years
Number of rental properties owned in the last 24 months
Credit score (680 minimum; 720+ preferred for max leverage)
Professional experience: Realtors, GCs, and Engineers can qualify for enhanced terms
If the purchase price exceeds the "As Is" value determined in appraisal, the initial advance will be capped at the As Is value.
Exit strategy considerations:
Flip: You need a projected gross margin of 30%+ and at least $15,000 in profit.
BRRRR/refi: You’ll need at least 1.1 DSCR post-repair to qualify.
For rural properties in West Virginia — like cabins near Snowshoe or farmland around Lewisburg — we apply conservative limits on loan amounts and require a minimum of 3 completed projects.
Experience-based Tiers
| Tier | Verifiable Experience |
|---|---|
| 1 | 0 |
| 2 | 1 to 2 |
| 3 | 3 to 4 |
| 4 | 5 to 9 |
| 5 | 10+ |
Initial Advance by Tier
| Tier | % of Purchase Price |
|---|---|
| 1 | 80% (85% possible case-by-case) |
| 2 | 85% |
| 3 | 85% |
| 4 | 90% |
| 5 | 90% |
Adjustments to Initial Advance
| Scenario | Adjustment |
|---|---|
| Credit score below 720 | -5% |
| Full gut rehab | -5% |
| New market | -5% |
| Licensed WV Realtor | Up to +5% |
| Licensed General Contractor | Up to +10% |
| Licensed Professional Engineer | Up to +10% |
| Rural (3+ experience required) | -20% |
Rehab Scope Classification
| Scope | Definition |
|---|---|
| Light | Rehab budget < 25% of purchase price |
| Moderate | Rehab budget = 25%–49.99% of purchase price |
| Heavy | Rehab budget = 50%–99.99% of purchase price |
| Extensive | Rehab budget > 100% of purchase price or highly unbalanced deals |
“Lopsided deals” — where rehab exceeds the purchase price — are capped for risk control.
Rehab Scope Eligibility
| Tier | 1 | 2 | 3 | 4 | 5 |
|---|---|---|---|---|---|
| Experience | 0 | 1-2 | 3-4 | 5-9 | 10+ |
| Light | Eligible | Eligible | Eligible | Eligible | Eligible |
| Moderate | Ineligible | Eligible | Eligible | Eligible | Eligible |
| Heavy | Ineligible | Eligible | Eligible | Eligible | Eligible |
| Extensive | Ineligible | Ineligible | Eligible | Eligible | Eligible |
LTARV Limits
| Tier | 1 | 2 | 3 | 4 | 5 |
|---|---|---|---|---|---|
| Experience | 0 | 1-2 | 3-4 | 5-9 | 10+ |
| Light | 70% | 70% | 75% | 75% | 75% |
| Moderate | Ineligible | 70% | 75% | 75%< | 75% |
| Heavy | Ineligible | 70% | 75% | 75%< | 75% |
| Extensive | Ineligible | Ineligible | 70% | 70% | 70% |
LTFC Limits
| Tier | 1 | 2 | 3 | 4 | 5 |
|---|---|---|---|---|---|
| Experience | 0 | 1-2 | 3-4 | 5-9 | 10+ |
| Light | N/A | N/A | N/A | N/A | N/A |
| Moderate | Ineligible | N/A | N/A | N/A< | N/A |
| Heavy | Ineligible | N/A | N/A | N/A< | N/A |
| Extensive | Ineligible | Ineligible | 85% | 90% | 90% |
Example 1: New Investor in Huntington
Purchase price: $95,000
Rehab budget: $20,000
ARV: $140,000
Experience: 0 completed rehabs (Tier 1)
Credit score: 675
Initial advance: $76,000 (80%)
Construction holdback: $20,000
Total loan: $96,000
LTARV: 68.57%
LTFC: 80%
Interest accrual: Full Boat
Example 2: Excellent Credit in Charleston
Purchase price: $110,000
Rehab: $25,000
ARV: $170,000
Experience: 0 (Tier 1)
Credit score: 750
Initial advance: $88,000 (80%)
Holdback: $25,000
Loan: $113,000
LTARV: 66.5%
LTFC: 82.96%
Interest accrual: As Disbursed
Example 3: Experienced Investor in Morgantown
Purchase price: $120,000
Rehab: $30,000
ARV: $180,000
Experience: 5 completed deals (Tier 4)
Credit score: 745
Initial advance: $108,000 (90%)
Holdback: $30,000
Loan total: $138,000
LTARV: 76.7%
LTFC: 86.25%
Interest accrual: As Disbursed
Refinance Using As Is Value Instead of Cost Basis
If you're refinancing a seasoned property in West Virginia — perhaps a triplex in Martinsburg or a single-family rental in Charleston — and its current As Is value exceeds your purchase price and prior expenditures, we may lend based on the higher valuation, not just your cost basis.
To qualify for this type of refinance:
The property must be habitable (C4 or better).
It must be seasoned for 3+ years.
The current lender can’t be a bridge/construction lender with punitive terms.
Credit score: 680+.
Minimum experience tier: 3 (3+ completed rehab projects).
Appraisal comps must support As Is value.
There must be a valid reason for the refi (e.g. post-tenant rehab needed to sell).
Transactions Involving Wholesalers and Price Run-Ups
Let’s say you're buying a property in Parkersburg through a wholesaler. The wholesale markup (assignment fee or double-close delta) can be included in your cost basis — but only up to 20% of the seller’s contract price.
Example:
A-B (seller to wholesaler): $100,000
B-C (you): $125,000
Eligible value basis: $120,000 (OfferMarket covers $20,000 of markup)
Important rules:
Must be arm’s length.
MLS-listed properties may disqualify markup from financing.
Full contract chain and wholesaler’s entity docs required.
We won’t finance referral or finder’s fees.
Construction Holdback
This part of the loan covers your rehab budget, but it’s only disbursed after you complete work and submit a draw request. You can opt out of this component if you have the liquidity to self-fund your project.
If your total loan is $100,000+, interest is only charged on drawn amounts — a huge benefit for West Virginia investors managing tight cash flow.
| Criteria | Guideline |
|---|---|
| Minimum draw amount | None |
| Maximum draw amount | 100% of available holdback |
| Materials delivered (not installed) | 50% reimbursable with receipt |
| Draw method | App-based, self-serve |
| Draw turnaround | 0–2 business days |
| Draw fee | $270 |
| Wire fee | $30 |
Appraisal and In-House Valuation
Every West Virginia bridge loan requires a valuation. Depending on your tier and scenario, you’ll receive one of the following:
In-house valuation (Tier 4+, 720+ credit, not rural or new market)
Exterior appraisal (auctions, REOs, sheriff sales)
Interior appraisal (standard for most deals)
Appraisal recertification is required if the report is 120–179 days old at closing.
Appraisal Transfer
Already paid for an appraisal? You might not need to start over. We accept appraisal transfers if:
It was ordered via an AMC
It’s <180 days old
A signed AIR-compliant transfer letter is provided
PDF, XML, and paid invoice are submitted
This can be a time and cost saver, especially when working in competitive West Virginia markets like Morgantown.
Stabilized Bridge Loan
If your subject property is in solid condition (appraisal grade C1–C4), and you don't plan any rehab, you may qualify for our stabilized bridge loan. This is ideal for West Virginia investors looking to refinance and rent or sell immediately.
| Criteria | Guideline |
|---|---|
| LTV (maximum) | Tier 1: 70% Tier 2: 70% Tier 3: 75% Tier 4: 75% Tier 5: 75% |
| LTFC (maximum) | Tier 1: 80% Tier 2: 80% Tier 3: 90% Tier 4: 90% Tier 5: 90% |
| Appraisal condition rating | C1, C2, C3 or C4 |
| Loan Term (maximum) | 12 months |
Key Loan Details
| Criteria | Details |
|---|---|
| Loan Amount | $25,000 to $2,000,000 |
| Property Types | 1–4 unit residential (non-owner occupied) |
| Property Minimum Size | SFH: ≥700 SQFT, 2–4 unit/condo: ≥500 SQFT/unit |
| Max Acreage | 5 acres |
| Loan to Cost | Up to 90% purchase, 100% rehab |
| LTARV | Up to 75% |
| Down Payment | Minimum $10,000 if purchase < $100K |
| Term | 12 months (18–24 mo. available) |
| Extensions | Up to 50% of original term (fee applies) |
| Points | 1.5–2 points, $2,000 minimum |
| Prepay Penalty | None |
| Interest | Interest-only, balloon at maturity |
| Accrual Method | <$100K: full boat; $100K+: as disbursed |
Extensions
Bridge loans are designed to be paid off quickly — usually within 12 months. In places like Wheeling or Charleston, permitting delays, labor shortages, or slow sales cycles can push projects longer than expected.
We offer extensions in 3- and 6-month increments up to 50% of your original term. However, extensions incur fees and increase risk — so we recommend structuring your timeline conservatively.
Extension Terms and Fees
| Extension Term | Fee |
|---|---|
| 3 months (1st request) | 1% of loan amount |
| 3 months (2nd request) | 1.5% of loan amount |
| 6 months (1st request) | 2.5% of loan amount |
You must maintain builder’s risk insurance for the duration of the extension.
Ineligible Property Types
We do not fund the following property types in West Virginia:
Mixed-use
5+ unit multifamily
Mobile homes or manufactured housing
Cabins, log homes, or properties with dirt road access
Co-ops, condotels, or commercial buildings
Vacation or seasonal rentals
Properties with oil/gas leases
Farms, orchards, or ranches
Exotic or luxury homes
Exception Scenarios
We occasionally allow exceptions based on strong compensating factors. For example:
Credit score: 660–679
Single-family homes: 500–699 SQFT
2–4 unit: 400–499 SQFT/unit
Leaseholds
Financed interest payments
Non-arm’s length deals
Rural deals (case-by-case)
Borrower and Guarantor Requirements
| Item | Requirements / Eligibility |
|---|---|
| Borrowing Entities | Limited Liability Company (LLC) or Corporation registered in the U.S.; nonprofits are not eligible. |
| Eligible Borrowers | U.S. Citizens, U.S. Permanent Residents, and qualified Foreign Nationals |
| Foreign Nationals | Valid Passport Valid U.S. Visa (excludes Travel/Student Visas if not on Visa Waiver Program) U.S. FICO score required if serving as Guarantor |
| Credit Requirements | Minimum 680 FICO (exceptions between 660–679 considered) Tri-Merge Credit Report dated within 120 days Additional reserves required if under 5 tradelines |
| Liquidity Requirements | Must have estimated cash to close + 25% of rehab budget in liquid assets controlled by guarantor(s) |
| Eligible Liquid Assets | Bank accounts (personal or business) Brokerage accounts Retirement accounts (50% haircut applied) Entity-owned accounts (with operating agreement if needed) |
| Verification | Two most recent statements per account No seasoning required for new accounts<brLetter of Explanation (LOE) for large deposits |
| Guaranty Structure | Purchases: at least 51% of borrowing entity must personally guarantee Cash-out refinances: 100% of entity must guarantee Full Recourse required |
| Net Worth Requirement | Combined net worth of all guarantors must equal at least 50% of the loan amount |
Liquidity verification
To ensure a safe amount of liquidity, we verify that the guarantor(s) have a minimum of estimated cash to close + 25% of your rehab budget in liquid assets controlled by one or more guarantor.
Eligible liquid assets:
- Bank account(s) in personal name
- Bank account(s) in borrowing entity name
- Bank account(s) in other business entity name (need to verify operating agreement)
- Brokerage account(s) in personal name
- Brokerage account(s) in borrowing entity name
- Brokerage account(s) in other business entity name (need to verify operating agreement)
- Retirement account(s) in personal name (50% reduction applied due to restricted nature of account)
Important information:
You do not need to have a business bank account, though this is recommended as a best practice for accounting and risk management.
Aside from the cash due from borrower (cash to close) which will be confirmed on your settlement statement and wired by you to the title company or real estate attorney facilitating the closing, you do not need to move funds from your verified accounts.
Credit and Background Items
| Item | Requirement |
|---|---|
| Credit score logic | Use middle score of 3; if only 2 scores, use the lower |
| No mortgage tradelines | 6 months of interest reserves required |
| Fewer than 5 tradelines | 6 months of interest reserves required |
| Bankruptcy (discharged) | Must be more than 4 years before settlement |
| Foreclosure (completed) | Must be more than 4 years before settlement |
| Bankruptcy/foreclosure (4–7 years) | Minimum of 3 months of interest reserves |
| Late mortgage payments in past 12 months | LOE required; may be ineligible subject to loan committee discretion |
| Past due balances (mortgage or non-mortgage tradelines) | Must be paid in full prior to funding |
| Involuntary liens or judgments (e.g., tax lien, child support) | Must be paid in full prior to funding |
| Pending civil lawsuits | LOE required; subject to loan committee discretion |
| Pending criminal lawsuits | Not eligible |
| Financial crime history | Not eligible |
| Serious criminal offenses | Not eligible |
| Repeat criminal offenses | LOE required; subject to loan committee discretion |
Interest Reserves
Interest reserves refer to interest payments collected on the settlement statement and held in servicing escrow. Interest reserves, if applicable to your loan, are applied to your accrued interest and drawn down before you start making your monthly interest payment from your bank account.
| Interest Reserve | Scenario |
|---|---|
| 0 month | Lender discretion |
| 1 month | Guarantor FICO 700+ |
| 3 months | Guarantor FICO of 660 - 699 |
| 6 months | Guarantor FICO of 660 - 699 AND/OR concerning item on credit or background |
Financed Interest Payments
To protect your liquidity and avoid compromising your credit score due to excessive usage of credit cards during your rehab, you may be eligible for financed interest payments. This means that, instead of making monthly interest payments, your interest will be added to your payoff statement.
For example:
Total loan amount: $100,000
Interest rate: 12%
Months held to payoff: 9
Accrued interest: $9,000 ($100,000 * 12% ÷ 12 months * 9 months)
Payoff statement:
Unpaid principal balance: $100,000
Unpaid interest: $9,000
Property Sourcing Guidelines
Key Points:
- New market transactions require a General Contractor agreement or Letter ofExplanation for why a GC is not required.
- Properties with previous sale price increases, wholesale deals, and non‑arms length transactions require additional documentation and review.
- For condos, conversions, and projects requiring significant renovation, architect or engineer letters (or permits) are required.
- All submissions should include purchase contracts, settlement statements, payoff letters (if applicable), track record, and necessary formation documents.
Bridge Loan Insurance Guidelines
It's critical to insure your physical property including the dwelling from the risk of damage and loss, and insure yourself from liability in the event of accident at the subject property. Bridge loan insurance is commonly referred to as Builders Risk insurance or Fix and Flip insurance and it's a specialized bundle of coverages for properties under construction, in poor condition, and/or vacant.
Coverages and Limits
| Coverage type | Limit | Required |
|---|---|---|
| Dwelling | Replacement Cost or Loan Amount (zero coinsurance) | Yes |
| Liability | $1M per occurrence / $2M annual aggregate | Yes |
| Builders Risk | Included | Yes |
| Flood | Greater of $250,000 or the loan balance | Only if in FEMA Special Flood Hazard Area |
Coverage Details
| Coverage item | Requirement |
|---|---|
| AM Best Rating | A- VIII or greater |
| Policy type | Special Form |
| Deductible | $1,000 to $5,000 |
| Lender's Designation | Mortgagee and Additional Insured |
| Exclusions | No windstorm, hail or named storm exclusion |
| Cancellation | 30-day notice |
💡 Pro tip: as soon as you take ownership of the property, install smoke detectors and locks and security cameras to comply with insurance policy requirements. This will help you avoid claims that are denied.
Frequently Asked Questions
What states does OfferMarket fund bridge loans?
Arizona*
Alabama
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Mississippi
Missouri
Minnesota*
Montana
Nebraska
Nevada*
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota*
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota*
Tennessee
Texas
Utah
Vermont*
Virginia
Washington
Washington DC
West Virginia
Wisconsin
Wyoming
(*) In states where NMLS license is required for business purpose lending or we do not directly lend, OfferMarket operates as a rate shopping service and refers your loan to a licensed capital provider.
Can I do more than one bridge loan at a time?
Yes, you can have more than one bridge loan at a time. It is common for OfferMarket clients to have multiple bridge loans outstanding at any given point in time. This said, our number one priority is assisting you with risk management and if we feel as though your liquidity or pace of project execution does not support additional loans, we will raise this concern and work with you to safely manage your risk.
Are bridge loans commercial?
Yes. Bridge loans are considered "business purpose" loans and accordingly, because they are issued to your business entity ("borrowing entity"), they are classified as commercial loans.
What is the minimum loan amount?
The minimum loan amount is $25,000.
Which property types are eligible?
We finance non‑owner occupied 1‑4 unit residential properties including single-family residences, townhomes, small multifamily (2‑4 units), and warrantable condos.
Note:
2-4 unit mixed use, 5-9 unit mixed use, and 5-9 unit multifamily properties are not eligible in this program but are available via their respective loan programs here at OfferMarket.
10+ unit residential and non-residential commercial (i.e. retail, office, industrial) are not eligible
How do you calculate Loan-to-Value (LTV)?
For bridge loans, LTV most commonly refers to loan-to-after-repair-value (LTARV). LTV is loan-to-as-is-value. Our initial advance is based on the lower of the As Is value and the purchase price in your contract or the purchase price in your previous closing if this is a refinance transaction. LTARV is the total loan amount (initial advance + construction holdback) divided by the after-repair value determined in our appraisal report or in-house valuation.
What are the credit requirements?
A minimum FICO score of 680 is required. Borrowers with scores between 660 and 680 may be considered on an exception basis. We look at the credit score of each member of the borrowing entity that will be personally guaranteeing the loan. We do not look at the credit score of members who will not be personally guaranteeing the loan.
What are the experience requirements?
Experience is not required. Experience, based on verifiable completed projects with rehab scopes similar or greater than the requested loan, allows for greater leverage based on our experience Tier system detailed above.
Once you complete the Track Record section of your Loan File, our underwriting team will research each subject property. We may ask for supplemental documentation such as settlement statement(s), and operating agreement(s) so we can verify your involvement with the project.
Does being a wholesaler count towards experience?
Being a wholesaler in a transaction does not count towards your experience score because you were not financially responsible for successful completion of the rehab of the associated subject property.
What documentation is required?
Purchase Transaction Requirements
| Item | Details |
|---|---|
| Loan File sections | Purchase |
| Purchase Contract | Fully executed by buyer and seller. |
| Credit Report | Soft trimerge credit report for each member of the borrowing entity that will be a guarantor. |
| Background Report | Required for each member of the borrowing entity. |
| Track Record | Required for each member of the borrowing entity. |
| ID Verification | Government issued ID (i.e. drivers license, passport, Green Card). |
| Borrowing entity | Articles of Organization/Incorporation, Operating Agreement/Bylaws, Certificate of Good Standing, W-9 |
| Scope of Work | A detailed rehab budget that will be used to determine ARV. |
| Appraisal Report | You will be provided with a link to pay your appraisal invoice. Your appraisal will be uploaded to your loan file. |
| Bank Statements | Two (2) most recent statements for each guarantor. Accounts can be personal (bank, brokerage, retirement) and do not need to be in the entity’s name. |
| Letter of Explanation | If requested by our underwriting team. (i.e. large deposits, late payments, background items) |
Refinance Transaction Requirements
| Item | Details |
|---|---|
| Loan File sections | Purchase |
| Purchase Contract | Fully executed by buyer and seller. |
| Credit Report | Soft trimerge credit report for each member of the borrowing entity that will be a guarantor. |
| Background Report | Required for each member of the borrowing entity. |
| Track Record | Required for each member of the borrowing entity. |
| ID Verification | Government issued ID (i.e. drivers license, passport, Green Card). |
| Borrowing entity | Articles of Organization/Incorporation, Operating Agreement/Bylaws, Certificate of Good Standing, W-9 |
| Scope of Work | A detailed rehab budget that will be used to determine ARV. |
| Appraisal Report | You will be provided with a link to pay your appraisal invoice. Your appraisal will be uploaded to your loan file. |
| Bank Statements | Two (2) most recent statements for each guarantor. Accounts can be personal (bank, brokerage, retirement) and do not need to be in the entity’s name. |
| Letter of Explanation | If requested by our underwriting team. (i.e. large deposits, late payments, background items) |
Are there special requirements for loans over $1M?
| Criteria | Explanation |
|---|---|
| Experience | Minimum experience of 3, similar or greater price point strongly preferred |
| Market liquidity | Minimum of 3 comps within a 2 mile radius sold on the MLS in the last 6 months |
| Credit score | Minimum 680 with a minimum of 5 trade lines with 24 month history |
| Rural designation | Not eligible if designated rural by CFPB and USDA or appraisal report |
| Track Record | Required for each member of the borrowing entity |
Glossary of Key Terms
| Term | Definition |
|---|---|
| ADU | Accessory Dwelling Unit. This is a secondary, self-contained housing unit located on the same tax parcel as a main single family home. |
| Arms-length | A deal between independent parties with no special relationship, ensuring fair market value. |
| Non Arms-length | A transaction where a personal, financial, or business connection between the parties may affect fairness, pricing, or terms. |
| Initial Advance | The portion of the total loan used for the purchase price, wired to the title company at closing. |
| Construction Holdback | The portion of the loan reserved for rehab, disbursed as reimbursements through draw requests. |
| Interest Reserves | Funds collected at closing and held in escrow to cover interest payments before the borrower starts making monthly payments. |
| LOE | Letter of explanation. A document that provides clarification on issues like credit history, large deposits, or legal matters. |
| LTC | Loan to Cost. Ratio of the loan amount to the purchase price and rehab costs. |
| LTFC | Loan to Full Cost. Ratio of the total loan amount to the total cost, which includes both the purchase price and rehab budget. |
| LTV | Loan-To-Value. The ratio of the loan amount to the property’s As-Is value. |
| LTARV | Loan-To-After-Repair Value. Also referred to as "ARLTV". Ratio of the loan amount to the property’s estimated post-rehab value. |
| As Disbursed Interest | Interest is charged only on the disbursed portion of the loan (initial advance + drawn construction holdback). |
| Full Boat Interest | Interest is charged on the entire loan amount from day one, regardless of disbursement status. |
| Lopsided deal | When the As-Is value or purchase price is less than the rehab amount. In such cases, LTFC is capped at 85%. |
| GC Agreement | A formal contract with a general contractor outlining scope of work, budget, and project responsibilities. |
| DSCR | Debt Service Coverage Ratio. A measure of rental income relative to debt obligations (Rent ÷ PITIA). |
Instant Bridge Loan Quote
Our private lending division, OfferMarket Capital LLC, is a leading private lender for 1-4 unit residential real estate investors, and we specialize in bridge loans and DSCR loans. Our mission is to help you build wealth through real estate, and we would love the opportunity to partner with you on your next project in West Virginia — whether you’re investing in Charleston, Morgantown, Beckley, or any corner of the Mountain State.
Thousands of real estate investors get value from OfferMarket every month. Membership is entirely free and includes the following benefits:
💰 Private lending
☂️ Insurance rate shopping
🏚️ Off market properties
💡 Market insights
Thousands of real estate investors get value from OfferMarket every month. Membership is entirely free and includes the following benefits:
💰 Private lending ☂️ Insurance rate shopping 🏚️ Off market properties 💡 Market insights
