Construction & Bridge Carry

Stabilized DSCR

1.45x

Takeout retires bridge?

YES

Takeout amount

$750,000

Bound by

the requested amount

Cash due at takeout

$0

6-month seasoning met?

YES

Peak IO payment (100% drawn)

$6,562/mo

Takeout payment + escrows

$6,190/mo

---

Required interest reserve

$39,375

Assumes 50% avg draw over 12 months

A build or bridge note earns no rent on day one, so the tool prices the carry first and then tests the exit:

• Loan-to-cost (LTC): the bridge loan over the total project cost — land, hard costs and soft costs.
• Interest reserve: interest-only on the average draw shown under Held fixed, carried across the construction term. The peak payment assumes the full note is drawn.
• Lease-up carry: each month between completion and the takeout carries the peak interest plus the stabilized escrows.
• Takeout: the permanent loan is the smallest of the amount requested, the ARV × the highest published rate-and-term refinance LTV (80%), and the loan a 1.00x exit DSCR supports.
• Exit DSCR: the projected stabilized rent over the takeout payment plus escrows.

Any gap between the bridge payoff and that takeout is cash you bring to the takeout closing.

The exit reads viable only when the takeout retires the bridge note with no cash gap, the exit DSCR clears the floor with room to spare, and the seasoning is met; with almost no cushion it reads tight.

A takeout is a refinance, so it needs the same ownership seasoning as any DSCR refinance — the window shown under Held fixed — and for a recently bought property, programs often use the purchase price plus documented improvements rather than the full appraised value.

Among the published programs, Greenstreet Birch lists “New construction” and Greenstreet Cedar lists “Vacant-property refi”.

Indicative only, and subject to full underwriting — not a rate lock or credit approval.

Keep readingGlossary: takeout loanGlossary: LTCDSCR loan requirements: seasoningFAQ: how long before I can refinance?

Held fixed: 50% average draw, a 30-year takeout amortization, a 1.00x exit DSCR floor and 6 months of refinance seasoning.

Not a commitment: construction and bridge debt carries no day-one rent, so this is carry, not cash flow. Indicative only and subject to full underwriting.