Jaken Finance Group reviews private investment-property loans from $2 million to $10 million for non-owner-occupied apartments, light industrial, self-storage, and rental blankets. Bridge financing can come first, followed by stabilized debt-service coverage ratio (DSCR) financing. Larger luxury files receive individual leverage quotes; working capital and SBA are different products. Request commercial investment-property terms.
In one sentence: a larger investment-property loan needs a capable sponsor, documented property income, enough equity and cash, and an exit that can repay the note.
| Requested loan | Typical asset | Product path | Leverage discussion | Where to apply |
|---|---|---|---|---|
| Under $2 million | Smaller apartment, commercial building, or rental pool | Under-$2-million commercial loans | Property-specific; commercial value and income govern | Commercial request |
| $2 million–$5 million | Apartment value-add, light industrial, or storage | Bridge while the property changes; DSCR when income supports it | About 65%–75% on qualified commercial multifamily; other assets quoted per file | Commercial request |
| $5 million–$10 million | Larger apartment, industrial property, storage, or rental blanket | Commercial bridge or stabilized commercial debt | Same underwriting discipline; more proceeds do not remove the value or cash-flow limits | Commercial request |
Who fits this loan size?
A repeat operator should be able to explain the property, the business plan, and the repayment source without relying on a sales deck. Relevant experience means buying, operating, improving, and exiting comparable assets. Owning a rental house helps explain your background. It does not by itself prove that you can manage an apartment renovation or a large tenant rollover.
Bring a project schedule that identifies your role. Distinguish properties you controlled from deals where you were a passive investor. Show what happened when work ran late, collections fell, or the refinance produced less cash than expected. A clear account of a problem and its resolution is more useful than an unsupported claim that every project succeeded.
The qualification checklist for a larger real estate loan explains the documents behind that review. A first flip with no commercial track record is the wrong starting file for this band. The proposed manager, contractor, and partners matter, but their names alone do not establish the sponsor’s ability to perform.
What a maximum proceeds request implies about value
Loan-to-value, or LTV, divides the debt by the value accepted in underwriting. Asking for $10 million of debt is different from buying a property for that amount. At the published commercial multifamily discussion range of about 65%–75%, the collateral value must be materially larger than the loan.
These are arithmetic illustrations using the published ceiling. They are not appraisals, loan commitments, or descriptions of funded transactions.
| Assumed LTV | Debt assumption | Supported value required, rounded |
|---|---|---|
| 65% | $10 million | About $15.38 million |
| 70% | $10 million | About $14.29 million |
| 75% | $10 million | About $13.33 million |
The calculation is loan amount divided by the assumed LTV. It does not establish the property’s market value. A commercial appraisal, actual income, property condition, and the exit lender’s sizing can all produce a smaller number. Acquisition price also matters; a favorable value estimate does not erase the review of purchase costs and sponsor equity.
For a value-add apartment, separate today’s value from the value expected after the work. Explain which value supports the initial advance and which supports the exit. Do not use a projected stabilized value as if it were cash available at closing.
Illustration: a larger purchase still needs substantial cash
Assume an apartment purchase price and accepted current value of $14 million. Assume 70% LTV, creating a $9.8 million loan commitment. For this illustration, assume the full loan is advanced at purchase, renovation costs are paid with equity, and no existing debt needs separate payoff.
The remaining assumptions are a $1 million renovation budget, $200,000 for closing and other transaction costs, and $1.2 million of annual in-place NOI. NOI means property income after operating expenses, before debt service. Assume a 10.5% interest-only rate and reserve a full 12 months of interest without crediting operating cash toward that reserve.
| Illustrative use of funds | Amount |
|---|---|
| Purchase price | $14,000,000 |
| Renovation paid by sponsor | $1,000,000 |
| Closing and other transaction costs | $200,000 |
| Interest reserve: $9.8 million × 10.5% × 12/12 | $1,029,000 |
| Total modeled uses | $16,229,000 |
| Assumed loan proceeds | $9,800,000 |
| Equity and cash needed for these uses | $6,429,000 |
Annual interest is $1,029,000; monthly interest is $85,750. The assumed $1.2 million NOI covers that interest about 1.17 times. That result requires discussion of the transition plan. It does not establish eligibility for a permanent loan with amortization or different underwriting adjustments.
This deliberately simple example is not a quote. It includes no claimed market rent, capitalization rate, or funded borrower. Actual fees, reserves, advances, insurance, taxes, and contingencies must replace the assumptions. If renovation funds are held back within the commitment, the purchase advance is smaller. Do not count the same loan dollars as both purchase proceeds and a future draw.
Bridge first, or stabilized DSCR now?
The property decides the sequence. Multifamily bridge loans can support an acquisition, planned unit turns, or lease-up while the operating record develops. Published bridge rates are 8.99%–13.5% interest-only, with terms of 12–24 months. The commercial file determines proceeds, reserves, conditions, and timing.
A building with reliable collections and supported expenses may be ready for commercial multifamily DSCR financing. Published DSCR rates are 5.75%–10.5%. Commercial coverage commonly targets 1.20–1.25 or better, while value, debt service, and reserves still constrain the note. Do not apply residential rental leverage to a larger apartment building.
The private bridge, agency, and bank comparison helps frame the next question. A stabilized apartment may warrant an agency discussion. A contract date does not make unfinished work disappear, and a short-term loan still needs an achievable permanent exit.
What changes across property types?
For apartments, reconcile the current rent roll to the trailing twelve-month operating statement, usually called the T-12. Explain vacancy, concessions, delinquent balances, management costs, and expenses that will change after closing. Planned rent increases need supporting evidence; they are not collected income.
For light industrial, send a tenant roll and lease abstracts. Identify lease expirations, tenant obligations, renewal options, and expenses paid by each party. The size of one tenant can matter more than the number of suites. Environmental review and the permitted use of the property deserve early attention.
For self-storage, explain collections, discounts, vacancy, management, and the operating records behind the request. A facility’s advertised rate is not the same as collected revenue. Show recurring income separately from temporary charges or assumptions about future occupancy.
A rental blanket combines properties under a pooled note. As the balance grows, portfolio refinance underwriting becomes commercial in its review of income, reserves, and collateral. Read release conditions before assuming you can sell an individual property. Cross-collateralization can expose other properties in the pool when one property creates a default.
What this loan will not do
This investment-property band does not finance your primary residence. Residential investment collateral must be non-owner-occupied. It also does not promise to pay every project cost or eliminate sponsor cash. Loan proceeds, equity, reserves, and closing expenses must fit together before the contract deadline.
It is not HUD 221(d)(4), and it is not an offer to finance an 80-unit ground-up development. The separate multifamily construction program addresses its own building size and all-in budget. A larger existing apartment building with a value-add plan belongs in commercial bridge review.
Qualified luxury houses and spec projects can also be reviewed through the $10 million investment-property ceiling described in jumbo hard money loans. Larger luxury files receive individual leverage quotes. The property, work plan, and exit still determine the appropriate product; an apartment program is not the underwriting model for a house. Working-capital facilities and SBA financing also keep their own purposes, underwriting, and amounts.
Apply with a file that can be reviewed
Start with the requested proceeds and explain each use. Include the purchase contract or current payoff, property address, T-12, rent or tenant roll, renovation scope, cash available, and target closing date. Add your ownership chart and a summary of similar completed projects. Disclose other debt and the obligations competing for your liquidity.
Identify the exit as a refinance or sale, with the evidence needed for it to work. Include a lower-income scenario and the cash needed if completion takes longer. Review the commercial bridge guaranty discussion before assuming a particular recourse structure; those terms are quoted per file.
For worked local files, see Chicago multifamily loans, Atlanta multifamily loans, and DFW industrial loans. Each uses stated assumptions rather than claiming a completed loan.
Use the commercial real estate financing overview to compare property paths, then submit your commercial investment-property request. Call (833) 264-7776 to discuss the asset, proceeds, and deadline. All terms depend on the complete file and approval; the published ceiling does not establish a funded amount.