A sponsor seeking $5 million to $10 million needs similar completed exits, usable liquidity, an interest-reserve plan, and reliable property records. Bring the T-12, rent roll, entity chart, environmental information, and a defined repayment path. Expect a commercial appraisal and a guaranty conversation. A first flip with no commercial track record is the wrong file. Submit a commercial qualification request.
In one sentence: qualification means proving that the sponsor can close, operate, carry, and repay the proposed investment-property loan.
| Requested size | Evidence that deserves early attention | Starting path |
|---|---|---|
| Under $2 million | Property income, sponsor funds, and the smaller project’s exit | Under-$2-million commercial review |
| $2 million–$5 million | Similar operations, complete leases, work budget, and equity sources | Larger investment-property loans |
| $5 million–$10 million | Comparable exits, liquidity after closing, commercial reports, and clear ownership | Commercial qualification request |
Start with what you have done before
Sponsor experience is a set of facts the lender can verify. List comparable properties, acquisition and exit dates, your ownership interest, your management duties, and the work completed. Identify which loans were repaid through a sale and which were refinanced. Supply evidence for the outcome when requested.
Your role matters. A passive share in an apartment partnership is different from supervising renovations, managing collections, signing loan documents, and handling a difficult refinance. State who did each job. If a partner supplies the relevant operating experience, describe that partner’s authority and continuing involvement in this project.
Past problems deserve a direct explanation. A delayed roof, a failed contractor, or a tenant departure can show how you respond under pressure. Explain the cash needed, the corrective action, and the final result. Omitting a problem that appears elsewhere in the file creates another question for underwriting.
There is no published universal minimum count of completed commercial projects for this band. Similarity and substance matter more than a claimed threshold. A first commercial deal may need a different structure and review, as explained in the first commercial multifamily loan guide.
Build a cash plan beyond the down payment
Available cash must cover more than the difference between price and debt. The lender needs to understand closing funds, fees, repairs, operating losses, and the money left after those payments. Document where each contribution comes from and when it can be used.
Separate cash in a bank account from equity in another property. Equity may have value, but it cannot pay a contractor until a sale or approved financing turns it into cash. The same applies to partner commitments that have not been funded. Explain any transfer restrictions or approvals before counting those funds.
An interest reserve pays scheduled interest under the agreed structure. It is not extra profit or a general contingency account. Ask whether the reserve is funded by equity, included within the loan commitment, or supported another way. If included in the commitment, it reduces the dollars available for other uses.
Jaken Finance Group’s published bridge rates are 8.99%–13.5% interest-only, with 12–24 months terms. Use the actual proposed rate and draw schedule when calculating cash needs. There is no single published liquidity minimum or net-worth multiple for every loan in this band. Those requirements are quoted per file.
Reconcile the T-12 and rent roll before submission
The T-12 is the trailing twelve-month operating statement. The rent roll identifies the leases and current occupancy. These documents answer different questions. One shows what the building earned and spent; the other shows who is obligated to pay today.
Explain differences between the ledger, deposits, and lease charges. Identify free-rent periods, unpaid balances, temporary reimbursements, and income that will not repeat. A lease signed yesterday may support the future plan, but it does not rewrite last year’s collections.
Review expenses with the same care. Include management, repairs, utilities, taxes, insurance, and other recurring costs relevant to the asset. If you remove an expense as unusual, preserve the original entry and explain the adjustment. The lender needs to follow the path from reported income to underwritten net operating income, or NOI.
For apartments, use the commercial multifamily DSCR guide to understand coverage. Commercial review commonly looks for 1.20–1.25 or better, with about 65%–75% LTV as a starting range on qualified multifamily files. Income and appraisal support can reduce proceeds below the requested amount.
Show how the property gets from today to the exit
A bridge business plan should connect each major cost to a specific operational result. List the work, its schedule, the party responsible, and the expected effect on collections or expenses. Do not combine all improvements into a single unexplained renovation figure.
For multifamily bridge financing, distinguish occupied units, units ready to lease, and units that still need work. Explain how resident moves, permits, contractor access, and inspections affect the schedule. A contractor’s completion date and the date of collected rent can be different.
The exit needs its own loan-sizing exercise. A projected value is only one part of it. The permanent lender may use different income adjustments, reserves, debt service, and conditions. Show what happens if the permanent loan is smaller than the bridge payoff. Identify the source of any additional cash.
The private bridge, agency, and bank comparison explains when a stabilized apartment deserves a permanent-financing conversation. Published Jaken Finance Group DSCR rates are 5.75%–10.5%. Those rates do not establish an agency offer or guarantee that a future refinance will be available.
Order commercial reports with the lender’s requirements in mind
A commercial appraisal evaluates the property using methods suited to the asset. The review can consider income, sales, condition, leases, and other relevant facts. A seller’s asking price or an online value estimate is not a substitute. Confirm the accepted report scope and ordering process before spending money.
Environmental review should start with what is known about current and prior uses. Disclose prior reports, storage tanks, spills, adjoining uses, and any notices you have received. An existing report can inform the discussion, but the lender must decide whether it meets the current file’s needs.
Coordinate access for appraisers, inspectors, and other professionals with the seller or manager. Identify missing records early. If the contract deadline cannot accommodate a required report or an unresolved issue, discuss that before relying on the expected closing date.
The DFW industrial loan illustration shows why tenant terms and property review deserve attention alongside the proceeds request. Industrial underwriting must understand the building’s use and lease obligations, not just its occupied square footage.
Explain the borrowing entity and the people behind it
Supply an ownership chart from the borrower through the controlling entities and people. Match names to formation records and governing agreements. Identify who can sign, who can approve debt, and who can authorize transfers or additional capital.
If several partners are contributing funds, explain the contribution schedule and any conditions. Disclose preferred returns, loans from partners, and obligations that could compete with property cash flow. A simple chart helps the lender ask the right questions before documents are prepared.
Ask about the guaranty early. The commercial bridge guaranty guide distinguishes payment obligations, limited obligations, and carve-outs. Recourse is quoted per file. An LLC or a large balance does not by itself establish non-recourse treatment, and a proposed signer must understand the document being requested.
Prepare a file that can survive a lower proceeds quote
A useful request includes a fallback plan. If value is lower, explain how much additional equity is available. If collections take longer, explain which work can pause and which bills still must be paid. If the contract price cannot be supported, identify whether the purchase can be renegotiated.
For a pooled rental note, include property-level records as well as the combined totals. The portfolio refinance guide covers release clauses and cross-collateral issues. A strong pool does not make an individual property’s payoff, title problem, or weak performance disappear.
Two apartment examples show different parts of the preparation. The Chicago multifamily illustration focuses on documented income and refinance proceeds. The Atlanta multifamily illustration follows the evidence needed as leasing improves. Neither replaces the records for your own property.
Send the request to the commercial review
The investment-property loan band covers qualified non-owner-occupied commercial, multifamily, portfolio, and blanket files through $10 million. The jumbo hard money program also reviews qualified luxury houses and spec projects through that investment-property ceiling. Larger luxury files receive individual leverage quotes based on the property, work, and exit. Working-capital facilities and SBA products have different purposes.
Use the commercial real estate financing overview if the asset’s program path is unclear. Then send your commercial loan request with the amount, asset, records, equity plan, experience, and deadline. Call (833) 264-7776 with a concise summary of the file and the decision you need.
Qualification is complete only when the proposed proceeds, conditions, documents, and cash needs fit the actual transaction. Review the written terms as a whole. A preliminary amount, a strong appraisal, or a successful prior project cannot replace approval of the current loan.