Looking for Asset-Based / Bridge Lender – 2-Unit Deal (Pasadena, TX)

[Chris McDaniel]

Hello,

I'm currently under contract on a 2-unit property in Pasadena, TX and looking for asset-based or bridge financing options that lend based on value rather than strict DSCR.

Here are the deal details:

Purchase Price: $125,000  
Rehab Budget: $0–$40,000 (depending on strategy)  
Current Rents: $1,500/month total  
Market Rents: $1,800/month potential  
Estimated ARV: $185,000–$200,000
Property Type: 2-unit (tenant occupied)

Goal:
Looking to minimize cash to close and execute a BRRRR strategy — purchase, stabilize, then refinance into a long-term loan.

Ideal loan structure:
- ARV-based lending (65–70%+ of value)
- Ability to finance a portion of rehab (if needed)
- Interest-only preferred
- 12–18 month term

Challenges I’m running into:
- Smaller loan size ($100K–$140K range)
- DSCR lenders requiring higher down payments
- Conventional financing not ideal due to structure and tenant setup

If anyone has lender recommendations or is a direct lender who works on deals like this, I’d love to connect.

Appreciate any insight or referrals!

– Christopher McDaniel