I've got a BRRRR deal I am trying to get under contract, but I want my finances to be settled first. Looking at all in $140k, $100k purchase and $40k rehab, ARV at $200k. Exit has 1.4 DSCR which I have covered, but any recommended hard money companies that will do 100% purchase/100% rehab? I can bring closing and holding costs to the table.
I have been looking at Ternus Lending, LLC, anyone have any experiences with them?
I'm not aware of any company that provides 100% purchase and 100% rehab. I've seen some go up to 90% purchase and 100% rehab, but then have loan-to-cost and loan-to-value ratios.
I'm not aware of any company that provides 100% purchase and 100% rehab. I've seen some go up to 90% purchase and 100% rehab, but then have loan-to-cost and loan-to-value ratios.
for a first time borrower to a new company this would be rare to the extreme.
careful you do not get duped into an advance fee scheme someone telling you what youy want to hear grabbing up front money then never closes very common.
I know of some folks who are starting to use Ternus, but I don't have any experience directly quite yet.
I would want to dig into it a bit more, often times whenever 100% financing is pitched, it still comes with a healthy reserve requirement alongside. I would be cautious on that with the exit as well because 100% financing at 70% LtARV can be risky when you account for potential mistakes or overages.
Based on experience, other groups that offer 90% LTC or similar might be a decent option as some of them don't have the same kind of reserve requirements and might be a little more cut-and-dry.
I would just say to exercise caution as "100% Lending" can really pigeon-hole you if you are not careful.
I've got a BRRRR deal I am trying to get under contract, but I want my finances to be settled first. Looking at all in $140k, $100k purchase and $40k rehab, ARV at $200k. Exit has 1.4 DSCR which I have covered, but any recommended hard money companies that will do 100% purchase/100% rehab? I can bring closing and holding costs to the table.
I have been looking at Ternus Lending, LLC, anyone have any experiences with them?
100% LTC exists however most lenders require at least 5 or more exits and a high FICO.
I am a lender, specializing in the Memphis market. We can lend up to 75% of the ARV. Usually 100% of the purchase price and most if not all of the renovation.
Dylan, I'm in Memphis too and do hard money lending myself. Numbers look solid on paper, 70% ARV all in with a 1.4 DSCR exit is exactly the buy box that pencils right now.
Heads up on 100% purchase / 100% rehab lenders, they exist but they almost always cap total funding at 70-75% ARV, which yours hits ($140k all-in vs $200k ARV = 70%). So you should qualify with several lenders. Just know:
Most "100/100" lenders still want you to bring closing costs, holding reserves, and sometimes 3-6 months of payment reserves. You already said you've got that covered, so you're in good shape.
Rate and points matter more than the headline. A 12% / 4-point loan vs a 10.5% / 2-point loan on the same deal is a big swing in your refi math. Always compare total cost.
Track record helps. First-timers sometimes get capped at 80-85% even on great deals. Bring a clean deal sheet, comps, contractor bid, and rent comps and you'll get better terms.
Haven't personally closed with Ternus but they're known in the space. Get quotes from a few others side by side (Kiavi, Easy Street Capital, Lima One, RCN, and local Memphis private lenders) before committing.
Dylan, I'm in Memphis too and do hard money lending myself. Numbers look solid on paper, 70% ARV all in with a 1.4 DSCR exit is exactly the buy box that pencils right now.
Heads up on 100% purchase / 100% rehab lenders, they exist but they almost always cap total funding at 70-75% ARV, which yours hits ($140k all-in vs $200k ARV = 70%). So you should qualify with several lenders. Just know:
Most "100/100" lenders still want you to bring closing costs, holding reserves, and sometimes 3-6 months of payment reserves. You already said you've got that covered, so you're in good shape.
Rate and points matter more than the headline. A 12% / 4-point loan vs a 10.5% / 2-point loan on the same deal is a big swing in your refi math. Always compare total cost.
Track record helps. First-timers sometimes get capped at 80-85% even on great deals. Bring a clean deal sheet, comps, contractor bid, and rent comps and you'll get better terms.
Haven't personally closed with Ternus but they're known in the space. Get quotes from a few others side by side (Kiavi, Easy Street Capital, Lima One, RCN, and local Memphis private lenders) before committing.
I've got a BRRRR deal I am trying to get under contract, but I want my finances to be settled first. Looking at all in $140k, $100k purchase and $40k rehab, ARV at $200k. Exit has 1.4 DSCR which I have covered, but any recommended hard money companies that will do 100% purchase/100% rehab? I can bring closing and holding costs to the table.
I have been looking at Ternus Lending, LLC, anyone have any experiences with them?
Dylan, those numbers look pretty solid on paper: being all-in around 70% of ARV with a 1.4 DSCR on the exit gives you a decent margin for a BRRRR, especially if your rehab and lease-up timelines are realistic.
In practice, true 100% purchase plus 100% rehab is usually tied to experience, liquidity, and the strength of the deal rather than just the headline leverage. Many “100%” programs still expect you to bring some skin in the game (closing, holding costs, and sometimes a portion of the budget), but there are lenders that will get pretty close when the spread and your track record support it.
On the lender side, I’d look at:
Regional hard money/bridge lenders that know your specific market and are comfortable lending against ARV rather than just purchase price.
Options that are set up with a clear handoff to a DSCR take-out, so you're not stuck if rates or guidelines move a bit before refi.
I don’t have direct experience with Ternus personally, but I’d approach any hard money quote by lining up at least two or three written term sheets and comparing:
Max leverage and whether they're basing it on ARV or total cost
Draw process (speed, inspections, holdbacks)
Prepay penalties and extension options
One additional thought on “where” to do BRRRRs: some markets are much friendlier to out-of-area investors than others. For example, Cleveland can be a tough place to operate if you’re not local—complex neighborhood-by-neighborhood differences, code and permitting quirks, and property management challenges can wipe out what looks like great cash flow on a spreadsheet. If you’re investing at a distance, I’d lean into markets with:
More transparent data and consistent appraisals
Reliable local teams (GC, PM, agent) you can vet and replace if needed
Landlord and lending environments that support BRRRR/DSCR style financing
Each week I review updated data on which U.S. markets are showing a better balance of price-to-rent ratios, population/job trends, and lending appetite, and then use that to prioritize where BRRRR and DSCR capital tends to perform best. Pairing those kinds of macro trends with your own on-the-ground team and deal flow usually beats chasing the flashiest headline markets.
If you’re open to it, I’m happy to walk through your numbers in more detail and sanity-check both the loan structure and the market assumptions so you go into the contract phase with your financing plan dialed in.
Is this your first BRRRR, or have you completed a few already in the same market?
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