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Long-form guides from the underwriting desk.

Plain-English deep dives on how hard money, fix-and-flip, DSCR, and construction loans actually work — written when a question shows up enough times in borrower calls that a single canonical answer beats answering it forty more times by phone.

20 articles published 4 in the pipeline Topic clusters: hard money · deal math · lender structuring Updates monthly · request a topic →

Loan structuring 14 min read Published 2026-05-07

Dutch vs non-Dutch interest. A borrower’s guide.

Dutch interest charges you for money you have not borrowed yet. Non-Dutch charges only what you have drawn. On a typical fix-and-flip, the difference is one full percentage point. On a 24-month ground-up build, it can be the difference between a profitable project and a marginal one. Worked math, side-by-side cost comparison, and the exact phrases to look for in a term sheet.

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Bar chart comparing Dutch and non-Dutch interest at month six of a $400,000 fix-and-flip

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Loan structuring

Dutch vs non-Dutch interest

How interest is calculated against drawn versus committed funds, and why the difference is hidden in the term sheet rather than the rate.

14 min read · 2026-05-07 Read Fix & flip math

The 70% rule, deconstructed

Why 70%, when to stretch to 75%, when to drop to 65%. Three worked deal scenarios across ARV bands.

13 min read · 2026-05-07 Read Construction

How lenders verify percent-complete on construction draws

The third-party inspection process, what trips up first-timers, and how to structure your contractor agreement to keep draws moving.

13 min read · 2026-06-10 Read DSCR rentals

DSCR loan calculation, with worked examples

How PITIA is built, what counts as gross rent on STR vs LTR, and the four levers that move your DSCR ratio above 1.20x.

14 min read · 2026-05-07 Read BRRRR strategy

BRRRR mechanics from acquisition to refinance

The full sequence: hard money in, rehab, lease, season, DSCR refinance out. Every step, with realistic timelines and capital requirements.

15 min read · 2026-05-11 Read Hard money basics

Hard money vs conventional: when each one is the right tool

Speed, leverage, documentation, and exit-strategy tradeoffs across the two loan types — with a decision matrix.

14 min read · 2026-05-11 Read Loan structuring

Origination points vs rate: the break-even decides

When paying points to buy down your rate saves money and when it loses it — with the one-line break-even formula and a worked crossover chart.

12 min read · 2026-06-10 Read Fix & flip math

The ARV that funds your loan is not yours

How appraisers build ARV from comps, why your number gets cut, how ARV caps the loan, and the comp packet that defends a higher value.

14 min read · 2026-06-10 Read Loan structuring

Recourse vs non-recourse: what the guaranty covers

Non-recourse almost never means no guaranty. The carve-out schedule, the acts that spring a whole loan to full recourse, and what removing personal exposure costs in basis points.

14 min read · 2026-07-30 Read Loan structuring

Cross-collateralization explained

One lien across several properties. How allocated loan amounts and release prices work, a worked three-property example, and the cross-default clause that turns one bad project into a portfolio event.

12 min read · 2026-07-30 Read Fix & flip math

Holding cost math: what 30 days of delay costs

The six line items in a flip’s carry, the daily burn number that prices every schedule decision, and why the price cut that follows a delay costs more than the interest ever did.

11 min read · 2026-07-30 Read Hard money basics

What ‘100% financing’ really means

One question separates a real 100% structure from a pitch: what secures the part you did not pay for? The three caps on a standard loan, the real cash to close, and what a genuine 100% LTC structure requires.

15 min read · 2026-07-30 Read Construction

Schedule of values: building one that gets approved

The line-item budget your draws are scored against. The 12-to-20 line range, splitting material from labor on long-lead trades, and why front-loading always collects at the end.

12 min read · 2026-07-30 Read Construction

Lien waivers and the draw release process

Why a sub you never hired can outrank your lender, the four waiver types and when to sign each, and the six clerical failures that stall an otherwise funded draw.

13 min read · 2026-07-30 Read DSCR rentals

Short-term rental DSCR: AirDNA and the 75% rule

Why Airbnb income qualifies at 75% of gross, what that haircut is actually pricing, a worked 1.28x example, and the long-term-rental stress test to run before you close.

12 min read · 2026-07-30 Read BRRRR strategy

Seasoning: what triggers a 6-month wait

Ownership versus rent seasoning, why an early refinance is sized against your purchase price instead of the new appraised value, and what that difference costs on a real BRRRR.

13 min read · 2026-07-30 Read Construction