VA Market
Bridge, Flip & Construction
Loans in Virginia
Bridge, fix & flip, construction, renovation and DSCR loans for investors buying in Virginia, from the US or abroad, on the same terms. $1M to $5M. Foreign nationals welcome.
Virginia is a renovation and infill market. Passy Capital finances real estate investors who buy, renovate and build residential investment property in Richmond and across the state: bridge loans, fix & flip loans and ground-up construction loans from $1M to $5M, with renovation and DSCR financing for the hold.
In Richmond, older row houses, duplexes and small apartment buildings are renovated and resold or held as rentals, while the surrounding counties offer larger lots for spec homes, townhomes and build-to-rent. We fund the purchase and the work in one loan up to 90% of cost, ground-up projects up to 85% of cost, and the rental exit on a DSCR loan up to 80% of value.
We lend to Virginia operators and to investors buying from abroad on the same terms. A non-US investor borrows through a US LLC with no US credit history required. Term sheets go out in 24-48 hours and a clean file closes in about two weeks. Business-purpose lending only, on non-owner-occupied property. Larger commercial deals are placed through our capital-partner network.
Virginia Market Highlights
Renovation-Led Markets
Older row houses and small multi-unit buildings make Richmond a renovation market. Purchase and rehab are funded in one loan up to 90% of cost.
Suburban New Construction
Counties around Richmond offer larger lots for spec homes, townhomes and build-to-rent, financed up to 85% of cost with inspected draws.
Non-Judicial Foreclosure
Deed of trust with a power of sale, trustee's sale without a court case (Va. Code 55.1-320 and following).
Recordation Tax
25 cents per $100 on the deed and on the deed of trust, plus up to one-third of that locally.
Grantor's Tax
50 cents per $500, paid by the seller unless agreed otherwise. A cost of the exit on a flip.
Same Terms From Abroad
Foreign nationals borrow through a US LLC with no US credit history and no foreign-national premium.
Cities We Serve
Richmond
Henrico
Chesterfield
Midlothian
Petersburg
Charlottesville
Fredericksburg
Virginia Beach
Norfolk
Chesapeake
Alexandria
Arlington
Property Types We Finance
Single-Family
2-4 Units
Condos & Townhomes
Small Multifamily (5-9)
Spec Homes
Build-to-Rent
SFR Portfolios
Renovation Projects
Loan Programs
Bridge Loans
Buy, refinance or cash out an investment property, closing in about two weeks.
Construction
Ground-up spec homes and build-to-rent, with draws tied to milestones.
Renovation / Rehab
Rehab financing on 1-4 unit and small multifamily, drawn against completed work.
Fix & Flip
Purchase and rehab in one loan for 1-4 unit flips, closing in about two weeks.
DSCR / Rental
Long-term rental financing based on property cash flow.
Other US Markets
We finance investment property for US and foreign investors in other markets too.
FL
Florida →
No-tax growth market, Miami, Orlando, Tampa
TX
Texas →
Population boom, Dallas, Houston, Austin
CA
California →
Spec builds and flips, Los Angeles, Bay Area, San Diego
NY
New York →
1-4 unit and small multifamily, NYC, Brooklyn, Long Island
AZ
Arizona →
Flips and build-to-rent, Phoenix, Scottsdale, Tucson
GA
Georgia →
Flips and spec builds, Atlanta metro
TN
Tennessee →
Build-to-rent and rentals, Nashville, Memphis
NC
North Carolina →
Spec builds and flips, Charlotte, Raleigh
CO
Colorado →
Flips, infill and rentals, Denver metro
IL
Illinois →
Two-flats, flips and rentals, Chicago
OH
Ohio →
Flips and buy-and-hold, Columbus
WA
Washington →
Infill and middle housing, Seattle
SC
South Carolina →
Flips and coastal rentals, Charleston
MT
Montana →
Higher-price builds and rentals, Bozeman
NJ
New Jersey →
Flips and small multifamily, Jersey City, Newark
PA
Pennsylvania →
Rehabs and flips, Philadelphia, Pittsburgh
MO
Missouri →
Flips and rentals, St. Louis, Kansas City
Have a deal in Virginia?
Submit your deal in 2 minutes. We'll review it and get back to you within 24 hours with financing options.
Submit a DealWhat is specific about lending in Virginia
- Non-judicial foreclosure. Virginia loans are secured by a deed of trust with a power of sale. Under Va. Code 55.1-320 and the sections that follow it, the trustee sells the property after a default without filing a court case, at the property or at the circuit courthouse of the county or city where it sits.
- Recordation tax on the deed and on the loan. Virginia's state recordation tax is 25 cents per $100 on a deed, based on the greater of the price or the value of the property (Va. Code 58.1-801), and 25 cents per $100 of the loan amount on the deed of trust that secures the loan (58.1-803, for loans up to $10 million). A city or county may add a local recordation tax equal to one-third of the state tax (58.1-3800). Both the purchase and the financing therefore carry a recording cost to budget.
- Grantor's tax on the seller. The grantor's tax is 50 cents per $500 of price or value and is paid by the seller unless the parties agree otherwise (Va. Code 58.1-802). On a flip it is a cost of the exit.
- Historic districts. Many of the older row houses and small multi-unit buildings that investors renovate in Richmond sit inside a city historic district, where exterior work needs design review before it starts. We underwrite that approval as part of the renovation schedule.
Buying in Virginia from outside the US:
Frequently asked questions
What do you finance in Virginia?
Bridge loans, fix & flip loans and ground-up construction loans for infill houses, townhomes, spec homes and build-to-rent, plus renovation loans and DSCR loans as the hold or exit. Property types are single-family, 2-4 units, condos and townhomes, small multifamily up to 9 units, build-to-rent and SFR portfolios. Loans run from $1M to $5M, business-purpose only.
How much leverage is available on a Virginia renovation or build?
Up to 90% of cost on fix & flip and renovation, up to 85% of cost on ground-up construction, and up to 80% of value on bridge and DSCR loans. The fee is 1-2% of the loan, paid at closing, with no upfront fees.
What recording taxes apply when I buy and finance in Virginia?
The state recordation tax of 25 cents per $100 applies to the deed and, separately, to the deed of trust securing the loan, and a city or county may add up to one-third of the state amount. The seller pays the grantor's tax of 50 cents per $500 unless the contract says otherwise.
Can a foreign national finance Virginia investment property?
Yes. The loan is made to your US LLC and underwritten on the property and the business plan, not on a US credit history, so a non-resident borrows on the same terms as a US investor. No Social Security number is required.
Is Virginia a judicial or non-judicial foreclosure state?
Non-judicial in practice. Virginia loans use a deed of trust with a power of sale, and the trustee conducts the sale without a court case under Va. Code 55.1-320 and the following sections.
Virginia City Guides
Bridge, fix & flip and construction financing in each Virginia market we cover.