The Credit Box
What we fund,
and what we don't.
Residential investment property, 1 to 9 units, $100k to $5M. Business-purpose only. Everything outside that line is said out loud below, because a straight no in 48 hours is worth more than a maybe in three weeks.
Inside the box
- Single family, 2-4 unit, condo, townhome and PUD, held for investment
- Small multifamily up to 9 units, fully residential
- Loans from $100,000 to $5,000,000, business-purpose only
- Purchase, refinance, cash-out refinance, ground-up construction, and rehab
- Foreign nationals and non-US investors, same terms, lent to your US LLC, no US credit history required
- Land with entitlements, at reduced leverage, when it is part of a residential build
Outside the box
- Multifamily of 10 units or more
- Mixed-use, where any part of the building is commercial
- Commercially zoned property of any kind, including offices, retail, industrial, hospitality and special-use buildings
- Owner-occupied and any consumer-purpose loan
- Manufactured, mobile and modular homes, SROs, condotels, bed and breakfasts
- Farms, vineyards, equestrian property, and raw land held on its own
- Condemned property, or property with unresolved structural damage
- Loans under $100,000
Larger and commercial deals are placed through our capital-partner network rather than funded in-house. We say which of the two it is within 48 hours, so nobody waits on a deal we were never going to hold.
The five products, and their leverage.
| Product | Leverage | Term | What it covers |
|---|---|---|---|
| Bridge | Up to 80% LTV | 12 months, interest-only | Purchase, refinance, or cash-out on 1-4 unit residential and small multifamily. Cash-out is 5 points lower on leverage. No prepayment penalty. |
| Construction | Up to 85% LTC | 12-24 months, interest-only on drawn balance | Ground-up spec homes and small residential development, with a draw schedule tied to milestones. |
| Renovation | Up to 90% LTC | 12-18 months, interest-only | Value-add on 1-4 unit residential, rehab drawn in arrears against completed work. |
| Fix & flip | Up to 90% LTC | 12 months, interest-only | Residential flips with a clear resale exit. Close in 7-14 days. |
| DSCR / rental | Up to 80% LTV | 30-year, fixed available | Long-term hold on the property's own cash flow, qualified on rent rather than personal income. |
Leverage shown is the program maximum. Where a file actually prices depends on sponsor experience, credit, the market, and the exit. Rates typically run 8-12%, our fee is 1-2% of the loan amount paid at closing, and there are no upfront fees.
Questions we get asked.
What does Passy Capital fund?
Residential investment property held for business purposes: single family, 2-4 unit, condo, townhome, PUD, and small multifamily up to 9 units where the whole building is residential. Loans run from $100,000 to $5M, across bridge, construction, renovation, fix and flip, and DSCR. Foreign nationals qualify on the same terms as a US borrower, lent to a US LLC, with no US credit history required.
What does Passy Capital not fund?
Multifamily of 10 units or more, mixed-use where any part of the building is commercial, and commercially zoned property of any kind: office, retail, industrial, hospitality, special-use buildings. Also owner-occupied and consumer-purpose loans, manufactured and modular homes, condotels, SROs, farms, vineyards, equestrian property, and raw land held on its own. Those deals are placed through our capital-partner network rather than funded in-house.
Do you finance apartment buildings?
Up to 9 units, when the building is entirely residential. A 10-unit building is outside the box, and so is an 8-unit building with a shop on the ground floor. If the deal is larger than that, we will say so within 48 hours and place it through the network instead of holding it.
What is the maximum loan size?
$5M in the core box, on 1 to 9 residential units. Larger structures are placed through capital partners: the founder's closed track record includes transactions well above that, but they are placements rather than balance-sheet loans, and they run on a different timeline.
Can a foreign national borrow inside this box?
Yes, and it is the core of the book. Non-US investors finance US investment property on the same terms as a US borrower, qualified on the asset rather than US income or US credit, lent to a US LLC. No foreign-national rate premium, and you never have to set foot in the United States to close.
How fast do you answer on a deal?
Term sheet in 24-48 hours on a clean file, and a straight answer in the same window when the deal is outside the box, so nobody spends a week waiting on a no.
In the box? Send it over.
Property address, loan amount, unit count and your exit is enough to start. Term sheet in 24-48 hours, and a straight answer in the same window if it is a no.