Full-lifecycle financing for investors building or renovating residential rentals. One lender, one underwriting team, from dirt to stabilized cash flow.
Build to rent is the fastest-growing segment in residential real estate. The strategy: acquire land or distressed property, build or renovate, stabilize as a rental, refinance into long-term debt, recycle capital into the next deal. Ledger finances every phase under one relationship.
Short-term loan funds land acquisition, construction, or renovation. Up to 90% loan-to-cost. Interest-only during the build period to minimize carry. Flexible draw schedules tied to milestones.
Project completes, inspections clear, property is rent-ready. Draws are disbursed against verified progress so capital is in the project, not sitting idle.
Tenants placed, lease executed, rent flowing. Once the property is generating stabilized income, it qualifies for the DSCR refinance.
Refinance into a 30-year DSCR loan based on rental cash flow, not personal income. Pull cash out at stabilization, redeploy into the next project. Repeat.
How Ledger is different: We are a direct private lender funding the entire BTR lifecycle in-house. Your construction underwriter knows your refinance file. There's no second application, no rate-shopping the take-out, no risk of getting orphaned at stabilization. We close in your LLC, offer limited-recourse structures on qualifying deals, and don't require tax returns.
Eligible states: We lend in 42 states plus DC. Top BTR markets include Texas, Florida, North Carolina, Georgia, Ohio, Tennessee, and South Carolina. Consistent terms and a streamlined process regardless of location.
Most BTR operators end up juggling two lenders: a construction lender on the front and a separate DSCR lender on the back. Every handoff is a friction point. Ledger handles both.
Your construction file feeds directly into the refinance. The team that approved the build is the team that closes the take-out. Context carries, you don't re-explain your project to a new shop at the worst possible moment.
You know the refinance is there before you break ground. No risk of getting stuck holding a stabilized rental with no take-out lender willing to refi at the LTV you need.
Lighter documentation requirements on the refinance for borrowers already in our system. Less paperwork, faster close, lower total transaction cost across the full lifecycle.
Cash-out at stabilization to pull equity from finished projects and deploy it into the next deal. The BRRRR strategy works because the refinance is reliable. We make the refi reliable.
Whether you're stabilizing your first BTR property or running a multi-project pipeline across markets, we structure the capital stack to match your timeline. Repeat borrower programs unlock improved terms, faster closes, and bundled portfolio structures as you scale. Get pre-qualified to discuss your pipeline.
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Once your BTR project stabilizes, the DSCR refinance is what determines your long-term yield. Use the calculator to model rate, payment, and cash flow on the take-out.
Or skip straight to a custom quote: get pre-qualified
Get pre-qualified for the full BTR lifecycle. Construction loan plus DSCR refi, one relationship.