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Private Lending in Massachusetts

Residential investment financing across Massachusetts’s major metropolitan areas. Bridge, DSCR, fix & flip, new construction, and build-to-rent programs.

Investing in Massachusetts

Massachusetts is the largest-check state in our Northeast footprint. Boston-metro medians north of $580K mean six and seven figure loans are the norm rather than the exception, and the investor playbook here is appreciation, forced equity, and refinance velocity rather than cap-rate cash flow. Property taxes around 1.22% and slower eviction process keep pure buy-and-hold math tight; the money in Massachusetts is made on the value-add.

The state's signature asset is the triple-decker: tens of thousands of century-old three-family buildings across Dorchester, Worcester, Springfield, Lowell, and Lawrence, built for exactly the kind of unit-by-unit renovation and condo-conversion strategies that bridge capital is designed for. The gateway cities offer basis 40 to 60% below Boston with tenant demand backstopped by universities and hospitals.

Two Massachusetts-specific factors worth underwriting early: the state's lead paint law effectively requires deleading budgets on pre-1978 rentals, and the 2024 Affordable Homes Act made ADUs under 900 square feet legal by right statewide, which quietly created an add-a-unit play on single-family lots across the entire state.

Massachusetts Markets We Serve

We lend across Massachusetts’s major metropolitan areas. If your project is in or near one of these markets, we want to hear about it.

Boston Worcester Springfield Lowell Cambridge

Available in Massachusetts

Every loan program we offer is available to qualified borrowers and properties in Massachusetts.

Market Snapshot

Median Home Price
$580,000
Property Tax Rate
1.22%
Population Growth
0.3% annually
Annual Permits
~12,000 (2025)
Landlord Friendly
Mixed
Top Yield Market
Worcester

How Ledger Lends in Massachusetts

We underwrite Massachusetts regularly, from $500K single-family acquisitions to $2M+ refinances in Boston's western suburbs. Larger checks are the point here: our programs go to $5M, which covers most of the residential value-add stock in the Boston metro, and Massachusetts price points fit our box naturally.

The state is also friendlier to private capital than its tenant-side reputation suggests: Massachusetts is a non-judicial, power-of-sale foreclosure state, which keeps recovery frameworks efficient and pricing competitive. Every Ledger loan is a business-purpose loan to an entity, qualified without tax returns, with term sheets in about a day and closings in 3 to 4 weeks.

What Works in Massachusetts Right Now

Triple-Decker Value-Add

The classic Massachusetts play. Acquire century-old three-families in Dorchester, Worcester, Springfield, or Lowell, renovate unit by unit, and exit to condo conversion or DSCR refinance. Bridge capital is built for exactly this rehab-and-reposition cycle.

Gateway City Multi-Family Conversion

Worcester, Lowell, Lawrence, and Springfield offer basis 40 to 60% below Boston with tenant demand backstopped by universities and hospitals. Buy under-managed multis at $180K to $280K a unit, renovate, and refinance into long-term holds.

ADU Add-a-Unit

The 2024 Affordable Homes Act made sub-900-square-foot ADUs legal by right statewide as of February 2025. Add a unit on single-family lots in strong school districts and rail corridors, then refinance on combined income. Construction financing covers the build.

Boston Core Bridge & Reposition

Back Bay, Seaport, Cambridge, and the streetcar suburbs attract deep buyer pools at exit. Bridge financing for acquisition and light value-add, with exits to sale or long-term refinance. Larger checks, faster velocity.

Frequently Asked Questions

What are Massachusetts property tax rates?
The statewide average is around 1.22%, with wide town-by-town variation. High carry is why Massachusetts underwrites as an appreciation and value-add market rather than a cap-rate market; the money is made on forced equity and refinance velocity.
Are there tenant protections in Massachusetts?
Massachusetts is tenant friendly on process: summary process (eviction) cases have strict procedural requirements and run longer than in landlord-friendly states. But there is no statewide just-cause eviction requirement, and rent control has been banned statewide since the 1994 ballot initiative. Underwrite longer vacancy and turnover assumptions, not rent caps.
Does Massachusetts have rent control?
No. Rent control was banned statewide by ballot initiative in 1994 and no municipality has it today. Some cities have condo-conversion ordinances and tenant-notification rules that affect repositioning timelines, so check local rules on conversion plays.
What is the deal with lead paint in Massachusetts?
The state lead law requires deleading before a child under six lives in a pre-1978 rental, and most of the state's investor stock is pre-1978. Budget deleading into the rehab scope up front; a letter of compliance also removes a major liability overhang and supports rent premiums.
Are ADUs legal in Massachusetts?
Yes, statewide. The 2024 Affordable Homes Act made accessory dwelling units under 900 square feet legal by right in single-family zones effective February 2025. That created an add-a-unit play on single-family lots across the entire state, and our construction and bridge programs both finance them.
What size deals does Ledger do in Massachusetts?
We have underwritten Massachusetts deals from roughly $500K single-family acquisitions to $2M+ refinances in Boston's western suburbs, and our programs go to $5M. Boston-metro price points fit our box naturally.
What DSCR cap rates can I expect in Massachusetts?
Boston-metro DSCR deals typically pencil at 2 to 4% cap rates; Worcester, Springfield, and the gateway cities can reach 4 to 5%. Most Massachusetts DSCR loans we see are refinance exits from value-add projects rather than pure yield plays.

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Start Your Massachusetts Investment

Our team has deep experience financing residential projects across Massachusetts. Reach out to discuss your next deal.

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