Learning Center

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.

17 articles published 5+ in the queue 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.

Read the article

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

All articles

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.

14 min read · 2026-05-19 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 math

How points and rate trade against each other across 6-, 18-, and 24-month holds — and the one question that decides every quote comparison.

12 min read · 2026-05-19 Read Fix & flip math

Calculating ARV that lenders will actually fund to

Why your ARV runs ~7% above the appraiser’s, and the five-comp test you can run in 30 minutes that closes the gap before bid.

13 min read · 2026-05-19 Read Hard money basics

What “100% financing” really means

The four configurations actually being sold under the marketing claim, with LTC+LTV math and the four red flags that mean an offer is fiction.

13 min read · 2026-05-19 Read Loan structuring

Recourse vs non-recourse loans

The eight carveouts that can convert non-recourse to recourse, what the structure actually costs, and the tax outcome of a deficiency.

13 min read · 2026-05-19 Read Loan structuring

Cross-collateralization explained

How pledging a second property unlocks a deal that otherwise would not pencil — and the four mistakes that turn it into a leverage trap.

12 min read · 2026-05-19 Read DSCR & rentals

Short-term rental DSCR

How AirDNA, the 75% rule, and the seasonality stress test combine into the underwritten cash flow that decides what an STR can borrow.

13 min read · 2026-05-19 Read BRRRR & strategy

BRRRR vs flip-and-rent

The four factors that decide which exit beats the other, with worked IRR math on the refinance and the sell-and-redeploy paths.

12 min read · 2026-05-19 Read Construction

Building a schedule of values that gets approved

The line-item budget every draw is scored against — anatomy, why front-loading gets rejected, and a worked draw calculation.

13 min read · 2026-05-20 Read Fix & flip math

Holding cost math: how 30 days of delay kills profit

The six buckets of carry, a worked daily burn rate, and how a 90-day slip erases a quarter of the profit with no other change.

12 min read · 2026-05-20 Read BRRRR & strategy

Seasoning requirements: what triggers a 6-month wait

Title vs value seasoning, why six months is the reference point, and how the rule decides whether a BRRRR recycles your capital or traps it.

12 min read · 2026-05-21 Read DSCR & rentals

Cash-out LTV maximums by property type

The typical LTV ceiling for single-family, multifamily, condo, and short-term rentals — and the liquidity logic behind why they differ.

12 min read · 2026-05-21 Read

Topic clusters

Articles group around six topic clusters. Each cluster will eventually contain a complete reference set on one subject.

Have a question we have not answered yet?

Send it directly to the underwriting team. If it is asked enough, it becomes the next article. Real reply within four business hours.

Send the question →