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Field Notes
Underwriting, deal math, and market notes — written by the people funding the loans, not a content team.
FEATURED · OPERATIONS · 7 MIN READ
First-Time Investor Mistakes: File-Level Errors That Kill Leverage and Time
Most first-time investors lose weeks and leverage to preventable file errors: wrong entity type, incomplete tax returns, missing bank statements, and mismatched property addresses. Fix these before yo
AUG 2026 · SILT UNDERWRITING DESK
DSCR · 6 MIN
Cash-Out Refi Mechanics: Seasoning, LTV, and Proceeds Calculation
Cash-out refinances unlock equity in stabilized rental properties, but lender requirements on seasoning and LTV determine how much you can extract. Learn the mechanics behind proceeds calculation and
AUG 2026
OPERATIONS · 5 MIN
Prepayment Penalties Explained: Step-Down Structures, Buyouts, and Rate Tradeoffs
Prepayment penalties protect lenders when borrowers pay off early. Step-down structures reduce penalties over time. A lower interest rate now may cost more to exit early. Understanding the tradeoff he
AUG 2026
OPERATIONS · 6 MIN
Appraisal vs BPO: When Each Is Used and What Value Opinions Support
Appraisals and BPOs serve different purposes in the lending process. Understand when each is ordered, what value opinions can and cannot support, and how they fit into underwriting for fix & flips, br
AUG 2026
DSCR · 12 MIN
The complete DSCR loan guide: qualify on the rent, close in your LLC
Everything in the underwrite — the formula, the tiers, what moves your rate, and the six documents that actually matter.
AUG 2026
GROUND-UP CONSTRUCTION · 5 MIN
Construction Loan Draws: Budget Tracking, Inspections, and Interest Carry
Ground-up construction loans disburse funds in stages tied to completed work. Learn how draws align with budgets, third-party inspection requirements, and how interest carry affects your all-in cost.
AUG 2026
BRRRR · 8 MIN
The BRRRR exit: timing your cash-out refi so the appraisal works for you
Seasoning rules, the 75% cash-out cap, and why month seven beats month four.
JUL 2026
SHORT-TERM RENTALS · 9 MIN
Underwriting Airbnb income: AirDNA, host history, and the 12-month rule
How we credit STR revenue when there's no long-term lease to point at.
JUL 2026
BRIDGE · 6 MIN
Bridge-to-DSCR: one lender, both ends of the deal
Buy fast on the bridge, season the rents, roll into 30-year money — without re-diligence.
JUN 2026
ENTITY & TAX · 7 MIN
Closing in an LLC: vesting, guaranties, and what your CPA will ask
Why title vests in the entity, what you personally sign, and the DTI question that never comes up.
JUN 2026
OPERATIONS · 5 MIN
Anatomy of a fast close: where files actually lose time
The three borrower-side bottlenecks — and the day-one checklist that clears them.
MAY 2026
MARKET NOTES · 6 MIN
Where DSCR rates come from: treasuries, spreads, and your FICO
The 5-year treasury, securitization spreads, and the part of your rate you can actually control.
MAY 2026
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