When real estate investors compare national bridge lenders, Kiavi and Lima One Capital sit at the top of almost every shortlist. Kiavi advertises up to 100% Loan-to-Cost (LTC) and 80% of After-Repair Value (ARV), while Lima One advertises up to 95% LTC and 75% of ARV for qualified borrowers. Both offer Non-Dutch interest on drawn rehab funds and integrated 30-year DSCR permanent takeout loans, yet their experience requirements, asset eligibility, and ARV caps differ in ways that can change your required down payment by $20,000 or more on a single deal.
Side-by-Side Underwriting Matrix: Kiavi vs. Lima One Capital
| Underwriting Metric | Kiavi | Lima One Capital |
|---|---|---|
| Corporate Parent & Origination | Figure Technologies subsidiary (some AZ bridge loans originated by Figure Lending LLC) | MFA Financial (NYSE: MFA) subsidiary; 100% in-house origination and servicing |
| Eligible Property Types | 1 to 4 Unit Residential Only (SFR, Condo, Townhome) | 1 to 4 Unit, 5+ Multifamily, Ground-Up New Build |
| Minimum Investor Experience | 0+ Exits (Lends to first-time and experienced flippers) | At least 1 investment property sale or refinance in the last 36 months |
| Interest Rate Range (2026) | 8.25% to 11.50% (Interest-Only) | 7.75% to 11.75% (Interest-Only) |
| Origination Points | 1.0% to 2.0% ($350 closing bonus via partner link) | 1.5% to 2.5% (deferred fee options available) |
| Maximum LTC Cap | Up to 100% of Total Cost | Up to 95% of Total Cost |
| Maximum ARV Cap | Up to 80% of ARV | Up to 75% of ARV |
| Minimum Credit Score | 640 FICO | 660 FICO |
| Loan Amount Range | $75,000 to $5,000,000 | $100,000 to $5,000,000 (1 to 4 Units); Multifamily from $1,000,000 |
| Average Closing Speed | 7 to 10 Business Days | 10 to 14 Business Days |
| Loan Servicing Model | Tech-platform servicing + securitization | 100% In-House Servicing for Life of Loan |
How the 80% vs. 75% ARV Cap Impacts Your Down Payment
Suppose you purchase a property for $340,000 with a $60,000 rehab budget ($400,000 total cost) and an appraised ARV of $460,000 (where total project cost equals 87% of ARV):
- At Kiavi's top published terms (100% LTC, 80% ARV cap), your ARV ceiling is
$460,000 x 80% = $368,000, while 100% LTC is$400,000. The 80% ARV cap binds at $368,000, so you bring $32,000 in project equity plus closing costs. - At Lima One Capital's top published terms (95% LTC, 75% ARV cap), 95% LTC is
$400,000 x 95% = $380,000, while the 75% ARV cap is$460,000 x 75% = $345,000. Because the lesser-of rule applies, the 75% ARV cap binds at $345,000, requiring $55,000 in project equity before fees, which is $23,000 more cash at the closing table than an 80% ARV cap. - Conversely, on a wider-margin deal where Purchase + Rehab is $360,000 and ARV is $480,000 (75% cost-to-ARV), Lima One's 75% ARV cap equals $360,000 and its 95% LTC cap sets the loan at $342,000 ($18,000 down payment).
Bottom-Line Verdict
- Choose Kiavi if you are flipping 1 to 4 unit homes, are a first-time investor (0 exits in 36 months) or want the fastest 7 to 10 day closing with a 640+ FICO score, up to 80% ARV leverage, and a $350 borrower closing bonus on your qualified first loan through our partner link.
- Choose Lima One Capital if you have at least 1 investment property sale or refinance in the last 36 months and are buying a 5+ unit apartment building, executing a heavy structural gut rehab or new construction build, and want a single in-house construction servicing team from closing to payoff.