About
Ternus is a Charlotte, North Carolina-based direct private lender founded in 2024 by Tim Herriage, a U.S. Marine veteran, real estate investor, and former Executive Director of RCN Capital who helped take a lending company public with Blackstone. Ternus was built to return real estate finance to the hands of Main Street investors.
The name Ternus means threefold in Latin - representing the three reasons investors enter real estate. The company operates as a customer-owned lending platform through a Regulation Crowdfunding structure, meaning Ternus investors are also Ternus borrowers.
Loan products include fix-and-flip, wholetail (100% acquisition with no rehab), DSCR long-term rental, DSCR rental portfolio, and bridge loans. Fix-and-flip loans fund up to 100% of purchase price and 100% of renovation budget, capped at 80% ARV, from $50,000 to $500,000 with rates starting at 9.5%. No appraisal and no credit check on qualifying deals. Funding decisions in 24 hours. Close in as little as 7 days.
Ternus uses a photo-verification draw process with no third-party inspectors - borrowers upload milestone photos and receive funds within 5 business days. Closing costs can be rolled into the loan amount. SDIRA and 401k entities accepted. Operating in 39 states. Member of AAPL and NPLA.
Key Differentiators
Why investors choose this lender:
- Photo-verification draw process - no third-party inspectors, 5-day fund release - Ternus uses a simple photo upload system for draw requests; borrowers photograph completed work milestones, submit via a link, and receive funds within 5 business days; no inspector scheduling, no multi-week delays; this directly protects contractor timelines and cash flow on active projects
- 100% LTC and 100% rehab coverage - among the most aggressive leverage in private lending - Ternus funds up to 100% of the purchase price and 100% of the renovation budget on qualifying deals, capped at 80% ARV; when total project cost falls below 80% ARV, borrowers can close fix-and-flip deals with minimal or zero out-of-pocket for acquisition and rehab; rates start at 9.5% with origination from 0.5%
- SDIRA and 401k entities accepted - access retirement capital for real estate investing - Ternus accepts SDIRA and 401k entities (with individual guarantor) across all loan programs; self-directed retirement account holders can use tax-advantaged capital to fund fix-and-flip and DSCR rental deals, a meaningful differentiator that most private lenders do not formally support
- Customer-owned lending platform via Reg CF - investors are also borrowers - Ternus is raising capital through a Regulation Crowdfunding offering, enabling its own borrowers and community to become equity owners; this customer-ownership model aligns lender incentives with investor success in a way institutional lenders structurally cannot replicate
- Founded by Tim Herriage - former RCN Capital Executive Director, ex-Blackstone - Ternus was founded in 2024 by Tim Herriage, a U.S. Marine veteran who built and scaled major private lending institutions including helping take a lending company public with Blackstone; the founding team understands hard money from both the institutional operator side and the active investor side
- Wholetail loan program - 100% financing with no rehab required - Ternus offers a dedicated Wholetail program for the wholesale-to-retail strategy when no renovation is needed; 100% financing on qualifying acquisitions intended to be resold directly; a specialized product not commonly offered as a formal program by most hard money lenders
Where They Lend
39 States
39 states. Does not lend in AK, AZ, CA, HI, MI, MN, NV, NH, OR, or RI. Fix-and-flip, wholetail, DSCR rental, bridge. SFR, 2-4 units, townhomes. Entity borrower required.
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Loan Types, Structures and Terms
$50,000 to $500,000
Typical Loan Amounts
9.5%+
Typical Interest Rates
Fix-and-flip: up to 100% LTC, 100% rehab, 80% ARV cap, $50K-$500K, 9.5%+, 12 months. DSCR: long-term rental and portfolio programs. Wholetail: 100% financing, no rehab. Bridge: acquisition financing. 39 states (excl. AK, AZ, CA, HI, MI, MN, NV, NH, OR, RI).
Ternus fix-and-flip loans fund $50,000 to $500,000 at up to 100% LTC and 100% rehab costs, capped at 80% ARV, across 39 states. Rates from 9.5%, origination from 0.5%, 12-month term, photo-verification draw process with 5-day fund release. No appraisal or credit check on qualifying deals.
| Fix & Flip Feature | Structure & Terms |
|---|
| Loan Amount | $50,000 to $500,000 |
| Max Leverage | Up to 100% LTC (purchase price) and 100% of rehab budget | Capped at 80% ARV |
| Interest Rate | Starting at 9.5% (interest-only) | Rate based on experience level and LTC tier |
| Origination Fee | Starting at 0.5% |
| Loan Term | 12 months | Extension: 1% at lender's discretion | No prepayment penalty |
| Draw Process | Photo-verification draws - no third-party inspectors. Upload photos when milestone is complete. Funds released within 5 business days. |
| Credit / Appraisal | Not required on qualifying deals. Funding decisions in 24 hours. Close as quickly as 7 days. |
| Eligible Properties | Single-family, 2-4 units, townhomes. Entity borrower required (LLC, LP, Corp, SDIRA, 401k with guarantor). |
Ternus DSCR rental loans cover long-term rental properties and investor rental portfolios across 39 states. Qualify based on property cash flow, not personal income. SDIRA and 401k entities accepted. Same-day approvals and fast closings.
| Rental DSCR Feature | Structure & Terms |
|---|
| Programs | DSCR Long-Term Rental for single properties and DSCR Investor Rental Portfolio for portfolios of any size. Both available across 39 states. |
| Qualification | Qualified based on property cash flow (DSCR), not personal income or tax returns. No W-2s required. |
| Entity Types | SDIRA and 401(k) entities accepted in addition to LLC, LP, and Corporation. Borrowers can use tax-advantaged retirement accounts to build rental portfolios. |
| BRRRR Strategy | Ternus covers both legs of the full BRRRR cycle: fix-and-flip bridge for the acquisition and rehab, then DSCR rental for the long-term hold. Use FlipperForce's BRRRR Analyzer to model the DSCR exit before committing to the bridge. |
| Portfolio Loans | Dedicated Investor Rental Portfolio program for investors scaling rental portfolios of any size. Single financing structure across multiple properties. |
Ternus bridge and wholetail loans provide acquisition financing for investors who need to move quickly. Wholetail program offers 100% financing when no rehab is needed. Same-day approvals, close in as little as 5 days. No appraisal or credit check on qualifying deals.
| Bridge Loan Feature | Structure & Terms |
|---|
| Bridge Loans | Acquisition financing for investors who need to move quickly to secure a property. Fast approvals and closings across 39 states. |
| Wholetail Loans | 100% financing for the wholesale-to-retail strategy when no rehab is required. Ideal for properties that need no renovation before resale. Full acquisition cost covered. |
| Speed | Same-day approvals. Close in as little as 5 days. Funding decisions in 24 hours across all eligible markets. |
| Credit / Appraisal | No credit check. No appraisal on qualifying deals. Entity borrower required (LLC, LP, Corp, SDIRA, or 401k). |
| Geographic Coverage | 39 states - excl. AK, AZ, CA, HI, MI, MN, NV, NH, OR, RI |
Don't lose the deal waiting on financing. Apply now and get pre-approved today.
Borrower Qualifications (Are you qualified?)
Ternus requires no credit check and no appraisal on qualifying deals. When required, minimum FICO is 660. Entity borrower required (LLC, LP, Corp, SDIRA, or 401k with guarantor). Up to 100% LTC and 100% rehab, capped at 80% ARV. 39 states.
| Qualification Parameter | Lender Requirements |
|---|
| Credit Check | Not required on qualifying deals. When a credit review is required (at lender's discretion based on deal risk), minimum FICO is 660. Many deals close with no credit pull at all. |
| Appraisal | Not required on qualifying deals. Appraisal may be required at lender's discretion based on overall risk assessment and select markets. |
| Entity Requirement | LLC, LP, Corporation, SDIRA, or 401(k) with individual guarantor. SDIRA and 401k accepted - a meaningful differentiator for self-directed retirement investors. |
| Leverage (Fix-and-Flip) | Up to 100% of purchase price and 100% of renovation budget, capped at 80% of ARV. On qualifying deals, borrowers can close with minimal out-of-pocket capital. |
| States | Active in 39 states. Does not lend in AK, AZ, CA, HI, MI, MN, NV, NH, OR, or RI. |
Underwriting Process (How long will it take to get approved?)
Ternus delivers funding decisions in 24 hours and closes in as little as 5-7 days. No appraisal and no credit check on qualifying deals. When required, minimum FICO is 660. Entity borrower required. SDIRA and 401k accepted. 39 states. Founded by Tim Herriage, former RCN Capital Executive Director.
| Stage / Requirement | Process & Timelines |
|---|
| Apply | Apply at ternus.com/apply-now. Funding decisions in 24 hours. Same-day approvals. Close in as little as 5-7 business days. |
| Credit Check | Not required on qualifying deals. When required (lender's discretion), minimum FICO is 660. Credit decisions focused on the deal, not the borrower profile. |
| Appraisal | Not required on qualifying deals. May be required at lender's discretion based on risk and market. |
| Entity Requirement | LLC, LP, Corporation, SDIRA, or 401(k) with individual guarantor. Self-directed retirement accounts accepted. |
| Founder Background | Founded by Tim Herriage - U.S. Marine veteran, former RCN Capital Executive Director, helped take a lending company public with Blackstone. Built for investors, by investors who know the hustle. |
Draw Process (How long will it take to get draws?)
Ternus uses a photo-verification draw process with no third-party inspectors. When a renovation milestone is completed, borrowers upload photos through a link provided by Ternus. The team reviews the work and releases funds typically within 5 business days. No multi-week delays, no inspector scheduling.
| Operational Step | Methodology & Timelines |
|---|
| Photo-Verification Draws | No third-party inspectors. When a renovation milestone is completed, Ternus sends a link to upload photos of the completed work. No scheduling delays, no in-person inspection. |
| Draw Release Speed | Once submitted, Ternus reviews progress and releases funds within 5 business days. No multi-week delays typical of traditional draw inspection processes. |
| Interest on Rehab Funds | Interest charged only on drawn amounts throughout the renovation phase. 6 months interest reserves + 10% of rehab budget required at closing as reserves. |
| Funding Decision Speed | Funding decisions in 24 hours. Closings as quick as 7 days when documents are ready. |
| FlipperForce Integration | Use FlipperForce's Project Scheduler to map renovation milestones and contractor dates to Ternus's photo-verification draw triggers. Track scope completion against budget in the Project Budgeter across all 39 states. |
