Has anyone used Broadmark Realty Capital and what did the draw process actually look like in practice
Broadmark comes up when people are shopping lenders for mid-size rehab loans, usually in the 300k to 800k range, and the pitch sounds clean: no personal income verification, asset-based underwriting, draws tied to inspections. What I want to know is how the draw mechanics actually ran when the project hit a snag. The advertised inspection turnaround is typically three to five business days, but that number assumes the inspector and the draw coordinator are on the same page, and in my experience watching rehab timelines, that coordination is where the calendar slips. A contractor who floated two weeks of materials while waiting on a draw is a contractor who starts cutting corners or walking off by week three. The other thing worth examining in any asset-based lender's structure is what the default and extension language looks like, because a lender who underwrites clean can still create serious problems if their cure period is 10 days and their inspector is backed up by 12. Broadmark was acquired by Ready Capital in 2023, so anyone who used them before that transition and anyone who has used the combined operation after it are going to have had meaningfully different experiences. If you worked with them post-acquisition, did the draw coordinator contact, the inspection scheduling, and the payoff statement timing change, or did Ready Capital leave the operating process alone? That transition gap is the specific thing I am trying to understand before recommending them to anyone running a tight rehab budget.
