The Takeout Is the Plan: Sizing a $1M–$5M Bridge Exit Into Freddie's Conventional Small
On a $1M–$5M value-add bridge maturing in 2026, the Conventional Small takeout is capped by the 1.25x DSCR test at the reset rate — not by LTV. A fully traced 24-unit example showing exactly where the proceeds gap opens, why it's structural, and the five ways to close it (including the sub-$2M owners the program now shuts out).