Beeline Loans Review 2026: Going-Concern Doubt, 332 Business Loans

Who Beeline is: a public parent and a lending subsidiary

Beeline Holdings, Inc. was incorporated in Nevada in 2004 and, per its 10-Q, “changed its name from Eastside Distilling, Inc. to Beeline Holdings, Inc.” on March 12, 2025. The borrower-facing business is Beeline Loans, Inc., the company that appears in the federal mortgage data and in the website footer (NMLS #1799947, Equal Housing Lender). Because the parent is listed, it must publish its results, its funding lines and its going-concern analysis; a private DSCR lender does not. The filings call it a “fintech mortgage lender, fractional real estate equity purchase facilitator, and title services provider.”

What it offers an investor, and what it does not

The Beeline DSCR page (read November 3, 2026) states four requirements: a minimum 20% down payment, a credit score of 640 and up, long- and short-term rentals both accepted, and 12 months of rental or mortgage history. It says a borrower can close in an LLC or in a personal name and that there is no limit on the number of properties. The investor menu lists five items: buy investment property, DSCR loans, investor cash-out refinance, investor rate-and-term refinance and short-term-rental (STR) loans.

If you want a flip or ground-up loan, this is not the program; see our DSCR lender ranking for lenders that sit in the rental segment and the best fix-and-flip lender guide for short-term loans.

The going-concern note, line by line

The note is in the 10-Q’s Note 2: the company “has incurred recurring losses and negative cash flows from operations since its inception, and is dependent on equity financing.” The 2025 10-K had the same conclusion in the auditor’s report, which adds that the company “has a significant working capital deficit.” A going-concern paragraph is a warning from the auditor and management, not a finding that a company has failed, and it does not say a pending loan will not close. Here are the numbers behind it.

On the balance sheet at June 30, 2026, cash was $1,407 thousand (December 31, 2025: $3,064 thousand), goodwill was $33,310 thousand, intangible assets $4,780 thousand and total shareholders’ equity $50,479 thousand. Take away goodwill and intangibles and equity is $12,389 thousand (our arithmetic). The accumulated deficit was $135,089 thousand.

How the company says it will fill the gap: it sold 2,114,575 shares for $3.2 million under an equity line in the first half of 2026, 318,168 shares for $0.8 million at the market, a $0.4 million promissory note on July 31, 2026 (9% a year, due in 60 days, bought for $0.3 million) and a $0.5 million convertible note from its chief executive on August 12, 2026. The 10-Q says cash was about $1.7 million on August 14, 2026. Against the $6 million it says it needs, that is 28% (our arithmetic).

Since then, two 8-Ks lean the other way on operations. On October 6, 2026 the company said it expected the third-quarter 2026 revenue to be the second-highest in its history, a lower net loss than the second quarter, and cash at the end of the quarter at least 50% higher than at the end of the second; it noted these were preliminary and subject to the close and auditor review. On October 20, 2026 it announced a further cost reduction of about $250,000 a month, $3 million a year, including “workforce reductions, infrastructure consolidation and elimination of legacy overhead costs,” with about $270,000 of one-time costs through December 1, 2026. Neither release withdraws the going-concern language, and the third-quarter 10-Q has not been filed.

Three warehouse lines, and what the SOFR + 3.50% line is

A warehouse line is the short-term credit a mortgage lender uses to fund a loan at closing until the loan is sold. The 10-Q describes three, and the figure that circulates for Beeline (SOFR plus 3.50% with a 3.75% floor) belongs to only one of them.

Total capacity is $25.0 million (our arithmetic), against $10.4 million outstanding including accrued interest. The 10-Q says that during May 2026 Beeline Loans “was not in compliance with one financial covenant” on the second line and later received a waiver, and that it was in compliance at June 30, 2026. The filings we read do not say whether the second line was renewed after October 5, 2026; the third-quarter 10-Q should.

What this means for a borrower is our reading, not the filing’s: because Beeline sells the loan and does not keep it, the risk to you is a funding or pricing problem between lock and closing, not a lender that will hold your note for 30 years. Nothing in the documents we read says Beeline has failed to fund a loan.

What the 2025 federal loan file shows

Banks and non-banks that lend above a size threshold report each application to the federal government under the Home Mortgage Disclosure Act (HMDA). We downloaded the 2025 file for LEI 984500F03B9034CQB904, listed in the 2025 filer list as BEELINE LOANS, INC., from the FFIEC Data Browser. It has 4,760 records, of which 618 were originated for $179.8 million. Our filter for this section: records where the field business_or_commercial_purpose equals 1 (primarily for a business or commercial purpose), which leaves 2,089 applications. That is the group that includes DSCR-type investor loans; HMDA has no DSCR field.

Read the funnel with care. Beeline’s website promises a 10-minute application and instant loan options, which generates many early applications that never reach underwriting, so withdrawn and incomplete files are not rejections. Only the 221 denials are decisions. They are 39.8% of the 555 decided applications (originated, approved-not-accepted and denied; our arithmetic). The reasons lenders report on denials, counting up to four reasons per application:

The 332 originated loans: $77.7 million in total, a median loan of $205,000, a median note rate of 7.125% (middle half 6.875% to 7.53%) and a median loan-to-value ratio of 72.36% among the 263 loans that report one. 330 were on investment property; 271 had one unit; 327 had a 360-month term; 15 were interest-only. By purpose, 169 were cash-out refinances, 96 purchases, 35 home-improvement loans and 32 rate-and-term refinances.

Stricter filter, comparable with our other pages: the filter of our DSCR lender ranking (conventional, first lien, business purpose, one to four units, investment property, closed-end, no debt-to-income ratio reported, term of 30 years or more) leaves 159 originated loans, $37.9 million, with a 7.25% median note rate, and 50 denied applications (23.9% of originated plus denied). Of the 332 business-purpose loans, 163 report no debt-to-income ratio and 169 report one, so about half of what Beeline codes as business purpose does not look like a pure rent-based loan. Prepayment penalty terms are blank for all of them, because the federal rule does not require business-purpose loans to report it.

Where: Texas (43), Florida (41), North Carolina (25), Ohio (24), Virginia (21), Georgia (20), Tennessee (17) and Indiana (15) account for 206 of the 332 loans, 62.0% (our arithmetic), in 36 states in all.

Two limits. The file covers calendar 2025, before the shift to Non-QM that the company dates to “April” in an October 6, 2026 release and to “May 2026” in a September 22, 2026 release, and before the 528-loan first half of 2026. And the 10-K reports $170.2 million of loans originated in 2025 against $179.8 million in the federal file; public documents do not reconcile the two, and the difference may come from definitions.

Where the federal file and the website disagree

The website lists 28 states and the District of Columbia where Beeline is “Licensed to do business.” In the 2025 file, 22 of the 332 business-purpose originations (6.6%, our arithmetic) were in eight states that are not on that list: Massachusetts (11), Missouri (4), New Mexico (2), and one each in West Virginia, New Jersey, Maine, Washington and New Hampshire. Another 43 business-purpose applications were in those states. That is not evidence of a licensing problem: business-purpose investment loans are often outside consumer-mortgage licensing and the page says “Some products may not be available in all states.” It does mean the footer list is not a map of where loans close. Ask for the licensing basis for your state in writing and look the company up on NMLS Consumer Access, which we did not check.

Reviews and complaints

On November 3, 2026, a search of the CFPB Consumer Complaint Database (index updated that day) for “beeline” in any field returned 0 complaints; a control search for Geneva Financial returned 33. A zero is a small-company effect, not a clean bill: the database covers consumer products and says little about business-purpose loans, which are most of what an investor reader would borrow.

Reviews are mixed in the way a volume lender’s usually are. The Beeline DSCR page shows its own “4.8 / 643” Google rating. Trustpilot showed a 4.1 TrustScore from 124 reviews, with 83% five-star and 14% one-star, when we read it through a summarizing tool (the site blocks direct downloads), and the one- and two-star reviews it surfaced mostly concerned unreturned calls and quotes that differed from the final terms. Those are anecdotes from a self-selected sample; we have not verified any of them and have not spoken to borrowers. The Better Business Bureau page blocked our request.

What we could not establish

• Today’s pricing. The website publishes no rate, points or prepayment terms. The 2025 file gives a median rate, not a quote.
• Whether the $5.0 million warehouse line was renewed after October 5, 2026, and how the July 31, 2026 note due in about 60 days was settled. Both are due in the next 10-Q.
• How many 2025 loans were DSCR loans. HMDA has no such field; the 159 is a proxy.
• The TYTL deal. The 10-Q calls the counterparty “TYTL Corp.” and the October 20, 2026 release “TYTL Holdings, Inc.”; the only agreement we found is a non-binding letter of intent.
• State licences. We did not check NMLS Consumer Access or any state regulator.

Why 3 out of 5

Points in its favor: the DSCR requirements are stated on the website; the 2025 federal file shows a real book of 332 business-purpose loans with a 7.125% median rate; revenue rose 82% in the first half of 2026; and the CFPB database has no complaint naming it. Points against: a going-concern paragraph in both the 2025 annual report and the latest quarterly report, cash of about $1.7 million against a stated need of at least $6 million, a covenant breach on a warehouse line in May 2026, and no published pricing. Every point is in a document we saved. We have not closed a loan with the company, so this is a score of disclosure and record, not service.

What a reader can do with this

• Get a rate lock with an expiry date in writing, and ask who funds your loan at closing. Beeline funds from warehouse lines, so the 10-Q’s three lines are the answer to “who”.
• Ask for the full quote before you pay for an appraisal: rate, points, fees, the prepayment penalty and how long it lasts. The website and the federal file show none.
• Quote at least two other DSCR lenders on the same loan. Our DSCR lender ranking and the Ridge Lending Group review show how lenders differ on median rate and denied share; is this DSCR lender legit? lists the checks.
• Check the next filing. The 10-Q for September 30, 2026 will show whether cash rose, whether the second warehouse line continues and whether the going-concern language stays; the stakeholder call is November 12, 2026.
• Worked example (our arithmetic). A $300,000 purchase at 20% down is a $60,000 down payment and a $240,000 loan. At the 2025 median note rate of 7.125% for 30 years, principal and interest are about $1,617 a month. That is an illustration at a past median, not a Beeline quote; a DSCR lender will also count taxes, insurance and any association dues against the rent.

Frequently asked questions

Sources, read November 3, 2026: Beeline Holdings, Inc. (CIK 1534708) Form 10-Q for June 30, 2026 (accession 0001493152-26-038338, filed August 14, 2026), Form 10-K for 2025 (0001493152-26-014135) and Forms 8-K of September 22, 2026 (0001493152-26-043657), October 6, 2026 (0001493152-26-045840), October 7, 2026 (0001493152-26-046086) and October 20, 2026 (0001493152-26-047706); FFIEC HMDA Data Browser, 2025 file for LEI 984500F03B9034CQB904 and the 2025 filer list; makeabeeline.com home page and DSCR page; CFPB Consumer Complaint Database; Trustpilot page for makeabeeline.com, read through a fetch tool. Percentages, sums, tangible equity, the loan payment and all HMDA counts and medians are our arithmetic from the saved files. This is analysis of public documents, not investment, legal, lending or tax advice.