Constructive Loans Review 2026: Legit? Owner, Terms, Complaints

Updated November 2, 2026 — Adamas Trust’s 10-Q for September 30, 2026 (filed October 30, 2026, accession 0001273685-26-000078). For the lender’s borrowers and investors in its loans: Constructive funded $376.5 million of business purpose loans in Q3 2026 (Q2 on the same 10-Q basis: $406.1 million); its segment lost $1.9 million before taxes (Q2 2026: −$0.7 million); and the parent reported a net loss attributable to common stockholders of $171.0 million, with GAAP book value per share down 21.9% in the quarter to $7.93, which Adamas attributes to higher interest rates reducing the value of most of its assets. Adamas’s portfolio of business purpose rental loans grew to 13,247 loans and $2.62 billion of unpaid principal balance (December 31, 2025: 7,768 loans, $1.53 billion). Ownership is unchanged: the 10-Q still describes Constructive as a wholly-owned subsidiary. Form 10-Q for September 30, 2026.

Updated October 12, 2026 — Constructive Loans reviews re-checked against Adamas Trust’s newest SEC filings: what we got wrong in May, the purchase price, and the break-even segment. Corrections to our May version: (1) Adamas’s segment tables show Constructive’s income before taxes was −$4.9 million in Q4 2025, +$0.7 million in Q1 2026 and −$0.7 million in Q2 2026 (six months to June 30, 2026: net loss of $10 thousand), not the “~$2M loss then $2.5M profit” we wrote; (2) the purchase price was disclosed, in the FY2025 Form 10-K: $31.5 million in cash, a $2.5 million holdback and the $33.8 million fair value of the 50% Adamas already owned, $67.8 million in total; (3) Adamas now says 88% of Constructive’s volume comes from over 800 broker partners and shows an 89%/11% wholesale/retail split for Q2 2026, so “wholesale-only” is too absolute. Volume: Constructive originated $428 million in Q2 2026 (2,252 loans, average loan $189,885, average FICO 758, average LTV/LTARV 72%, average coupon 7.39%, 58% repeat borrowers) after $422 million in Q1, and has passed $6.9 billion since 2017; headcount was 160 people in Constructive operations at December 31, 2025. Terms read on constructiveloans.com on October 12, 2026 (issuer claims): DSCR programs “from a 0.75x DSCR ratio with reduced LTV”, 30-year fixed and 5/6 ARM; fix-and-flip up to 95% total LTC capped at 75% of ARV; ground-up now up to 85% LTC (we had 90%). Regulatory: the CFPB Consumer Complaint Database returned no complaints for Constructive Loans, Constructive Capital or BPL Mortgage on October 12, 2026; HMDA 2025 lists Constructive Loans LLC with 1,588 originated loans for $401.08 million (1,327 for $402.03 million in 2024). Sources: Adamas Q2 2026 results, July 29, 2026, Q2 2026 supplemental, Form 10-K FY2025, Form 10-Q for June 30, 2026, constructiveloans.com, FFIEC HMDA Data Browser.

Updated October 21, 2026 — correction on BPL Mortgage, LLC. Earlier versions of this page said BPL Mortgage, LLC (NMLS 2574042) is a wholly-owned Adamas Trust subsidiary used only in seven states. We cannot support that from a primary source, so we removed it. Adamas Trust’s FY2025 Form 10-K names Constructive Loans, LLC as a wholly-owned subsidiary and lists it among its significant subsidiaries (Exhibit 21.1), and its 10-K and its March 31 and June 30, 2026 10-Qs do not mention BPL Mortgage at all. Separately, the newest federal loan-level record (HMDA 2025) lists BPL Mortgage, LLC (LEI 5493005PD34O8ZT7QT17) as its own filer with 6,827 DSCR-type loans in our extract, led by Ohio (1,491), Pennsylvania (729) and Michigan (422), none of them among the seven states we named, and the Global LEI database (read October 21, 2026) shows it headquartered in Tampa, Florida, created in 2021, with no parent disclosed. Whether it is related to Constructive is therefore unverified; check NMLS Consumer Access before assuming it is. Adamas’s newest filings (an 8-K on September 10, 2026 and a shelf registration on September 28, 2026) do not change the Constructive figures below. Sources: Adamas Form 10-K FY2025, Exhibit 21.1, Form 10-Q June 30, 2026, GLEIF record, FFIEC HMDA Data Browser.

Updated October 27, 2026 — BPL Mortgage, LLC and the seven states. The Constructive Capital website itself says BPL Mortgage, LLC (NMLS ID #2574042) is the lender in AZ, CA, ID, MN, OR, UT and VT, and bplmortgage.com serves the Constructive Capital home page; that is a company statement, so where we wrote above that the seven-state claim is unsupported, read it as “not supported by an SEC filing”. Who owns BPL Mortgage, LLC is still not verified in a primary source, and its 2025 HMDA volume (7,255 loans, mostly in Ohio) does not match that state list. The numbers are in our BPL Mortgage review.

Why this review exists

Most online Constructive Loans coverage gets at least two things wrong: (1) the headquarters location (it is Oakbrook Terrace, Illinois, not Newport Beach California — verify on the company About page) and (2) the founder/leadership team (Constructive was co-founded by Ben Fertig and "one other person working out of a basement office" in 2017 per Fertig's own statement on the Geraci Lender Lounge podcast; he is President, not sole CEO). Some major aggregator profiles still list Arthur Budimir as Director of Business Development and John Warren-equivalent prior executives who no longer appear on the company governance page. The TheOrg.com Constructive profile is materially stale.

This review corrects those errors using primary sources: SEC-filed Adamas Trust press releases (GlobeNewswire), DBRS Morningstar securitization presale reports, MBA NewsLink Q&A with Ben Fertig (July 10, 2025), the Strategic Vantage press release on Constructive's 2024 growth metrics, the official Constructive about page, NPLA peer-voted awards, and BBB profile data. We have no affiliate relationship with Constructive Loans or Adamas Trust. We earn nothing if you register as a broker or close a loan. Every link to constructiveloans.com in this article is a generic destination URL.

1. Company background

Legal entity stack:

• Constructive Loans, LLC, d/b/a Constructive Capital — primary BPL originator entity. Operates in 43 states + DC under this name.
• BPL Mortgage, LLC — NMLS #2574042. Relationship to Constructive unverified. Our May version called it a subsidiary used only in AZ, CA, ID, MN, OR, UT and VT; Adamas’s SEC filings never mention it, HMDA 2025 shows it as a separate large DSCR-type lender concentrated in Ohio, Pennsylvania and Michigan, and the Global LEI database lists a Tampa, Florida headquarters and no parent. Verify the license holder on NMLS Consumer Access before submitting a loan under either name.
• Adamas Trust, Inc. (NASDAQ: ADAM) — top-tier parent. Formerly New York Mortgage Trust, Inc. (NYMT) until the September 3, 2025 rebrand to Adamas Trust.

Rebrand history.

• Founded Q4 2017 by Ben Fertig as Constructive Loans, LLC. First loan funded 2018.
• January 2022 — rebranded customer-facing brand to Constructive Capital (legal entity name unchanged).
• 2021 — NYMT made an initial 50% strategic equity investment in Constructive.
• July 15, 2025 — NYMT acquired the remaining 50%, making Constructive a 100% wholly-owned subsidiary. Advisors: BTIG (for NYMT), Mayer Brown LLP (NYMT legal), Vinson & Elkins LLP (Constructive legal). The July 2025 press release gave no price, but the FY2025 Form 10-K discloses total consideration of $67.8 million: $31.5 million cash, a $2.5 million holdback and the $33.8 million fair value of the 50% already owned.
• September 3, 2025 — NYMT rebranded as Adamas Trust, Inc. with new ticker ADAM on NASDAQ.

Headquarters. 1801 S. Meyers Road, Suite 400, Oakbrook Terrace, IL 60181. Phone 833-208-1442. Confirmed via Constructive about page and Strategic Vantage 2024 growth press release. Aggregator pages citing "Newport Beach, California" or "California-based lender" are factually wrong — those references appear to confuse Constructive with another West Coast BPL lender. Satellite offices: Carrollton, TX and Tempe, AZ.

Origination volume (verified):

Headcount: Adamas’s FY2025 Form 10-K reports 221 full-time employees at December 31, 2025, of whom 160 (72%) are directly engaged in the operations of Constructive (our May figure of ~165 was the July 2025 count). On the four quarters to June 30, 2026 (about $1.76 billion, our sum) that is roughly $11 million originated per Constructive employee, still high against Lima One, Kiavi or Roc360 on a per-employee basis, although the comparison mixes definitions of headcount.

State coverage: 48 states + DC per the company’s own materials in May 2026 (a company claim, not re-verified). Excludes ND, NV, SD. We no longer state which entity or license covers which state: our earlier claim about BPL Mortgage, LLC and seven states is unsupported.

2. Leadership

Verified from constructiveloans.com/about as of May 13, 2026 (the About page text we fetched on October 12, 2026 no longer shows a team list, so treat the table as of May 13):

Departure under-reported by competitors: Alex(andra) Offutt, formerly Managing Director of Wholesale/Correspondent at Constructive, departed and is now President/CEO at Business Purpose Capital per public LinkedIn data. A former Managing Director taking institutional knowledge to a competitor is a real talent-mobility signal that no aggregator review has flagged.

Aggregator errors to flag: TheOrg.com still lists Arthur Budimir as Director of Business Development — he no longer appears on the official company About page. Multiple SEO-bait pages call Fertig the "sole founder" — he is co-founder per his own Geraci Lender Lounge podcast statements.

3. Securitization & capital markets — the structural moat

Constructive is the dominant collateral source for Adamas's (formerly NYMT) DBRS Morningstar-rated NYMT Loan Trust securitization shelf. This is structurally different from how peer BPL lenders fund themselves.

Confirmed deals where Constructive is the named originator:

• NYMT Loan Trust 2022-INV1 — Constructive contributed 95.0% of the mortgage pool as originator. DBRS provisional rating November 1, 2022.
• NYMT Loan Trust 2022-CP1 — DBRS-rated January 2022. Constructive among named originators.
• NYMT Loan Trust 2024-BPL2 and NYMT Loan Trust 2024-BPL3 — DBRS provisional ratings. The "BPL" naming convention reflects the post-acquisition deeper integration of Constructive's business-purpose loan originations into a dedicated shelf series.
• NYMT Loan Trust 2024-CP1 — DBRS-rated RMBS.
• NYMT Loan Trust 2025-CP1 — DBRS presale report referenced in DBRS research database.
• 2026 financing at parent Adamas: a $261.5 million BPL-Rental securitization at a 5.54% effective cost closed after Q1; in Q2 it issued $521.2 million of BPL-Rental securitizations across two transactions at a 5.48% effective cost, and after quarter-end priced a $341 million BPL-Rental securitization at a 5.73% effective cost (the filings do not name Constructive as originator deal by deal). The 10-Q for September 30, 2026 reports one business purpose rental loan securitization completed in Q3 2026 with about $338.9 million of net proceeds, used in part to repay $321.4 million of repurchase borrowings; it gives net proceeds, not the effective cost.

Why this matters: the parent is a Nasdaq-listed REIT with diversified capital sources (equity, preferred, baby bonds, senior notes). Constructive does not fund itself the way a stand-alone lender such as LendingOne, Anchor Loans or Easy Street Capital does, but it is not warehouse-free: Adamas’s June 30, 2026 10-Q shows Constructive with short-term warehouse facilities on loans held for sale. In the second quarter Constructive originated $406.1 million of principal, sold $153.0 million to third-party investors and transferred $314.3 million to Adamas’s own investment portfolio; in the first half the figures were $806.9 million originated, $281.9 million sold and $546.1 million transferred. That makes Constructive both a seller to the secondary market (Adamas cites more than 16 institutional trading partners) and a feeder for its parent’s securitizations. This is the cleanest example in BPL of a private originator surviving the credit cycle by being acquired into a public REIT structure.

Warehouse and capital structure (Adamas filings, June 30, 2026): Adamas has repurchase agreements or warehouse facilities with eight financial institutions to finance residential loans, with $3,675,000 thousand of maximum aggregate uncommitted line and $853.2 million outstanding at a 5.63% weighted-average rate; Constructive itself carried $53.2 million of warehouse financing against loans held for sale. At September 30, 2026 the 10-Q shows the same eight institutions, $3,825,000 thousand of maximum aggregate uncommitted line and $826.8 million outstanding at a 5.78% weighted-average rate (December 31, 2025: $3,225,000 thousand of line, $599.4 million outstanding). The filings do not name the individual lenders in the passages we read.

4. Product details (verified from constructiveloans.com)

DSCR Rental Loans

The 5-8 unit small multifamily reach is a real differentiator. Most "DSCR" lenders cap at 4-unit. Constructive's DSCR going to 8-unit at $2M cap puts the product into small-multifamily-bridge territory where Visio, Kiavi, and Velocity Financial do not compete on standard DSCR program terms.

Fix-and-Flip

95% total LTC is at the very top of the BPL fix-and-flip market. Peer benchmarks: Kiavi typically 90%, Lima One typically 90%, LendingOne typically 90%. 100% rehab financing combined with 95% total LTC is structurally aggressive — this is where Constructive earns broker referrals on tight deals.

Ground-Up Construction

Portfolio quality (Q2 2026, disclosed by Adamas): the BPL-Rental portfolio Adamas holds ($2.3 billion of unpaid principal balance) has an average FICO of 750, average LTV of 71% and average DSCR of 1.35x. That is the parent’s portfolio of rental loans, not a Constructive-only book. At September 30, 2026 the 10-Q reports Adamas’s business purpose rental loan strategy at 13,247 loans and $2,617.3 million of unpaid principal balance, average FICO 751, average LTV 70% and average coupon 7.01% (December 31, 2025: 7,768 loans and $1,529.3 million); the 10-Q table has no DSCR, so the 1.35x above is the Q2 figure. For Constructive’s own Q2 2026 originations Adamas reports 2,252 loans, an average loan of $189,885, average FICO 758, average LTV/LTARV 72%, average coupon 7.39%, 58% repeat borrowers, construction 4.5% and multi-family 1.4% of volume.

5. Regulatory record

NMLS: Constructive Loans, LLC d/b/a Constructive Capital — primary NMLS ID [UNVERIFIED — NMLS Consumer Access blocked WebFetch with 403]. BPL Mortgage, LLC NMLS #2574042 is a number we could not tie to Constructive (NMLS Consumer Access blocked automated access). Manual verification at nmlsconsumeraccess.org is required for both entities, including who owns BPL Mortgage, LLC and which states it is licensed in.

BBB: Profile exists at bbb.org/us/il/chicago/profile/financial-services/constructive-loans-0654-1000096246. Not BBB-accredited. Specific complaint count, BBB letter grade, and complaint narrative quotes [UNVERIFIED — BBB blocked WebFetch with 403]. Pull manually before relying on this section for a personal funding decision.

CFPB: No enforcement actions surfaced. The Consumer Complaint Database API returned no complaints when we searched the company field for “constructive loans”, “constructive capital” and “bpl mortgage” on October 12, 2026 (a control search for Rocket Mortgage returned results, so the endpoint was working). HMDA: Constructive Loans LLC (LEI 549300YMIOLU51FSTO86) reported 1,588 originated loans for $401.08 million in 2025, with 131 applications denied and 197 approved but not accepted (2024: 1,327 originated for $402.03 million, 29 denied); HMDA covers only dwelling-secured purchase, refinance and improvement loans, so it understates total volume. Litigation: Adamas’s June 30, 2026 10-Q says it does not believe any current legal proceeding will have a material adverse effect; it names no suit against Constructive.

State regulator orders (CA DFPI, FL OFR, TX OCCC, AZ DFI, NV DBI): No consent orders surfaced in public searches. Business-purpose loans are largely exempt from CFL/RMLA consumer-loan licensing in California — Constructive holds a CFL for the commercial scope.

PACER federal court searches: No federal docket appearances of "Constructive Loans" as defendant 2020-2026 surfaced in any of the four+ court searches we ran. Likely materially clean of class actions — though a comprehensive PACER pull is the only way to be definitive.

FINRA BrokerCheck: Not applicable — Constructive is not a broker-dealer.

This regulatory record compares favorably with Lima One Capital's 2020 CA DFPI consent order (#60DBO-45834) and Center Street Lending's two CA DFPI administrative summary revocations on legacy SPE funds. It is materially cleaner than several BPL peers on the formal-enforcement axis.

6. Competitive positioning

Where Constructive WINS:

• Wholesale-first, broker-channel native — 88% of volume comes from 800-plus broker partners (Adamas, Q2 2026), the cleanest broker-first play in BPL. Kiavi and Lima One have direct-to-borrower friction with broker partners; Constructive has far less.
• 5-8 unit DSCR up to $2M — uniquely positions Constructive into small-multifamily territory most "DSCR" lenders avoid. For a broker building a small-multifamily pipeline, this is unique value.
• 95% total LTC on fix-and-flip + 100% rehab financing — at the very top of the market.
• REIT-parent capital base — Adamas Trust public REIT equity behind the originator, with eight warehouse and repurchase lenders and securitization access. The parent’s Q3 2026 net loss of $171.0 million to common stockholders and 21.9% fall in book value per share show that the parent is exposed to interest-rate swings.
• NPLA Private Lender of the Year 2024 — peer-voted recognition.
• High origination efficiency (roughly $11M per Constructive employee on the four quarters to June 2026, our arithmetic from Adamas’s volume and 160 employees).

Where Constructive LOSES:

• Little or no public retail channel. constructiveloans.com is written for brokers (“Nationwide Lender for Brokers and Their Real Estate Investors”); investors normally need a registered broker, although Adamas’s Q2 2026 deck shows an 11% retail share.
• No foreign national or ITIN program publicly disclosed (Kiavi, Lima One, Easy Street all have these on their public spec sheets).
• No multifamily new-construction (Lima One does 5+ unit new construction).
• Min FICO 660 DSCR / 680 fix-and-flip / 700 construction is mid-pack — Easy Street goes to 620.
• No public rate sheet, prepay schedule or foreign national status — behind the broker portal; the DSCR page now states a 0.75x minimum ratio with reduced LTV.
• Entity clarity: public records show a separate BPL Mortgage, LLC (NMLS 2574042) whose link to Constructive we could not verify, so brokers should confirm the licensed entity for each state.

7. Red & green flags

Red flags:

• BiggerPockets borrower complaint (Mark F., April 7, 2019): "It seems like a bait and switch to me!" — $2,300 in additional fees after loan went past maturity; alleged the lender withheld credit-score concerns upfront.
• Tony Blasioli (July 17, 2019): "Constructive kept me strung out for over a week, submitting doc and after doc after doc, only to tell me at the end, 'Well, it doesn't look like you have enough liquidity.'"
• Indeed / CareerBliss employee reviews show recurring themes: "Micromanaging, hostile, no work life balance"; "The President does not take the time to understand the sources of the problems..." Sample sizes are small but the pattern repeats.
• Alex Offutt departure to launch competing Business Purpose Capital — a former Managing Director taking institutional knowledge to a new BPL competitor is a real signal. No outlet has covered this.
• Segment income before taxes of −$4.9M in Q4 2025, +$0.7M in Q1 2026, −$0.7M in Q2 2026 and −$1.9M in Q3 2026 (Adamas segment tables; nine months to September 30, 2026: −$1.9M). Roughly break-even, not consistently profitable.
• Parent under pressure in Q3 2026: net loss attributable to common stockholders of $171.0M ($1.89 per share) and GAAP book value per share down 21.9% to $7.93 (Adamas 10-Q, filed October 30, 2026).

Green flags:

• About $1.76B over the last four quarters at 160 Constructive employees ≈ $11M per FTE (our arithmetic) — high origination efficiency.
• Public-REIT parent with diversified capital sources (equity, preferred, baby bonds, senior notes). Reduces, but does not remove, the risk of a lender pulling back in a downturn: Adamas lost $171.0 million attributable to common stockholders in Q3 2026 (10-Q).
• Average DSCR 1.35x, average LTV 71% on Adamas’s $2.3B BPL-Rental portfolio (Q2 2026) — a conservative book at the parent level.
• Ben Fertig in BPL since 2012 (Jordan Capital → Blackstone/FoA exit) — 14-year operator with one prior successful exit.
• VP Kyle Concannon publicly told Scotsman Guide market conditions were "arguably more punishing than the crash of 2008" — unusually honest executive commentary for a lender (Scotsman Guide). That kind of public candor is itself a green-flag governance signal.
• NPLA Private Lender of the Year 2024 peer-voted award.

8. Who Constructive is the right fit for

Use Constructive through a broker if you are:

• A small-multifamily investor needing DSCR up to 8-unit — Constructive is one of the few BPL lenders that goes that high on standard DSCR program terms.
• A fix-and-flip operator who needs 95% total LTC + 100% rehab financing — Constructive's aggressive LTC is real value when the deal is tight.
• A broker building a wholesale BPL pipeline who values a clean pure-broker channel without competing against the lender's direct retail.
• An investor who values public-REIT disclosure (Adamas Trust files quarterly 10-Qs) over private-lender opacity, and who accepts that the parent reported a $171.0 million Q3 2026 loss to common stockholders.

Look elsewhere if you are:

• A retail borrower who wants to apply directly online — Kiavi or Visio.
• A foreign national or ITIN borrower — Constructive does not publicly disclose programs for either. Quontic Bank has a true foreign national program; Kiavi and others publish their ITIN policies.
• A borrower who needs the absolute rate floor — Constructive's public lack of rate disclosure means you cannot shop without broker quote; Visio Lending's published rate sheets give you direct comparisons.
• A multifamily new-construction borrower — Constructive caps construction at 1-4 unit. Lima One does 5+ unit new construction.

9. FAQ

No affiliate relationship. We have no affiliate relationship with Constructive Loans, LLC, Constructive Capital, BPL Mortgage LLC (whose link to Constructive we could not verify), or Adamas Trust Inc. (NASDAQ: ADAM). We earn nothing if you register as a broker, contact Constructive, or close a loan through one of their broker partners. All links to constructiveloans.com in this article are generic destination URLs. This review is based on primary-source filings — Adamas/NYMT GlobeNewswire press releases, DBRS Morningstar securitization presale reports, MBA NewsLink Q&A with President Ben Fertig (July 10, 2025), the official Constructive about page, NPLA peer-voted awards, and BBB profile inspection.

Sources

• Adamas Trust (formerly NYMT) — NYMT Acquires Remaining Interest in Constructive Loans, LLC (GlobeNewswire 2025-07-15)
• Adamas Trust Rebrand from NYMT (GlobeNewswire 2025-09-02)
• Strategic Vantage — Constructive Capital Record-Breaking Growth in 2024
• DBRS Morningstar — NYMT Loan Trust 2022-INV1 Provisional Ratings
• DBRS Morningstar — NYMT Loan Trust 2025-CP1 Presale
• Constructive Loans — About page
• Constructive Loans — DSCR product page
• Constructive Loans — Fix-and-Flip product page
• MBA NewsLink Q&A with Ben Fertig (2025-07-10)
• Geraci Lender Lounge podcast with Ben Fertig
• HousingWire — Jordan Capital Finance acquisition by Finance of America (2017)
• Scotsman Guide — Fix-and-flip investors are still bleeding profitability (Kyle Concannon quote)
• NPLA — Private Lender of the Year 2024
• Adamas Trust — Second Quarter 2026 results, press release (Form 8-K, July 29, 2026)
• Adamas Trust — Second Quarter 2026 supplemental financial information
• Adamas Trust — Form 10-Q for the quarter ended September 30, 2026 (filed October 30, 2026)
• Adamas Trust — Form 10-Q for the quarter ended June 30, 2026
• Adamas Trust — Form 10-K for 2025 (Note 24, business combination)
• Adamas Trust — First Quarter 2026 results
• Adamas Trust — Fourth Quarter 2025 results
• FFIEC HMDA Data Browser
• CFPB Consumer Complaint Database

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