Sherman Bridge Lending Review: Entity, Terms and SEC Record

Why this review exists

Search for “sherman bridge lending” and Google shows the company's own pages, lender directories, a forum thread and a profile on the Better Business Bureau. Those pages disagree with each other on rates, minimum credit score and which states are served, and most are undated. None of them looks at the one federal record that names the company: the securitization reports filed with the SEC. This page reads that record, the company's own current pages and the federal mortgage and complaint datasets, and puts the company's statements side by side. We have no affiliate relationship with Sherman Bridge and earn nothing if you contact it.

1. Who the company is

The website footer reads “Sherman Bridge Alt Fund, LP operates via NMLS ID 1303151.” The contact page gives the headquarters as 5000 Riverside Dr, Building 5, Suite 100W, Irving, TX 75039. The about page says “In 2009 Sherman Bridge Lending began offering private money loans” and “In 2022 we rebranded to Sherman Bridge.” A Texas record mirrored by OpenCorporates shows an earlier Sherman Bridge LLC at the same Riverside Drive address, with trading names “Sherman Bridge LLC” and “Sherman Bridge REO” and a certificate of conversion dated December 5, 2014. That is a secondary mirror, not the Secretary of State record itself.

The names matter because they change who is on the note. “Sherman Bridge Lending” is the brand and the name used in the SEC report below; “Sherman Bridge Alt Fund, LP” is the legal entity the footer names; the BBB profile lists both, plus “Sherman Bridge Fund LLC,” as alternate names. A borrower should ask which entity is the lender of record on the term sheet.

2. Marketplace, direct lender, or both

The home page says: “Sherman Bridge is a lending marketplace with proven and vetted lenders who offer competitive loan options for your next deal.” The what-we-do page says it connects “real estate investors with private money lenders.” The same site's state pages say “Serving real estate investors since 2009” and list four loan programs with one rate each, which reads like a direct lender's sheet. The November 1, 2023 press release (Dallas dateline) resolves part of this: it says the company “expanded upon its ‘traditional’ direct lending business by launching an innovative marketplace,” that the marketplace connected investors with “15 different proven and vetted lenders,” and that it had “nearly 2,100 closed loans representing over $450 million in total volume” since launch. Those are the company's claims and are not audited. Divided out, they imply an average loan of about $214,000 (our arithmetic).

For a borrower this means two different questions. If the loan is funded by Sherman Bridge, the published programs below apply. If it is funded by a third-party lender on the marketplace, the rate, points and draw rules belong to that lender, and the press release says platform lenders offer “interest rates that vary from 10-12% plus and points that range from 1-3 points.” Ask in writing, before paying any fee, who funds the loan.

The New Western link

The press release states that Sherman Bridge “is affiliated with New Western,” which it describes as a source of residential investment properties, and adds that “With Sherman Bridge, New Western investors can experience a seamless process from purchasing to financing to closing on a property.” The privacy policy dated October 21, 2026 lists New Western among the affiliated entities. A lender connected to a company that sells properties to investors can be convenient, and it is also a relationship to weigh: ask whether the property you are buying comes from an affiliate, and compare the loan with at least two lenders that have no tie to the seller.

3. The terms it publishes

The state pages for Delaware, Louisiana and Michigan carry the same four-program table, read on November 8, 2026. We use the Michigan page below.

The pages also say “Rates and requirements may vary in California.” Experience requirements differ: PURCHASE75 requires previous property ownership, Simple70 requires previous investment properties for maximum leverage, and Rehab80 requires previous flip experience. All four state “Income Verification | None.” The home and what-we-do pages, by contrast, give no number: they say “competitive rates” and “a variety of leverage options.” So the term sheet exists on a state page, not on the page most visitors land on.

Our arithmetic. Take a $200,000 purchase with $60,000 of repairs and a $340,000 ARV.

• Rehab80: 80% of the purchase is $160,000; adding $60,000 of repairs gives $220,000. 65% of ARV is $221,000. The lesser figure, $220,000, is the loan. Points at the 2.0% floor are $4,400. A year of interest at the 10.99% floor on the whole amount would be $24,178, an upper bound because repair money is drawn over time. The borrower funds $40,000 of the purchase (before closing costs).
• Simple70: total cost is $260,000, but 70% of ARV is $238,000, so the ARV cap binds. Points at 3.0% are $7,140 and a year of interest at 11.99% on the full amount would be $28,536.

The two programs differ by $18,000 of loan size and by about $7,100 of points-plus-interest cost in this example (our arithmetic: $28,578 against $35,676). Those are floor prices for programs that say “starting at”; your quote may be higher. For how these rates sit against the rest of the market, see our hard money loan rates page; one peer that publishes lower floors is Loan Ranger Capital, whose site lists fix-and-flip rates from 8.50%.

4. What the SEC record shows

We searched EDGAR for the name. Four things came back.

A securitization loan. Saluda Grade Mortgage Funding LLC files Form ABS-15G repurchase reports for its trusts. The report filed February 6, 2026 (accession 0001999371-26-002718) lists, for Saluda Grade Alternative Mortgage Trust 2025-NPL2 (closing date May 6, 2025), an originator named Sherman Bridge Lending with 1 loan and $234,150, 0.1% of the trust. The trust holds 281 loans and $201,044,193 in total. The demand columns for that originator show 0. The same table lists 14 loans from Loan Ranger Capital, so one lender sold 14 loans into the trust and another sold one. We do not know the loan's property, status or why it sits in a trust whose name ends “NPL2”; the table does not say.

A roster entry. Two 2024 reports (filed August 14 and November 14, 2024, accessions 0001999371-24-010179 and 0001999371-24-014745) list “Sherman Bridge ALT Fund, LP” among 29 originators of the 2021-RTL1 trust (closing October 12, 2021; $227,500,000). The roster rows show zero loans and no dollar amounts for every name but one, so this establishes only that the limited partnership is named as an originator of that trust. It links the legal entity in the website footer to a securitization, which the brand name alone does not.

A property-financing mention. In a letter dated August 5, 2021 to SEC staff, sent by counsel for RAD Diversified REIT, Inc. while explaining how it could fund a possible rescission offer, the company said potential lenders “with whom the company and its affiliates have established relationships, include, but are not limited to Civic Financial, RCN Mortgage, and Sherman Bridge.” The financing is hypothetical in the letter and no loan is stated. See our RAD Diversified review for the issuer.

A 2012 Form D. The only Form D under a Sherman Bridge name is for Sherman Bridge Fund II, LLC (CIK 0001555657), filed August 7, 2012 at 1425 Greenway Drive, Suite 570, Irving, Texas. It is an equity offering under Rule 506 for a residential-industry vehicle with no revenues: $1,000,000 offered, $0 sold, 0 investors, minimum investment $100,000, date of first sale “yet to occur,” no commissions. It lists four related persons, all executive officers or promoters; we do not name individuals. One field is odd: “gross proceeds used” is $60,000 while nothing had been sold, and the filing does not explain it. EDGAR shows no amendment and no later filing for this entity. A Form D is a notice, not a prospectus, and says nothing about performance or conduct. The filing does not say how this 2012 LLC relates to today's Alt Fund, LP; we do not assume it does.

5. HMDA and complaints

Lenders that report under the Home Mortgage Disclosure Act file under a Legal Entity Identifier, and the FFIEC publishes the filer list each year. We searched the lists for 2023 (5,135 institutions), 2024 (4,927) and 2025 (4,791) on November 8, 2026 for names containing “sherman,” “new western” or “alt fund.” There were no matches in any year, so we cannot give an HMDA loan count or dollar volume for Sherman Bridge, and we do not infer anything from the absence: business-purpose loans are usually outside HMDA, and the company says its loans are for investment properties. The practical consequence is that there is no public loan-level record of its originations, and the 2,100-loan figure above has no independent check.

We also searched the CFPB consumer complaint database for “sherman bridge” on November 8, 2026 and got 0 results. That is a weak signal: the database covers consumer financial products, and a business-purpose lender may never appear in it. The BBB's single complaint in three years is similarly thin. Forum threads and review sites carry complaints about draws and closing delays, but they are anonymous and undated, and we do not treat them as established facts.

6. What we could not check

• State licences. The footer gives an NMLS ID but NMLS Consumer Access blocked our request, and we did not obtain California DFPI or Texas regulator records. We cannot say in which of the 38 states the entity holds a licence, or none is needed because the loans are business-purpose. Look up NMLS ID 1303151 yourself before paying a fee.
• Courts. CourtListener requires a login for searches, and we did not search state dockets. A web search turned up no case, which is not a docket search. We make no statement about litigation either way.
• Loan performance. The company does not publish default, delinquency or extension data. “One of the lowest loan default ratios in the industry” is a claim without a number.

7. Who this lender may suit, and how to compare

On its own published terms, Sherman Bridge is a mid-priced option for an experienced flipper who wants high leverage on cost and a short close: its pages claim funding “in as little as 7 days” and no income verification. The unknowns are who funds a given loan, how draws are handled, what extension and default terms apply, and which state licence covers the loan. National lenders with online quotes publish more; see our Kiavi review and Lima One review. Our rating of 3.3 out of 5 reflects a published term sheet and a long operating history, held back by the marketplace-versus-lender ambiguity, the affiliate tie to a property seller, the unverified licence status and an independent record of one securitized loan.

8. What a reader can do with this

• Ask for a written term sheet that names the lender of record (the brand, the LP, or a marketplace lender) and the NMLS ID or state licence that covers your property's state.
• Check NMLS ID 1303151 on NMLS Consumer Access and your state regulator before paying an application, appraisal or due-diligence fee.
• Compare total cost, not the headline rate: ask for points, draw fees, inspection fees, extension fees and default interest, and run your own deal through the worked example above.
• If the property comes from New Western or another affiliate, get at least two other quotes from lenders with no tie to the seller.
• Ask how construction or rehab draws are requested and how quickly they are paid, since delayed draws are the most common complaint about any hard money lender.

Sources: Sherman Bridge Lending website pages (home, what we do, about us, contact us, privacy policy and the Michigan, Delaware and Louisiana state pages), read November 8, 2026; Sherman Bridge press release, PR Newswire, November 1, 2023; SEC EDGAR Form D accession 0001555657-12-000001 (Sherman Bridge Fund II, LLC, CIK 0001555657); Saluda Grade Mortgage Funding LLC (CIK 0001831646) Form ABS-15G exhibits, accessions 0001999371-24-010179, 0001999371-24-014745 and 0001999371-26-002718; RAD Diversified REIT, Inc. correspondence, accession 0001104659-21-100883; FFIEC HMDA filer lists for 2023, 2024 and 2025; CFPB consumer complaint database; BBB profile and OpenCorporates Texas record (secondary). Quoted text is verbatim from the saved pages. Figures labelled “our arithmetic” are calculated by us. This is analysis of public documents, not investment, legal or tax advice. Compiled by CrowdfundedWealth on November 8, 2026.