Bridge Loan Programs
Program Description
Higher-leverage, fixed-rate bridge lending program for commercial real estate assets that have a substantial value-creation component. The loan includes a small equity component in the form of a higher LTC in exchange for a higher interest rate and exit fees.
Why Consider Using This Program?
You’re seeking short-term funding to rehabilitate, reposition or stabilize an asset
You need financing with an equity component provided by the lender
You need flexible, non-permanent capital to implement a conversion, expansion or renovation of a core commercial real estate asset
Property Types
Multifamily, Industrial, Retail, Mixed Use, Hospitality, Office, Medical Office, Self-Storage, Manufactured Housing
Loan Amount: $1 Million to $15 Million
Loan Purpose: Acquisition, Refinance, Conversion, Rehabilitation, Situational, Stabilization
Property Location: Primary, Secondary & select Tertiary markets with a minimum population of 50,000 to 100,000 people.
Maximum LTV: Up to 75% LTV (based on stabilized value)
Maximum LTC: Up to 90% LTC (based on transaction underwriting)
Up to 90% LTC (based on transaction underwriting)
Interest Rate 1-Month Term SOFR plus 600BPs – 700BPs (interest only)
Loan Term: 1 to 3 Years (fully extended)
Floor / Rate Cap: The rate/floor will be set at the closing of the loan. No Rate Cap will be required
Extensions: Up to four (4) extensions of 6 months each, at market extension fees
Origination Fees & Exit Fees: Market competitive fees based on the loan size, leverage, complexity and timing of the transaction.
Lien Position: Senior Position (secondary financing prohibited)
Funding Structure : Full funding with holdback
Recourse: Non-recourse, other than standard “bad boy acts” or recourse structure for higher-risk transactions.
Timing to Close: Typically 30 to 45 days from acceptance of LOI and receipt of deposits
Debt Service Reserve: Below 1.00X DSCR acceptable if supported by a debt service reserve (cash-flowing assets preferred)
Prepayment Penalty : Minimum interest, generally half of initial loan term
TI/LC and Future Advances : Future funding facility toward tenant improvements, leasing commissions, rehabilitation and conversion costs
Deposits
Expense and deposits adequate to cover costs for third-party reports, legal fees and other customary due diligence or underwriting costs
Apply Here
Property Types
Multifamily, Industrial, Retail, Mixed Use, Hospitality, Office, Medical Office, Self-Storage, Manufactured Housing
Loan Amount
$1 Million to $15 Million
Loan Purpose
Acquisition, Refinance, Rehabilitation, Situational, Stabilization
Property Location
Primary and secondary markets only
Maximum LTV/LTC
Up to 75% LTV (based on stabilized value)
Up to 100% LTC (based on transaction underwriting)
Interest Rate
1 to 3 Years (fully extended)
Loan Term
1 to 3 Years (fully extended)
Floor Cap / Rate Cap
The rate/floor will be set at the closing of the loan. No Rate Cap will be required
Extensions
Up to four (4) extensions up to 6 months each, at market extension fees
Origination Fees & Exit Fees
Market competitive fees based on the loan size, leverage, complexity and timing of the transaction
Exit Fees
15% to 25% participation in value creation (based on specific transaction) subject to returns
Lien Position
Senior Position (secondary financing prohibited)
Funding Structure
Full funding with holdback
Recourse
Non-recourse, other than standard “bad boy acts” or recourse structure for higher-risk transactions
Timing to Close
Typically 30 to 45 days from acceptance of LOI and receipt of deposits
Debt Service Reserve
Below 1.00x DSCR acceptable if supported by a debt service reserve (cash-flowing assets preferred)
Prepayment Penalty
Minimum interest, generally half of initial loan term
TI/LC and Future Advances
Future funding facility toward tenant improvements, leasing commissions and rehabilitation costs
Deposits
Expense deposit adequate to cover costs for third-party reports, legal fees and other customary due diligence or underwriting costs
Apply Here
Property Types
Multifamily, Industrial, Retail, Mixed Use, Hospitality, Office, Medical Office, Self-Storage, Manufactured Housing
Loan Amount
$2 Million to $20 Million
Loan Purpose
Acquisition, Refinance, Situational, Stabilization
Property Location
Primary and secondary markets only
Maximum
LTV/LTC
Up to 75% LTV (based on stabilized value)
Up to 75% LTC (based on transaction underwriting)
Interest Rate
1 to 5 Years (fully extended)
Loan Term
1 to 5 Years (fully extended)
Floor / Rate Cap
The rate/floor will be set at the closing of the loan. No Rate Cap will be required
Extensions
Up to three (3) extension of 12 months each, at market extension fees
Origination Fees & Exit Fees
Market-competitive fees based on the loan size, leverage, complexity and timing of the transaction
Lien Position
Senior Position (secondary financing prohibited)
Funding Structure
Full funding with holdback
Recourse
Non-recourse, other than standard “bad boy acts” or recourse structure for higher-risk transactions
Timing to Close
Typically 30 to 45 days from acceptance of LOI and receipt of
Debt Service Reserve
Properties must provide at least break-even debt service coverage (l.00x on existing cash flow based on proposed loan amount)
Prepayment Penalty
Minimum interest, generally half of the initial loan term
TI/LC and
Future Advances
Future funding facility toward tenant improvements, leasing commissions and other approved costs
Deposits
Expense deposit adequate to cover costs for third-party reports, legal fees and other customary due diligence or underwriting costs
Apply Here
Property Types
Multifamily, Industrial, Retail, Mixed Use, Hospitality, Office, Medical Office, Self-Storage, Manufactured Housing
Loan Amount
$2 Million to $20 Million
Loan Purpose
Acquisition, Refinance, Rehabilitation, Situational, Stabilization
Property Location
Primary and Secondary markets only
Maximum
LTV/LTC
Up to 75% LTV (based on stabilized value)
Up to 85% LTC (based on transaction underwriting)
Interest Rate
1-Month Term SOFR plus 500BPs – 600BPs (interest only)
Loan Term
1 to 5 Years (fully extended)
Floor / Rate Cap
The rate/floor will be set at the closing of the loan. No Rate Cap will be required
Extensions
Up to three (3) extension of 12 months each, at market extension fees
Origination Fees & Exit Fees
Market competitive fees based on the loan size, leverage, complexity and timing of the transaction
Lien Position
Senior Position (secondary financing prohibited)
Funding Structure
Full funding with holdback
Recourse
Non-recourse, other than standard “bad boy acts” or recourse structure for higher-risk transactions
Timing to Close
Typically 30 to 45 days from acceptance of LOI and receipt of deposits
Debt Service Reserve
Below 1.00x DSCR acceptable if supported by a debt service reserve (cash-flowing assets preferred)
Prepayment Penalty
Minimum interest, generally half of initial loan term
TI/LC and
Future Advances
Future funding facility toward tenant improvements, leasing commissions and other approved costs
Deposits
Expense deposit adequate to cover costs for third-party reports, legal fees and other customary due diligence or underwriting costs
Apply Here