BRIDGE LOAN
CAPITAL STRUCTURE: BRIDGE LOAN
Direct bridge lender offering loans secured by commercial real estate nationwide.
Check Size: $2MM-75MM+
LTV: Up to 75%
Pricing: Starting at 4.00% for Multifamily and 4.75% for other assets
Fees: Origination fee starting at 1.00%
Term: 12 to 36 months, with extensions
Amortization: Interest only
Recourse: Deal based
Property Types: All property types
Use: Acquisition and recapitalization
Geography: Nationwide
CAPITAL STRUCTURE: BRIDGE LOAN/ CONSTRUCTION LOAN
Private debt fund offering high leverage senior debt nationwide
Check Size: $5-200MM
LTC/LTV: Up to 75%
Amortization: Interest only
Rate: High single digits
Fees: 1.00%
Term: Up to 60 months
Prepayment Penalty: None
Recourse: Recourse and non-recourse available
Property Types: Multifamily, Industrial, Office, Retail, Residential and Mixed-Use
Geography: Nationwide
CAPITAL STRUCTURE: CONSTRUCTION LOAN/ PERMANENT LOAN/ BRIDGE LOAN
Community bank offering flexible debt financing for all asset types.
Check Size: $5-100MM+
LTC: Up to 80% LTV Up to 80%
Amortization: Interest only (Up to 30 years)
Target: Minimum DSC 1.20x
Recourse: Flexible. Non-recourse available on select property types based on loan metrics
Property Types: All property types with a focus on multifamily, industrial, retail, office, and medical office
Use: Construction, acquisition and reposition
Geography: CA, OR, WA, AZ, NV, ID
CAPITAL STRUCTURE: BRIDGE LOAN
Private lender offering fixed-rate bridge loans for special situations, quick-closings, or heavy-lift Capex projects.
Check Size: $2MM-15MM
LTV for multifamily: Up to 80%
LTV for other sectors: Up to 75%
Rate for multifamily: 5-7%
Rate for other sectors: 7-9%
Term: 6 to 24 months
Amortization: Interest only
Recourse: Transaction dependent
Lien position: 1st TDs and mortgages only
Property Types: All property types
Use: Value-add, acquisition and recapitalization
Geography: Nationwide
CAPITAL STRUCTURE: LAND LOAN/BRIDGE LOAN/CONSTRUCTION LOAN
Balance sheet lender offering quick close, full discretion and non-recourse debt financing
Check Size: $8MM-40MM
LTV: Up to 75% stabilized value
LTC: No loan to cost restriction
Pricing: Minimum 5%
Coupon Fees: 1% to 2% origination fee
Term: 1 to 3 years with extension options
Recourse: Non-recourse
Property Types: Multifamily, retail, office, mixed-use, industrial, healthcare/life science, self-storage, for-sale condos, SFR communities, land and horizontal development.
Use: Acquisition, recapitalization, and construction
Geography: CA, OR, WA, AZ, NV, UT, CO, TX
CAPITAL STRUCTURE: BRIDGE LOAN
Insurance company launches new debt initiative focusing on transitional hotels
Check Size: $10MM-80MM
LTV: Up to 75%
Rate: Starting at 5%
Fees: 1% origination fee
Term: 3+1+1
Recourse: No repayment guarantee. Standard bad act carvouts
Misc: U/W using stabilized cash flow pre-Covid with a focus on 2019 performance
Property Types: Hospitality
Use: Acquisition (preferred) and recapitalization
Geography: Nationwide
CAPITAL STRUCTURE: BRIDGE LOAN
Nationwide lender offering quick closing bridge loans for purchase, refinance, repositioning and value-add
Check Size: $5MM-30MM
Term: Up to 3 years
LTV/LTC: 70%+ LTV (Higher in certain cases)
Pricing (“Interest”): 7% Fixed Rate (Lower in certain cases)
Recourse: Recourse & non-recourse options available
Property Types: All Commercial Property Types
Use: purchase, refinance, repositioning and value-add
Geography: Nationwide
CAPITAL STRUCTURE: BRIDGE LOAN/ PERMANENT LOAN
Large international LifeCo providing low cost and flexible alternative to banks and domestic insurance company options.
Property Type: Office, Mixed-Use, Self Storage, Flex, Industrial, Hotel, and Multifamily.
Check size: $10 – $40MM
Leverage: Up to 70% LTV on post COVID pricing. Lower for Retail and Hospitality.
Rates: starting at 3.5% over LIBOR on floating and low 4s all in rate on fixed basis
Fees: 1% in
Term: Up to 7 years + extension
Amortization: IO options available
Future Funding: Holdbacks for renovations and “good news”
Uses: Acquisitions, Recapitalization and Repositioning
Geography: Top 25 U.S markets
CAPITAL STRUCTURE: BRIDGE LOAN
Closed end fund not dependent on the CLO market and utilizing lower leverage credit facilities has avoided mark-to-market & margin calls provision.
Property type: Multifamily, multi-tenant Industrial in infill locations, CBD and/or transit-oriented Office, performing Hotels on a very select basis.
Check size: $10 – $75MM
Leverage: Up to 75% LTV on post-COVID pricing.
Rates: 5.5% – 6.0% over LIBOR with a .50% floor
Fees: 0% in w/ 1%-1.5% exit
Term: Up to 3 years
Amortization: Interest only
Future Funding: Holdbacks for renovations and “good news”
Uses: Acquisitions, Recapitalization, and Repositioning
Geography: Nationwide
CAPITAL STRUCTURE: BRIDGE LOAN
Midwest asset management firm seeking to fund acquisition and renovation plays nationwide
Property type: Student/Multifamily Housing, Self-Storage, Retail, Office, MHP’s and Hospitality
Check size: $10 – $75MM
Leverage: Up to 85% LTC / 75% LTV
Rates: Spreads to LIBOR of 2.5% – 4.5%
Term: Up to 5 years
Amortization: Interest only
Future Funding: Holdbacks for renovations and “good news”
Uses: Acquisitions, Recapitalization and Repositioning
Geography: Nationwide
CAPITAL STRUCTURE: BRIDGE LOAN/ CONSTRUCTION LOAN
An aggressive East Coast Bank has dropped pricing for construction and bridge loans across various asset classes.
Check size: $20-$150MM
LTV: Up to 70% for Multifamily and 65% for all others
Rate: Spreads ranging from high 1s to low 2s on transitional assets and high 2s to mid 2s for construction transactions Recourse: non-recourse for bridge loans and 20-25% recourse for construction loans with burn offs
Term: 3 to 7 years
Amortization: 30 years for multifamily and 25 years for all other asset classes
Interest Only: Up to four years
DSCR sizing: 1.15x
Structured Capital Friendly: Allow mezzanine debt up to 80% and preferred equity up to 90%
Asset Types: Multi-family, condo, office, retail, hotel, mixed use, industrial, self-storage, parking, some land
Geography: East of the Mississippi, Boston to Key Largo
CAPITAL STRUCTURE: BRIDGE LOAN/ CONSTRUCTION LOAN, MEZZANINE DEBT
Newly formed finance arm of private equity vehicle seeking to deploy capital for senior housing, medical offices, student/multifamily housing, self-storage.
Check size: $10 – $500MM
LTV: Up to 85% LTV/LTC
Rates: Spreads to LIBOR of 2.5% – 5.5% (first mortgage) or 6.0% – 10.0% (mezzanine/preferred equity)
Term: Up to 7 years
Amortization: Typically interest only
Property type: Senior Housing, Medical Office, Student/Multifamily Housing, Self-Storage
Uses: Development, Acquisitions, Recapitalization
Geography: NationwideHigh leverage flexible long-term balance sheet financing
CAPITAL STRUCTURE: BRIDGE LOAN
A New York-based investment manager is funding hybrid bridge loans that start out fixed-rate for the first two years. DSCR can be lower than one with reserves and structure.
Check size: $10-$35MM
LTV: Up to 75% loan to cost
Rate: 5.5% fixed for two years with two one-year extensions at 350 over 30-day LIBOR
Term: 2-4 years with extension options
Property type: Multifamily
Uses: Acquisitions, recapitalization, value add CAPEX repositioning, transitional assets
Geography: Nationwide
CAPITAL STRUCTURE: BRIDGE LOAN
A West Coast fund manager has rolled out a cheaper version of its national bridge loan program targeting higher quality assets with some in-place cash flow.
Check size: $10-$40MM
LTV: The lesser of 80-85% as-is value or 70-75% of as-stabilized value
Rate: 375-550 over 30-day LIBOR
Term: 2-4 years, up to 5 with extension options
Property type: Multifamily, Industrial, Office, Retail, Student Housing, Hospitality, Self Storage
Uses: Acquisitions, recapitalization, value-add CAPEX repositioning, transitional assets
Geography: Nationwide
CAPITAL STRUCTURE: PERMANENT LOAN/ BRIDGE LOAN/ MEZZANINE LOAN and PREFERRED EQUITY
Hotel specialist providing various debt and equity products for select and limited service premium branded assets.
Check size: $5-$100MM for bridge and permanent loans, $1-$10MM for mezzanine and preferred equity
LTV: Up to 85% on bridge and mezzanine, up to 95% on preferred equity
Rate: Starting at 4.5% for senior debt and starting at 12%/13% with potential equity kickers for structured capital
Term: Bridge 2-5 years, mezzanine matched to senior and preferred equity up to 5 years
Property type: Hospitality-only uses, Acquisitions, Recapitalization, Construction Takeout, PIP/Renovation Financing, and Gap Financing
Geography: Nationwide