Bridge Lending Program
Existing market-rate, affordable, and rent-assisted multifamily properties; stabilized and value-add permissible
SOFR-based floating rate; determined by loan metrics
For-profit or not-for-profit domestic single-asset entity
Non-recourse subject to standard carve-outs
Non-recourse and recourse options available
First mortgage and first-priority interest in all leases, rents, income, and profits, and all other personal property, accounts, escrows, and reserves
Up to 85% LTV
Up to 36 months with extension options available; typically interest only for term of mortgage
Replacement reserve, tax, and insurance escrows are typically required
1.0% of original loan balance
Negotiable
Appraisal, Phase I, and PCNA are required; seismic report may be required