Bridge Lending Program
Ground-up construction or adaptive reuse of retail, office, industrial, multifamily, or hotel properties
SOFR-based floating rate; determined by loan metrics
For-profit or not-for-profit domestic single-asset entity
Typically, “warm-body” guarantor required
Non-recourse with the exception of Bad Boys, Completion Guarantee, and Debt Service Guarantee
First mortgage and first-priority interest in all leases, rents, income, and profits, and all other personal property, accounts, escrows, and reserves
Fully funded upfront
Up to 65% LTC
Up to 36 months with extension options available; typically interest only for term of mortgage
Debt service and construction are typically required
1.0% of original loan balance
Negotiable
Appraisal, Phase I, and PCNA are required; seismic report may be required