CAPITAL STRUCTURE: BRIDGE LOAN

International life insurance company seeking to gain market share is actively lending
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
Bridge lender not dependent on internal leverage actively lending
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
Flexible bridge loans for value add opportunities
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
Partial/non-recourse bridge and construction loans
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
Specialty asset bridge, construction and mezzanine debt
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: Nationwide
Fixed Rate, Non-recourse institutional bridge loan program 
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
Non-recourse, institutional bridge loan program
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
Permanent, bridge and mezzanine loans and preferred equity targeting hotels 
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