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Bridge Loan Market Heats Up

Guest post by: Carl Moore

Article Overview: The bridge loan market is starting to heat up as lenders grow more comfortable with financing transitional assets. Several Institutional Lenders have re-opened their bridge loan programs in the second quarter of 2010, tying them to their agency permanent loan platforms.

Bridge Loan Market Heats Up



For large agency lenders, these bridge loans often act as a feeder for permanent loans. The programs typically target properties that need a little extra seasoning before they can meet the agency loan requirements, minimum qualities such as 90 percent occupancy for 90 days. But there's also a segment of the industry that goes beyond that comfort zone, targeting third-party note purchases, substantial rehabilitations, and owners looking to buy their own debt at a discount. While lenders see a big opportunity in conventional bridge executions, they will also target the product to a broader swath of the market, looking at assets that are nearly ready to go into an agency, including some heavy duty rehab, non-stabilized property type opportunities.

Many lenders are offering nonrecourse bridge loans with a typical term of two to three years (with extensions for up to five years), currently priced around 5 percent.

Several will also lend to owners who have the chance to buy their own debt back at a discount. As a general rule, borrowers will be required to put some new cash in, at a minimum usually 10 percent of the loan amount.

Many bridge lenders, can close in two to three weeks and don't require an appraisal. Their bridge loans typically price between 10 percent and 13 percent with two or three points, can go up to 80 percent loan-to-value, and come with a one-year term with an option for another year, with no prepayment fees.

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Article Tags: assets, bridge loan, Commercial Loans, construction financing, HUD, institutional lenders, loan market, loan programs, SBA



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