Sara Havlena
Borrowers will see plenty of bridge options this year. Bridge loans will be great fit for value-add transactions, vacant properties and those that need time for repositioning and lease-up. New lenders are entering the bridge space, which will lead to more favorable terms. Bridge lenders will also start to shift toward riskier properties such as hotels, unanchored retail and student housing in order to get money out the door throughout the year.
2022 projected lending volume and preferences
Greystone
2022 Volume: $7.5B
Originated $3.65B in 2021; $10M+ loans for multifamily and healthcare; up to 85% LTC; 24-month terms with extensions to 36 months; exit fee waived with Greystone perm refinance; nationwide
Madison Realty Capital
2022 Volume: $6.5B
Originated $6.4B in 2021; $10M-$500M+ loans for multifamily, condo inventory, student housing, construction, industrial, retail, office, hotels, entitled land, BFR housing; up to 36-month terms plus extension options; non-recourse; all major markets
LoanCore Capital
2022 Volume: $6B
Originated $3.5B in 2021; $30M+ loans for retail, multifamily, industrial, office, hotels; up to 75% LTV; three- to five-year terms; SOFR-based floating rates; non-recourse; nationwide subject to deal specifics
Thorofare Capital
2022 Volume: $1.5B
Originated $787.3M in 2021; $15M-$100M loans for industrial, data centers, parking garages/lots, self-storage, life sciences, multifamily, BFR, industrial, office, hotels, skilled nursing, entitled land, mixed-use, student and senior housing; 65%-80% LTV/LTC; 4%-7% rates; one- to five-year terms; non-recourse
Columbia Pacific Advisors
2022 Volume: $1B+
Originated $1B+ in 2021; $10M-$150M loans for all commercial real estate; 75% LTV; 10%-11% rates; six- to 48-month terms; negotiable recourse, nationwide
Money360
2022 Volume: $1B+
Originated $650M in 2021; $5M-$30M+ loans for multifamily, office, MOB, industrial, retail, self-storage, R&D flex, MHC; up to 75% LTV; 24- to 36-month terms; non-recourse, standard carve-outs; nationwide
Lone Oak Fund
2022 Volume: $1B
Originated $815M in 2021; $1M-$50M loans for multifamily, industrial, office, retail, mixed-use, non-owner-occupied residential, entitled land; 60% LTV; 5.90%-6.90% interest-only rates; one- to 24-month terms; non-recourse; CA, preference for coastal counties
UC Funds
2022 Volume: $800M
Originated $600M in 2021; $5M-$150M loans for all asset classes; all deals from light transitional to heavy bridge; up to 85% leverage; six- to 36-month terms; non-recourse; nationwide
LaSalle Debt Investors
2022 Volume: $600M
Originated $575M in 2021; $5M-$40M loans for multifamily, industrial/flex/distribution, office, select-, limited- and extended-stay hotels; Libor+ 325-500 basis point rates; 75%-85% LTC; non-recourse; nationwide
CrossHarbor Capital Partners
2022 Volume: $1.2B
Originated $1B in 2021; $10M-$100M loans for industrial, multifamily, life sciences, MOB, office and select hotels; three-year terms with up to two one-year extensions; 65%-75% LTV on a non-recourse basis; top 50 MSAs with an emphasis on top 10 MSAs
Parkview Financial
2022 Volume: $500M
Originated $350M in 2021; $5M-$200M loans for multifamily, industrial, office, retail, mixed-use, residential; up to 75% LTV; rates starting at 8.49%, 1-point fees; up to 36-month terms; no prepayment penalty; nationwide
Pangea Mortgage Capital
2022 Volume: $500M
Originated $350M in 2021; $3M-$40M loans for all property types with a focus on construction and value-add; 75% leverage; 24-month terms; 8% rates; non-recourse; top 15 metros
Emerald Creek Capital
2022 Volume: $500M
$2M-$50M loans for multifamily, mixed-use, office, retail, warehouse, light industrial, value-add, condo inventory; 50%-65% LTV; one- to three-year terms; rates starting at 7%; non-recourse; core markets
