Capital for the gap.

Acquisition bridge financing for stabilized commercial real estate when speed matters more than absolute pricing. The senior CMBS or agency loan takes 60–90 days; bridge can close in 21–45. For competitive purchase situations where the seller wants certainty of closing, a fast-close bridge with a take-out CMBS commitment lined up post-close is often the right capital stack.

Pricing: SOFR + 250–400 bps margin, 12–24 month term, interest-only on drawn balance. Once closed, the borrower runs the property under bridge terms while the take-out lender completes their underwriting. Refi into permanent typically happens at month 6–12, well before bridge maturity.

Value-add bridge financing for properties that don't yet meet permanent-loan stabilization thresholds — needs renovation, lease-up after vacancy, operational turnaround, or repositioning to a higher rent tier. 12–36 month terms with capex line + interest reserve built into the loan amount.

Sized to as-stabilized value or loan-to-cost (LTC), whichever is lower. Common structure: senior bridge funds 65–75% loan-to-cost at close, releases capex draws against renovation milestones, and amortizes the interest reserve as the property leases up. Take-out is the refinance into agency or CMBS at stabilization (typically 90 days of stabilized operating history above the perm-loan DSCR threshold).

Ground-up multifamily construction financing for 5+ unit residential. Two structures: pure construction (separate take-out loan after CO and stabilization) and construction-to-perm (single closing, modifies to permanent at stabilization). Construction-to-perm is the cleaner structure when available — single closing, single set of legal fees, eliminates take-out risk.

Sized to loan-to-cost (typically 65–75%) — covers land, hard construction costs, soft costs (architecture, engineering, permits), interest reserve through stabilization, and developer fee. Draws release against contractor invoices verified by lender's third-party construction inspector. Term covers construction (typically 18–30 months for garden-style, 24–36 months for mid-rise) plus 12 months of lease-up.

Ground-up construction financing for non-multifamily commercial property. Same structural mechanics as multifamily construction (LTC, draws, interest reserve, third-party inspector) but underwriting weights the leasing risk more heavily — most non-multifamily construction finances when major lease-up is pre-committed (build-to-suit for a credit tenant, or anchor pre-lease at 60%+ of NOI).

Speculative commercial construction (no pre-leasing) is selectively available in the strongest markets, but with tighter LTC (60–65%) and recourse to principals. Industrial speculative is the most-financed; office speculative is essentially uneconomic in 2026.

Mezzanine debt and preferred equity sit behind the senior loan in the capital stack — pushing total leverage from 70–75% (senior alone) to 80–90% combined. The mezz lender takes second-lien collateral (or, more commonly on commercial, a pledge of equity in the property-owning LLC) and accepts current-pay coupon plus accrued back-end pieces in exchange for the higher risk position.

Pricing: 10–15% all-in (current pay + accrual) on most multifamily mezz; 12–18% on commercial value-add. Used most often when the sponsor wants higher leverage than senior will write but doesn't want to dilute equity further. Common at acquisition (pushing total LTC from 75% senior to 85% senior+mezz) and at refinance recapitalizations.