Bridge Loans
Bridge Loans | Commercial Real Estate Financing
A dependable funding source for well-seasoned commercial real estate professionals. Cortgage is now part of the Corporate Finance New York financial network. The term "Cortgage" simply represents "commercial mortgage", a reliable funding source for seasoned real estate developers, investors, and income property owners.
Cortgage is a direct bridge lender for commercial-income properties. We are also part of a group of strategic commercial lending partners offering (1) a whole range of traditional/conventional commercial mortgage loans for most types of income properties (hotels, shopping centers, retail, assisted living facilities, medical hospitals, storage facilities, office buildings, and multifamily properties), and (2) commercial FHA FNMA HUD and SBA loans.
Our clients are well-seasoned commercial real estate professionals having reached the top of their game with hard work and determination, and of course, they expect the same level of professionalism and success from their lending source. Our clients deal directly with the funding source and a team of dedicated commercial real estate professionals focusing on their best interest including getting their property or project funded on schedule.
BRIDGE LENDER WITH MILLIONS TO LEND:
The bridge loan program offers quick-closing interim financing for most-income properties. Borrowers must have a viable business plan and exit strategy.
LOAN AMOUNTS: $5,000,000 to $50,000,000 (Loans outside this range are welcome by a strategic partner)
LOAN TERM: While the most typical loan term is one year, loans have been originated with terms ranging from six months to five years
MINIMUM DSCR: Case by Case
LOAN TO VALUE: Typically up to 75% loan to value on first mortgages - to be determined on a case-by-case basis
MEZZANINE/SECOND MORTGAGES: Mezzanine and second mortgage loans will only be considered on cash-flowing properties for strong sponsors with real expertise, net worth, liquidity, and meaningful guarantees
INTEREST RATE: Case by Case
PREPAYMENT: Loans typically have no prepayment penalty after a short lockout period
POINTS: Typically 3%. In some cases, part of the origination fee may be structured as an exit fee (deferred until the loan is repaid)
RECOURSE: Most loans are structured with full recourse
PAYMENT RESERVES: Depending upon the type of loan request, the nature of the business plan, and the financial strength of the Sponsor, a loan may be structured with an Interest Reserve to cover a portion of the monthly interest payments
ELIGIBLE PROPERTY TYPES: Multifamily / Apartment buildings | Mixed-use properties | Commercial and retail co-ops and condominiums | Retail / Shopping Centers | Acquisitions of performing loans, defaulted loans or loan portfolios | Office buildings | Warehouse / Industrial | Self-storage | Net-leased | Owner-occupied
EXIT: Borrower must have a viable business plan and exit strategy
ELIGIBLE BORROWER: Single Asset Entity
SPONSORSHIP: Our borrower must have a viable business plan and exit strategy along with a relevant track record and experience, net worth, and liquidity
LENDING REGION: While the majority of the commercial bridge loans originated are in the Eastern US if a loan meets underwriting criteria, we would consider loan opportunities in primary markets nationwide
TAX AND INSURANCE ESCROWS: Case by Case
REPLACEMENT RESERVES: Case by Case
SECURITY: First mortgage lien on subject property with personal guarantees. (Additional credit enhancement such as other collateral or letter of credit to be determined)
THIRD-PARTY REPORTS: Normal third-party reports for the project/property type. In some cases, we can work off existing reports if they meet certain requirements
IMPORTANT: This is not an offer to make a loan, all requests are subject to normal due diligence and final approval under conditions that are standard for the specific transaction. The above terms and conditions are subject to change without prior notice and other terms and conditions apply.
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