Start a commercial bridge request with the property, amount needed, closing deadline and a specific plan for repayment. Then support that plan with the rent roll, operating information, improvement budget and borrower details. A commercial property’s current condition and income may differ substantially from the stabilized performance you expect after the project.
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What Should I Send for an Initial Review?
Identify the property type, location, purchase price or existing payoff, estimated value and requested loan amount. Include occupancy, major tenants, lease expirations and the reason short-term funding is needed. Explain whether the project involves lease-up, renovations, a change of use or simply timing.
Where available, supply current and historical operating statements, a rent roll, lease information and a sources-and-uses budget. Label projections separately from actual results. A projected increase in income is a business plan to evaluate, not income already earned.
How Is the Property Evaluated?
Program fit can depend on property use, condition, location, cash flow, leverage and sponsor experience. Commercial lenders may analyze net operating income against debt service; that is not the same calculation as a small residential rental’s rent divided by PITIA.
Ask which expenses, vacancy assumptions and capital needs are included. Tenant improvements, leasing commissions and deferred maintenance can require cash beyond the acquisition. Appraisal, title, insurance and environmental review may also affect the schedule and terms.
How Do I Make the Refinance or Sale Plan Realistic?
For a refinance exit, identify the occupancy and income a potential permanent lender would need. Model the debt that those figures could support, rather than assuming all bridge debt will refinance at maturity. Include closing costs and any capital you may need to contribute.
For a sale exit, consider the buyer pool and likely marketing period. Compare the base case with slower leasing or lower proceeds. Confirm extension conditions in writing and retain an alternative if the planned transaction is delayed.
Educational information, not a loan offer. Availability and terms depend on the program, property or business, and borrower qualifications. Legal and tax questions should be reviewed with your advisers.