This is the bridge structure built around a project rather than a purchase. It carries the program's published terms, loans to $25,000,000 on a business purpose file, one or two years, up to 75% LTV on residential and 70% on commercial, and rates from 9.00% to 13.00%, and it points them at the work that takes longest to underwrite: a ground-up commercial project, a transitional building or a full repositioning.
The card is explicit about what the money is for: large scale commercial real estate transactions with a focus on construction, transitional financing and major rehabilitation projects. Those three are all cases where the asset today is worth less than the asset at the end, which is why the term is long and why the underwriting looks hard at the plan as well as the property. Money for post-close rehab work is listed where the deal calls for it.
Experience is the one requirement that separates this card from every other bridge structure Loan Goat publishes. The line reads "Comparable experience required", meaning a sponsor is expected to have done something of similar type and similar size before. The credit floor is 650, occupancy is non owner occupied, and cross collateralization and earn outs are named on the card as available structuring tools.
