Commercial Property Bridge Loans + Mezz + Pref Equity

Bloomfield Capital is a direct lender and equity investor in commercial real estate assets nationwide. With offices in Detroit, Denver, Chicago, Portland and Los Angeles, Bloomfield Capital’s team draws from a broad base of commercial real estate and finance experience. The firm provides debt and equity solutions to meet the demands of time sensitive and complex transactions. Bloomfield Capital specializes in small to medium sized financing from $2-20 million in the form of bridge loans and preferred or joint venture equity participations.

We lend on core commercial property and specialty property types like hotels, assisted living facilities and others.

NO Development or Construction Loans, but we like value-add projects.

Property Geographic Area Details

We lend in primary and secondary markets in all 50 states.

Loan Amounts

$2,000,000 to $20,000,000

Interest Rates

8% to 12%

Max Loan-To-Value

75.00%

Max Loan-To-Cost

85.00%

Origination Fees

2% to 6%

Loan Terms

6 months to 36 months

Lien Position

  • 1st
  • 2nd

Loan Purpose

  • Investment Acquisition
  • Investment Refinance
  • Improve Subject Property
  • Use Equity to Invest in Another Property
  • Value Add Project

Property Occupancy

  • Vacant
  • Tenant Occupied 100%
  • Owner Occupied Commercial

Property Types and Loan Types

Collateral Types

  • Commercial Property

Property Types

  • Adult Day Care
  • Assisted Living Facility
  • Auto Dealership
  • Commercial Condominium
  • Commercial Land
  • Healthcare
  • Hotel
  • Industrial
  • Mixed-Use
  • Mobile Home Park
  • Motel
  • Multifamily
  • Office
  • Parking Lot
  • Portfolio of Commercial Properties
  • RV Park
  • Rehabilitation Facility
  • Retail
  • Senior Housing
  • Storage Facility
  • Student Housing
  • Vehicle Parking

Loan Types

  • Commercial Bridge
  • Commercial Property Value Add
  • Mezzanine
  • Preferred Equity

Specialty Loan Types

  • Note Purchase
  • Reverse 1031 Exchange
  • Partner Buyout
  • Discounted Note Payoff
  • Bankruptcy Resolution
  • Foreclosure Bailout
  • Cannabis Use Properties

Junior Liens

Junior Lien Loan Amounts

$2,000,000.00 to $15,000,000.00

Junior Lien Interest Rates

9% to 13%

Junior Lien Loan-to-Value

85.00%

Junior Lien Loan-to-Cost

90.00%

Junior Lien Origination Fees

2.00% to 6.00%

We Fund Junior Position Loans

Often

Junior Lien Types

  • Purchase
  • Refinance
  • Equity Cash Out
  • Mezzanine
  • Preferred Equity
We can provide 2nd lien, pref. equity and mezzanine loans as well as 1st lien debt.

Land Loan

Land Types Considered

  • Multifamily Land
  • Industrial Land
  • Office Land
  • Retail Land
  • Special Purpose Land

Will Consider Land That is NOT Entitled

yes

Max LTV for Land

60.00%

Max LTC for Land Acquisition

60.00%

Purchase Loan

The max loan-to-purchase indicated above is for value add projects. For stabilized properties, we typically go up to 70% for most property types. For multifamily properties, we may go up to 75%.

Max Loan-To-Purchase Price

85.00%

Borrower Must Have Property Under Contract

yes

Will Provide Proof of Funds Letter

yes

Will Consider Lending on Purchase from Auction

yes

Allowed Source of Borrower’s Equity

  • Own Cash
  • Partner
  • Equity in Another Investment Property
  • Crowdfunding
  • Family

Rehab Value Add Loan

The max after repair value is typically 70% for most property types, and we may go up to 75% for multifamily projects.

Experience Required

yes

Minimum Number of Value-Add Projects Completed by Borrower

1

Will Provide Funds for Renovation Costs

yes

Max LTC for Renovation Costs

85.00%

Interest Charged for Renovation Costs

Entire Amount of Total Project Costs

Typical Number of Days for Funds Draw

0

Maximum After Repair Value

75.00%

Details and Requirements

Typical Closing Time (Days)

30

Fastest Closing Time (Days)

5

Works With

  • Brokers
  • Borrowers

Payment Structure

  • Interest Only
  • Interest Reserve

Payment Structure Details

Most loans are Interest Only

Pre Payment Penalty

no

Will lend to a foreign national

yes

Will Allow Junior Position Mortgage(s) Behind Our Senior Mortgage

yes

Will Consider Collateralizing Multiple Properties in One Loan

yes

Will Consider Equity Joint Venture

yes

Borrower Entity Types Considered

  • LLC
  • Limited Partnership
  • Trust
  • Corporation

Documentation Required

  • Credit Report
  • Tax Returns
  • Bank Statements
  • Financial Statements
  • Loan Application

Personal Guaranty (Recourse) Required

Sometimes

Credit Check Required

yes

Appraisal Required for Commercial Property

Sometimes

Broker Price Opinion (BPO) Accepted for Commercial Property

Sometimes

Fees

Deposit Required

$10,000.00 to $30,000.00

We take an expense reimbursement deposit to pay for costs as they are incurred.

Legal Fee

Fees which are mandatory for all new borrower clients

  • Deposit

Fees which are charged upfront prior to loan closing

  • Deposit

Bloomfield Capital is a direct lender and equity investor in commercial real estate assets nationwide. With offices in Detroit, Denver, Chicago, Greenwich, and Portland, Bloomfield Capital’s team draws from a broad base of commercial real estate and finance experience. The firm provides debt and equity solutions to meet the demands of time sensitive and complex transactions. Bloomfield Capital specializes in small to medium sized financings from $2-20 million in the form of bridge loans and preferred or joint venture equity participations.

License

CFL Lic. 60DBO-93486

Company Size (Number of Employees)

17

Year Established

2008

Associations

  • American Seniors Housing Association - Member
  • Urban Land Institute (ULI) - Member
  • Mortgage Bankers Association - Member
  • ICSC - Member
  • Asian American Hotel Owners Association (AAHOA) - Member

Office Locations

Main Office
280 N. Old Woodward Ave, Suite 104, Birmingham, Michigan 48009

Illinois
171 N. Aberdeen Street, Suite 400, Chicago, Illinois 60607

California Office
10250 Constellation Blvd, Suite 100, Los Angeles, California 90067

Colorado
1430 Larimer Street, Suite 303, Denver, Colorado 80202

Connecticut
2 Greenwich Office Park, Suite 300, Greenwich, Connecticut 06831

Maine
100 Commercial Street, Suite 410, Portland, Maine 04101

Primary Capital Source

  • Private Equity Funds

Loan Structure for Majority of Loans

  • Own Balance Sheet

Alternative Loan Structures

  • Own Balance Sheet

Percentage of company’s lending business focused on private mortgage

100%

Company’s Other Business Activities Besides Private Mortgage Lending

  • Note Investing
  • Commercial Real Estate Investing

Percentage of Loans Secured by Commercial Property

100%

Brent Truscott

Partner

Brent Truscott is a Partner of Bloomfield Capital and a member of the investment committee. Since 2010, Brent has overseen the originations platform at Bloomfield and is responsible for managing over $100 million in annual loan originations. Prior to joining Bloomfield Capital, Brent was a member of the investment team at ValStone Partners, a $300 million real estate private equity fund focused on opportunistic debt and equity investments across all asset classes. Prior to joining ValStone Partners in 2007, Brent spent two years as an Associate at DTE Energy Services, where he focused on project development and M&A transactions. Brent also held roles as an Associate in the business valuation group of Standard & Poor’s and as an investment banking analyst at RBC Capital Markets. Brent received his MS from Columbia University in Real Estate Development and a BS in management with a concentration in finance from the Carroll School of Management at Boston College.

Completed Transactions

Loan Request

Short Description of your Loan Request or Property Address

This information is about yourself, not the subject property.

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months

At the end of the form you can enter the additional properties.

(temp use, storage, billboard, parking, etc.)

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Requested loan amount divided by the purchase price + rehab/construction costs

%

If Borrower is not seeking additional funds for the renovation, change the Loan Type to Purchase or Acquisition.

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(temp use, storage, billboard, parking, etc.)

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Requested loan amount divided by the purchase price + rehab/construction costs

%

If Borrower is not seeking additional funds for the renovation, change the Loan Type to Purchase or Acquisition.

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$

how will the loan be paid off?

acres

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