A list of bridge loan lenders for commercial real estate in Tampa Bay, including St. Petersburg, Brandon, Clearwater, Palm Harbor and other areas. The lenders in our directory offer bridge loans for a variety of CRE financing, including: acquisition, refinance, cash out, redevelopment, repositioning, recapitalization, 1031 exchange, discounted payoff (DPO), note purchase and other deal types.
Archway Fund, a direct private mortgage lender, financed a $8.1M non-recourse bridge loan for the purchase of a medical office building in Tampa, FL. The property was 86% occupied, and the largest tenant is the US Air Force, who had recently executed a long-term lease. The Sponsor was working with a credit union to secure financing for the purchase, but they could not close in time. Archway stepped in and closed the deal in 9 days. The interest rate on this bridge loan was 8.5% Interest Only fixed. We charged an origination fee of 2 points. The LTV was 65%, and the loan term was 12 months with 3 months of guaranteed interest. As with almost all of our deals, the Sponsor did not have to personally guarantee the loan. This bridge loan was funded in August 2019.