Philadelphia Bridge Lenders for Commercial Real Estate
Are you seeking short-term financing secured by commercial real estate in the Philadelphia metro area? On this page you'll find a list of select CRE Bridge Lenders that can finance a Philadelphia property purchase, 1031 exchange, refinance, or equity cash out in 1st lien position. We have a separate page for lenders that can fund a rehab / value-add project. The maximum loan-to-value for most CRE bridge loans is 70%, and some lenders can go up to 75% for retail and industrial properties. The max LTV is typically much lower for office, hotels, and specialty property types.Searching...
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Completed Bridge Loan Transactions in Philadelphia
Gelt Financial, a direct CRE lender, funded a $280,000 1st lien position purchase bridge loan for the acquisition of a vacant daycare in Philadelphia, PA. We funded 52% of the $540,000 purchase price, while the Borrower contributed 48% cash at closing. The Borrower approached Gelt Financial because they needed to finance the purchase of their new daycare business. The Borrower owns similar businesses and performs very well. The subject property is approximately 2,424 square feet, including 3 bathrooms, divided rooms, and a fenced playground. It was built in 1975 and was in excellent condition. The Borrower had good credit. They plan to continue occupying the property and eventually refinance as an exit strategy. The interest rate was 13% floating and we charged 3% origination points. The loan term was set at 12 months. This CRE bridge loan was funded in December 2023.
Bridge Loan for Multifamily 1031 Exchange Deal in Philadelphia, Pennsylvania
$3,000,000
BridgeInvest, a direct CRE private lender, funded a $3,000,000 1st lien position bridge loan secured by two apartment properties in Center City, Philadelphia, PA. The Sponsor required a reliable and quick execution to take advantage of an expiring 1031 exchange transaction. The Borrower utilized BridgeInvest’s expedited due diligence process and flexible underwriting to complete the purchase within the allotted time frame. The cross-collateralized loan was structured with holdback escrows to manage various title issues, code violations and necessary improvements affecting both assets that prevented the Borrower from securing traditional financing. Located in the heart of the city, both properties are in emerging areas with excellent access and exposure to Center City, Northern Liberties and Philadelphia waterfront. This purchase bridge loan was funded in November 2016.
$10MM Bridge Loan for Philadelphia Office Building Discounted Note Payoff
$10,000,000
$10MM Senior bridge loan to refinance a 140,000 square foot office complex in suburban Philadelphia. The Borrower used Bloomfield’s senior bridge loan to facilitate the discounted payoff of 2 two legacy CMBS loans from the a special servicer representing the prior lender.The property was 75% occupied across multiple buildings. This private mortgage loan also provides for a capital improvement reserve to allow for renovations on vacant space as new leases are signed. The loan-to-cost was 80% but the stabilized loan-to-value is 65%. This bridge loan was funded in October 2014.