$500,000 to $3,000,000
- Bridge to stabilization, refinance, construction loan takeout, or sale
- Managing rollover
- Renovation and reposition
Our marketplace supports the following property types:
- Industrial (owner-user may be allowed on a case-by-case basis)
- Office (multi-tenant preferred; owner-user may be allowed on a case-by-case basis)
- Medical office (multi-tenant preferred; owner-user may be allowed on a case-by-case basis)
- Multifamily (refer to separate multifamily credit box)
- No ground-up construction
LOAN-TO-VALUE (LTV) MAXIMUM
- As-is LTV: 65%, or 55% for cash-out refinance
- LTPP (loan-to-purchase-price), acquisitions only: 65%
- LTC (loan-to-cost), refinance only: 75%
- As-stabilized LTV: 60% (only applicable when reserves exist)
- CLTV and CLTPP (as-is cumulative LTV): 75%; 65% for cash out refinance
Loan advance rates are contingent on loan terms, such as cash-out, loan strategy,
subordination, FICO, and other characteristics.
6 to 24 months; longer terms will be considered on a case-by-case basis.
First-position trust deeds and mortgages.
United States. Generally, primary and secondary MSAs (excluding South Dakota and
Minnesota). Rural locations (defined in long-form underwriting standards) are excluded.
Generally loans with fixed notes rates of 9.0% or higher.
Interest is on the full loan commitment.
Renovation/Tenant improvements and leasing commissions/Interest: Funds to be held in a “fund control” escrow account controlled by Aryming or Aryming-approved vendor, and subject to third-party progress inspections.
We allow pari passu and B-piece participations, second liens, or for the lender to take an investment position in Borrower Entity; however, such positions cannot be transferred or sold without Aryming approval and right of first refusal.
All subordinate liens must be co-terminus with or mature after the first lien.
Interest-only or amortizing loans are acceptable.
Full recourse in the form of a personal guaranty is required. Personal guaranties are required from an individual or individuals with a minimum combined equity stake of 50% in the borrowing entity. Recourse will be joint and several. Full recourse includes repayment, environmental indemnity, and completion guaranties for all renovation work.
May be allowed on a case-by-case basis.
Lender must use documents provided or approved by Aryming. For table funding, the documents will be in the lender’s name and then simultaneously assigned to Aryming. For funding into origination, the documents will be in Aryming’s name.
A preliminary title report is required. Prior to closing, a long-form title commitment with a final title policy or a closing protection letter (agent authorization letter in NY) with ISAOA language must be received.
All valuations must include two approaches to value (sales comparison and income), including interior and exterior photos, and provide an insurable value.
- Loans greater than or equal to $1,500,000
- MAI appraisal required
- Loans under $1,500,000
- BPOs are not accepted
- Commercial valuations from a Aryming-preferred vendor are acceptable unless the complexity of deal warrants a full appraisal (determined on a case-by-case basis)
- Appraisals prepared by a licensed appraiser in the state of the subject collateral are accepted
- Loans with renovation reserves require appraisals for both as-is and as-stabilized value.
FUND CONTROL & RENOVATION MANAGEMENT
Aryming requires an approved third party to manage the renovation draw process, including inspections. Upon submission of draw requests (monthly), the approved third-party renovation management firm will conduct progress inspections and recommend approval for the release of funds. Aryming will hold renovation funds and reimburse the borrower for work completed.
Aryming will be the master servicer with a third party retained as the sub-servicer.
BORROWER/GUARANTOR CREDIT SCORE
U.S. single purpose entity (SPE) required; non-SPEs may be considered on a case-by-case basis.
Credit report dated within four months required. Average FICO score of the guarantor must be 600 or higher
Borrower and guarantor must both be at least one year removed from discharge/dismissal, but may be acceptable with certain mitigating circumstances.
BORROWER/GUARANTOR TRACK RECORD
- Must demonstrate current or recent past experience with subject asset class
- Guarantor must submit a personal financial statement that includes a schedule of real estate
OFAC (BACKGROUND) CHECKS
Required for all borrowers and guarantors.
A Certificate of Good Standing as a U.S.-domiciled company or trust is required.
Aryming requires all of the following to be provided:
- ALTA 2006 long-form policy
- Minimum coverage of 100% of loan balance or maximum allowed
- Closing protection letter, addressed to originator and “its successors and/or assigns” (if applicable)
- Signed escrow instructions
- Copies of all title exceptions to review
- Additional endorsements required: ALTA 9 endorsement, access endorsement, environmental endorsement, and survey endorsement
PROPERTY, CASUALTY, LIABILTY, AND OTHER INSURANCE
The following conditions must be met:
- Coverage must equal the lesser of replacement cost or loan amount
- Lender must be listed as mortgagee, loss payee, or additional insured (ISAOA language)
- Coverage must include fire and extended perils, and other hazards customary to the area
- General liability coverage: $1,000,000 per occurrence and $2,000,000 in aggregate
- Flood insurance required for FEMA-designated special flood hazard area
- Earthquake coverage required in high-risk zones
- Storm, hail, and wind coverage may be required
- Business interruption coverage is required
PROPERTY CONDITION REPORT
An ALTA survey is not required on loans less than $3,000,000.
A database search is required for all loans. A Phase I is not required unless environmental issues are uncovered and warrant further investigation.
Current rent roll and the most recent property financials are required.
Generally not required.
May be required in high-risk zones.
Zoning report or zoning letter issued by third party or municipality is required in all cases where a recent or proposed change in use exists.
Aryming requires the following current, executed agreements to be provided:
- Property management and leasing agreements (if applicable)
- Renovation contract (if applicable)
LEASES/ESTOPPELS/ SUBORDINATION & NON-DISTURBANCE AGREEMENTS (SNDAS)
Assignment of leases and rents; assignment of property management and leasing agreements.
Leases, tenant estoppel certificates, and subordination and non-disturbance agreements (SNDAs) are required for tenants (i) leasing greater than 20% of total rentable square feet, (ii) representing over 30% of revenue, or (iii) with remaining term greater than three years.
Tenants that have yet to move in will not be counted in current income.
Aryming may require additional items as needed.
More Information About Commercial Bridge Loans
Real estate investing is a fast-paced and potentially volatile field. Whether you’re investing in residential properties or commercial spaces, you need to be ready to pull the trigger at a moment’s notice to get the best return on your investment.
Traditional financing methods like banks are known for taking a long time to process your loan, and you may miss out on the opportunity of a lifetime while you’re waiting for approval. This is especially true for commercial real estate, where competitors with increased capital make for fiercer competition. With commercial bridge loan financing, you stand the best chance of getting the money you need to seal a deal quickly.
What Is a Commercial Bridge Loan?
A commercial real estate bridge loan is a type of private, hard money loan used for a variety of purposes including refinancing, construction loan takeouts, lease-ups, and recapitalization efforts. These loans can be applied to industrial properties, offices, medical facilities, and multifamily dwellings, with the notable exception of ground-up construction projects.
Terms for commercial bridge loans generally range from six to 24 months, with the ability to extend terms on a case-by-case basis. The sizes of AryMing’s loans range from $500,000 to $3 million, ensuring that our borrowers have plenty of capital for the project ahead. Keep in mind that loan advance rates are contingent on the specific loan terms, loan strategy, subordination, FICO, and other characteristics.
Advantages of Working With AryMing
If you’ve had difficulties with securing financing through traditional means, let AryMing Asset Funding lend you a hand. We are experienced commercial real estate bridge loan lenders with an excellent track record of helping commercial real estate investors capitalize on lucrative opportunities. Banks typically take a long time to process a loan request—if you’re even approved—but our team can have your commercial bridge loan closed within 10-12 days of the loan package’s completion. Draw times are lightning-fast as well, with the funds releasing within 24 hours of the release process.
Additionally, our team has expert knowledge of the real estate market all over the northeast, offering a level of attention and familiarity with the area that a national firm can’t compete with. We have agents based in New York, New Jersey, Southern Connecticut, Baltimore, and Philadelphia, among other northeastern locations, and can have someone meet you in person within 90 minutes of your request no matter where you’re located.
With over 10 years of experience in commercial bridge loan financing and 15 years in the real estate industry, we’re ready to be a dependable partner for deal after deal. Fast closing times, expert knowledge of local areas, and a commitment to excellent customer service are just a few of the things that make us the top commercial bridge loan lenders working today.
Apply for a Commercial Bridge Loan Now
There’s no reason to let a good investment opportunity slip through your fingers—begin the process of applying for a commercial bridge loan today. Start by giving us a call, filling out our online contact form, or scheduling an appointment with one of our agents.