Bridge Spread — Median
LIVE
SOFR+487bps
↑ +14bps vs. prior week · 75–85% LTC bucket
Median spread over 1M SOFR from anonymized operator LOI submissions. Excludes mezz and pref. 75–85% LTC bucket only. Methodology →
Median Draw Funding Time
LIVE
16.3days
↑ +2.1 days vs. Q1 2026 avg · lender quotes avg 5.8
Post-close operator survey: calendar days from draw request submission to wire confirmation. Inspector-visit delays included. Excludes first-draw funded at close. Methodology →
Active Capital Disruption Alerts
ACTIVE
2
↑ +2 this week · Fortis + Summit Capital
Lenders with confirmed warehouse-line pulls, stop-fund orders, or SEC/regulatory actions. Sourced from press releases, SEC filings, reader tipline. Methodology →
Refi Take-Out Failure Rate TTM
23.1%
↑ +4.2pts vs. 2024 · bridge-to-agency universe
% of bridge loans that failed agency take-out at first attempt: Fannie SBL, Freddie SBL, CMBS conduit. Sourced county recorder cross-reference + operator reports. Methodology →
All MSAs
Phoenix
Tampa
Indianapolis
Columbus
Raleigh
Kansas City
Salt Lake
<70% LTC
70–80% LTC
80–85% LTC
Non-Recourse
| Deal ↕ | MSA ↕ | Units ↕ | LTC ↕ | Quoted ↕ | All-In APR ↕ | Lender ↕ | Recourse ↕ | Prepay ↕ |
|---|---|---|---|---|---|---|---|---|
| ARL-0447 | Phoenix | 47 | 78.0% | SOFR+475 | 11.82% | Debt Fund A | Partial | 2-1-1 |
| ARL-0448 | Tampa | 32 | 82.5% | SOFR+550 | 13.10% | Priv. REIT B | Full recourse | 3-2-1 |
| ARL-0449 | Indianapolis | 18 | 72.0% | SOFR+425 | 10.94% | Reg. Bank C | Non-recourse | 1% exit fee |
| ARL-0450 | Raleigh | 64 | 80.0% | SOFR+510 | 12.45% | Debt Fund A | Non-recourse | YM 24mo |
| ARL-0451 | Columbus | 24 | 77.5% | SOFR+450 | 11.22% | Priv. REIT D | Non-recourse | 3-2-1 |
| ARL-0452 | Kansas City | 91 | 85.0% | SOFR+625 | 14.33% | Bridge Fund E | Springing | 2-1-1 |
| ARL-0453 | Salt Lake City | 38 | 79.5% | SOFR+488 | 12.01% | Debt Fund A | Non-recourse | 1-0.5-0 |
| ARL-0454 | Phoenix | 12 | 70.0% | SOFR+400 | 10.62% | Reg. Bank C | Non-recourse | 1% exit fee |
Latest Intelligence
▌ Postmortem · May 2026
47 Units. Phoenix. Dead at Refi.
The deal that looked fine at 78% LTC until stabilization rents missed by $85/unit. A complete autopsy.
Marcus Vela
⚠ Capital Alert · on-event
Fortis Bridge Capital's warehouse line pulled by CrossHarbor May 9. Two others on watch. If you have an active loan or pending draw at any of these shops, read this first.
Jordan Reeves
◉ Real Rate Sheet · Friday
SOFR+487 median
Marcus Vela
Analysis · Data
Quarterly recorder cross-reference update. Two debt funds cleared at 91%+. One shop: 38% failure rate. The data your bridge lender doesn't want you to see.
Jordan Reeves
▴ Data Drop · Monthly
Inspector scheduling backlog in Sun Belt markets is the culprit. Three lenders' kickback rates exceeded 28%. Monthly draw survey results, full breakdown.
Marcus Vela
Analysis
Running rate on a $4.2M loan just crossed 10.1% all-in. The interest reserve math at origination assumed 4.1%. This is why you model the cap.
Jordan Reeves
Data Trackers
Extension tracker →
Extension Fee Tracker · Apr 2026
0.75% / mo
Median extension cost · 6-month rehab overrun scenario
| Debt Fund A | 50 bps flat/mo |
| Priv. REIT B | 1.0% flat/qtr |
| Reg. Bank C | Re-underwrite req. |
| Bridge Fund E | 1.5%/mo + floor |
Draw Friction — Lender Comparison
28.4%
Draw kickback rate · Priv. REIT B · highest in dataset
% draws kicked back · Apr 2026 · n=112
Spread by LTC Bucket · wk of 12 May
+138bps
Premium for 85% vs 70% LTC — widest gap in 14 months
Tools
All tools →
Analysis
All articles →
Analysis · Prepay
The structure that looks cheaper at signing often isn't. Three deal models, real numbers.
Marcus Vela · 28 Apr 2026
Analysis · Recourse
Springing full recourse on bankruptcy filing is now in 6 of 11 debt-fund LOIs we reviewed this quarter.
Jordan Reeves · 22 Apr 2026
Analysis · Cost of Capital
2 pts, $15K legal, $8K inspection, $5K processing, $12K title. Add it up before you sign anything.
Marcus Vela · 18 Apr 2026
50bp
Data · Extensions
Jordan Reeves · 14 Apr 2026
21d
Data · Draw Friction
Marcus Vela · 10 Apr 2026
The data is only as honest as what operators submit.
Submit an anonymized LOI or term sheet — redact whatever you want — and get full access to the Spread Tracker, Draw Friction Index, and Extension Fee data. Here's exactly what we publish and what stays private. Currently 312 operators in the network. No lender-submitted data. No sponsored rates.