What this is
A no-bullshit operating manual for active multifamily value-add operators navigating the bridge-to-agency capital stack. We obsess over the gap between what lenders quote and what actually happens: real spreads on real term sheets, real draw timelines, real extension terms, real take-out failure rates.
Headline rate is a lie. Total cost of capital is determined by draws, fees, prepay, and exit execution — and we publish the receipts.
Different from every competitor because we're built on a crowdsourced term-sheet flywheel: operators submit anonymized LOIs and outcomes to access the data, which makes the data the most honest source in the niche.
The team
Jordan Reeves spent eight years on the capital markets desk at a regional bridge lender before moving to the editorial side. At apartmentrehabloan.com, the beat covers execution-layer mechanics — rate floors, extension fees, recourse carve-outs, and what actually happens at stabilization when the take-out doesn't pencil.
Marcus Vela covers construction-to-perm financing, bridge debt markets, and distressed rehab capital stacks for apartmentrehabloan.com. Before joining, he spent six years on the capital markets desk at a regional bridge lender, structuring loans across the Southwest. His coverage assumes operators can read a term sheet — and will notice when the numbers don't add up.
How we work
- No lender sponsorship.No paid content, no preferred-rate inclusion, no sponsored placements.
- Anonymized.Operator submissions strip identifying details before any reading hits a tracker.
- Composite cases.Postmortems are composite — never pin a deal failure on an identifiable operator.
- All-in numbers.Every rate we publish carries origination, exit, extension, and prepay context. No teaser rates.
See full editorial standards and data methodology.
Subscribe — or submit
The Friday rate sheet, postmortems, and tracker updates by email. Or submit an anonymized LOI and unlock the full tracker archive.