All Analysis
Numerate, dry, quietly skeptical reporting on the bridge-to-agency capital stack for multifamily value-add operators. 10 articles.
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take outs May 15, 2026Why Agency Take-Out Failed on 23% of 2025 Bridges
A quarter of bridge loans originated in 2024–2025 did not exit cleanly into agency financing. Here is what broke, and how to design against it.
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prepay May 15, 2026Decoding 2-1-1 vs 3-2-1 Prepay: A $180k Difference
On a $6M bridge loan, the spread between a 2-1-1 and a 3-2-1 prepayment schedule isn't aesthetic — it's a six-figure line item that moves depending on exactly when you hand the keys to your agency lender.
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all in apr May 15, 2026Calculating the True All-In APR on Your Bridge Loan
The quoted SOFR+spread on a bridge loan is not your cost of capital. Here's the arithmetic that gets you to the number that actually matters.
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extensions May 15, 2026Extension Fees: 50bp vs 100bp vs Just-Refi
When the clock runs out on your bridge loan, the math on paying an extension fee versus refinancing into a new bridge is closer than lenders want you to think — and the cutover point moves depending on how much runway you actually have left.
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spreads May 15, 2026Why the Draw-Funding Friction Index Spiked in Q1 2026
Median days-to-fund on bridge rehab draws climbed from roughly 7 days in Q4 2025 to 12 days in Q1 2026. Here is what drove it and what it costs a working GC relationship.
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postmortems May 15, 2026Postmortem: A 47-Unit Phoenix Deal That Died at Refi
A composite case study of a 1980s-vintage Maricopa County deal where the bridge math worked on paper and failed in execution — specifically at the agency take-out gate. The numbers tell the story.
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carve outs May 15, 2026Recourse Carve-Outs You Should Refuse to Sign
Non-recourse bridge debt is only as good as its carve-out schedule. A growing class of springing and full-recourse triggers has turned standard bad-boy language into an operational trap for value-add operators.
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spreads May 15, 2026How the August SOFR Pop Reset 2026 Bridge Spreads
The August 2025 SOFR spike wasn't a blip — it repriced short-term multifamily bridge debt for the better part of a year. Here's what the term sheets look like now and where the hidden costs live.
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alerts May 15, 2026Three Lenders Stopped Returning Calls Last Week
A pattern-level alert on bridge lender communication blackouts — deferred draws, stalled term sheets, and pulled LOIs — and the operator playbook when your capital source goes dark mid-deal.
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real rate sheet May 15, 2026The Real Rate Sheet — Week of May 12, 2026
Six to ten anonymized bridge quotes from this week's market, with spreads, points, prepay structures, and what the gap between quoted and executable actually looks like right now.