Methodology

How the trackers, the rate sheet, and the postmortems are built. Updated 2026-05-16.

Bridge-Spread-Over-SOFR Tracker

Operators submit anonymized LOIs and signed term sheets weekly. Each row is normalized to a 1M SOFR base. We exclude mezz and pref. We publish the median over the trailing 7 days for each LTC bucket (60-70%, 70-80%, 80-85%, 85%+). n is published on every tracker reading; if n < 15 we publish the prior week's reading with a note.

Draw-Funding Friction Index

Monthly survey of operators who closed in the prior 6 months. Calendar days from draw request submission to wire confirmation. We exclude the first draw (funded at close). Inspector-visit delays are included in the count. Median, IQR, p90, and median-vs-quoted-timeline gap are published.

Take-Out Failure Rate

Quarterly cross-reference of county recorder data (where available) plus operator self-reports. A "failure" is defined as: bridge loan whose first agency take-out attempt (Fannie SBL, Freddie SBL, CMBS conduit) did not close within the bridge maturity window or required a fee/extension/restructure to avoid default.

Anonymization

Submitted term sheets have property address, sponsor name, and lender contact name stripped at intake. We retain: unit count (rounded to nearest 5), MSA, vintage decade, LTC bucket, quoted SOFR spread, origination points, exit fee structure, prepay structure, lender archetype (debt fund / private REIT / regional bank / private credit / agency-correspondent). We never publish individual rows in identifiable form.

Capital-disruption alerts

Confirmed warehouse-line pulls, stop-fund orders, SEC enforcement actions, regulator-imposed lending restrictions. Sources: public press releases, SEC EDGAR filings, FDIC actions, OCC actions, and the reader tipline (corroborated by at least one of the above before publication).

Corrections

Corrections are logged at /corrections within 24 hours of confirmation. We never silently edit. If a tracker reading is revised, the prior reading remains visible with a strikethrough and a note pointing to the correction entry.