Investors searching commercial property types financing, commercial rehab loans, and commercial bridge loan by property type need a lender matrix — not every asset class prices the same, and purchase vs. rehab underwriting diverges sharply.
Jaken Finance Group finances commercial real estate acquisition and value-add bridge nationwide — all 50 states. Bridge rates: 8.99%–13.5% interest-only, terms 12–24 months.
Apply: commercial real estate financing · commercial loan request · bridge loans for investors
Asset class matrix — purchase & rehab
| Asset class | Purchase bridge LTV | Rehab / value-add | Permanent exit | Full guide |
|---|---|---|---|---|
| Multifamily 5+ | 65%–75% LTV | Lease-up, unit turns | Agency, CMBS, bank | Multifamily bridge |
| Mixed-use | 65%–70% LTV | Retail + resi reposition | Bank, CMBS | Mixed-use bridge |
| Retail / strip | 65%–70% LTV | Tenant improvement, re-tenant | CMBS, bank | Retail strip center loans |
| Office / medical | 60%–65% LTV | TI, conversion | Bank, debt fund | Office bridge |
| Industrial / warehouse | 65%–75% LTV | Light rehab, dock upgrades | Bank, CMBS | Industrial loans |
| Hotel / motel | 60%–70% LTV | PIP, rebrand | CMBS, bank, SBA | Hotel financing |
| Self-storage | 65%–75% LTV | C&S conversion, climate add | CMBS, bank | Self-storage financing |
| Automotive / car wash / gas | 65%–70% LTV | Equipment, bay / tank CapEx | SBA, bank | Car wash & gas station |
| Restaurant / QSR | 60%–65% LTV | Build-out, rebrand | SBA 7(a), bank | Owner-occupied commercial |
| Assisted living | 60%–70% LTV | RAL conversion, licensing | SBA, FHA | Assisted living financing |
| Church / religious | 55%–65% LTV | Adaptive reuse, CapEx | Bank, SBA | Church financing |
| Cannabis real estate | 55%–65% LTV | Licensed RE buildout | Private credit, bank | Cannabis property |
| Mobile home park | 65%–75% LTV | Pad fill, infrastructure | Agency MHC, bank | MHP financing |
| RV park / campground | 65%–80% LTV | PIP, pad expansion | SBA, bank | RV park financing |
| Other special use | 55%–65% LTV | Niche ops or reuse | Bank, SBA, private | Special-use commercial |
How asset class risk drives pricing
Commercial bridge spreads reflect cash-flow predictability and exit liquidity:
| Tier | Asset classes | Spread logic |
|---|---|---|
| Core-plus | Multifamily, industrial, self-storage | Stable NOI, deep buyer pool |
| Value-add | Retail strip, mixed-use, MHP | Re-tenant or lease-up risk |
| Specialty | Hotel, assisted living, restaurant, church, cannabis RE, car wash / gas | Operating business + real estate |
| Distressed | Vacant office, single-tenant dark retail | Repositioning or conversion thesis |
Agency multifamily and FHA multifamily permanent markets set the exit ceiling for bridge pricing — if permanent debt is unavailable at your stabilized cap rate, the bridge term sheet gets tighter.
Purchase vs. rehab underwriting
| Factor | Stabilized purchase | Value-add / rehab |
|---|---|---|
| Underwriting basis | In-place NOI, T-12 | Business plan + stabilized pro forma |
| Leverage metric | LTV on appraised value | LTC on cost stack |
| Draw structure | Single close | Milestone draws on CapEx |
| Exit | Hold or refi day one | Refi after stabilization |
| Timeline | 14–30 days | 12–24 month term |
Rehab deep dive: commercial rehab loans guide
Worked example: 12-unit value-add multifamily
Indianapolis 12-plex — vacant units, deferred maintenance:
| Line | Amount |
|---|---|
| Purchase | $840,000 |
| CapEx (unit turns, roof) | $180,000 |
| Total cost | $1,020,000 |
| Bridge at 70% LTC | $714,000 |
| Sponsor equity | $306,000 |
| Rate | 10.25% IO · 18-month term |
| Stabilized NOI | $98,000/yr |
| Exit refi at 6.5% cap | ~$1.51M value · 65% LTV permanent |
Multifamily value-add succeeds when rent roll growth is documented monthly — bridge lenders want lease copies and renovation progress reports, not just a pro forma.
Worked example: self-storage C&S conversion
Uncovered to climate-controlled conversion:
| Phase | Detail |
|---|---|
| Acquire | $2.1M at 6.2% cap (below-market occupancy) |
| CapEx | $650K — insulation, HVAC, door replacement |
| Bridge | 68% LTC · 8.99%–13.5% IO band |
| Stabilization | 12 months — occupancy 72% → 91% |
| Permanent | Bank refi at 75% LTV on stabilized NOI |
Program details: self-storage facility financing · RV park rates and requirements
Worked example: mobile home park pad fill
45-pad MHP with 8 vacant pads and aging water lines:
| Item | Value |
|---|---|
| Purchase (10.5% cap) | $1.85M |
| Infrastructure + pad prep | $320K |
| Bridge LTC | 72% = $1.56M |
| Stabilized lot rent | $425/pad avg |
| Exit | Agency MHC or bank at 70% LTV |
MHP bridge differs from single-unit manufactured DSCR — underwriting follows lot rent roll, not one tenant. Playbook: bridge to agency MHP
When NOT to use commercial bridge debt
Bridge capital is for defined business plans with near-term exits — avoid it when:
| Situation | Problem | Better path |
|---|---|---|
| Stabilized asset, no CapEx plan | Overpaying for short-term IO | Bank, CMBS, or agency permanent |
| Single-tenant retail, dark anchor | No NOI to service carry | Equity recap or seller finance |
| Office conversion without entitlements | Timeline exceeds 24-month bridge | Joint venture equity first |
| Owner-occupant with 10+ year hold | Rate mismatch | SBA 504 at lower long-term cost |
| Cap rate above permanent market | Negative leverage on refi | Lower purchase price or pass |
| Environmental Phase II open | Lender will not fund | Remediate before bridge application |
SBA commercial real estate guidelines favor owner-occupied operating businesses — not passive NNN strip centers. Match product to occupancy intent.
Bridge vs. hard money on commercial
| Commercial bridge | Hard money | |
|---|---|---|
| Underwriting | Asset + sponsor + business plan | Asset-first |
| Loan size | $500K–$50M+ | $75K–$3M typical |
| Term | 12–36 months | 6–18 months |
| Exit plan | Structured refi required | Sale or refi |
Owner-occupied vs. investment commercial
| Owner-occupied | Non-owner-occupied | |
|---|---|---|
| Occupancy | Business uses 51%+ | Tenant-operated |
| Jaken Finance Group product | Bridge → SBA refi | Bridge, DSCR (select), value-add |
| Hub | Owner-occupied commercial | This page |
Owner-occupied comparison: SBA 504 vs 7(a)
SBA and C-PACE overlays
- SBA 504 / 7(a): Owner-occupied acquisition and expansion — SBA financing · SBA.gov loan programs
- C-PACE: Energy upgrades on commercial property — C-PACE financing
- Bridge now, SBA later: Bridge now SBA later
- CMBS maturity wall: Bridge refinancing guide
Asset-class selection matrix
| Asset class | Bridge fit | Permanent exit | Typical hold |
|---|---|---|---|
| Multifamily 5+ | Value-add, lease-up | Agency, CMBS | 18–36 mo |
| Retail strip | TI + re-tenant | CMBS, bank | 12–24 mo |
| Industrial | Dock/roof/clear height | Bank, CMBS | 12–24 mo |
| Hotel / motel | PIP + ADR growth | CMBS, bank | 18–30 mo |
| MHP / RV | Pad fill / PIP | Agency MHC, SBA | 14–24 mo |
| Self-storage | C&S conversion | CMBS, bank | 12–18 mo |
| Owner-occupied | Buildout | SBA 504 / 7(a) | 12–36 mo |
Asset-specific guides: multifamily 5+ · mixed-use · office · hotel · industrial · retail · car wash / gas · church · cannabis real estate · special use · MHP · RV · assisted living
Sponsor profile → starting product
| Sponsor | Start here |
|---|---|
| First CRE deal | Bridge with operator mentor |
| Stabilized NOI, time to close | Bank or CMBS |
| Owner-occupant | SBA 504 if eligible |
| 30-day close required | Bridge 8.99%–13.5% IO |
CRE navigation: navigating commercial real estate financing · commercial construction cost per SF
Environmental and zoning due diligence by asset class
Commercial bridge files fail late in diligence when environmental or zoning issues surface:
| Asset class | Common diligence trigger |
|---|---|
| Gas station adjacency | Phase II soil sampling |
| Dry cleaner history | Environmental indemnity review |
| Restaurant / QSR | Grease trap and hood compliance |
| MHP / RV park | Septic capacity and pad density limits |
| Industrial | Prior use contamination search |
| Hotel | Franchise agreement and PIP schedule |
Order Phase I environmental before the inspection period ends on any asset with commercial operating history. EPA brownfields resources outline remediation pathways when contamination is identified — lenders need a clear remediation budget in the bridge business plan, not a surprise after funding.
Underwriting mistakes sponsors make
- Using residential DSCR on commercial income asset
- Single-tenant retail without lease abstract review — verify co-tenancy and option periods
- Refi before stabilization on value-add thesis — permanent lenders want 90-day stabilized T-12
- Ignoring environmental — Phase I is table stakes; gas station adjacency triggers Phase II
- Hotel PIP without franchise approval — flag PIP scope in bridge application
Need equity, not just debt?
Short on the equity check to close a commercial deal? Our JV equity partnerships program pairs an institutional joint-venture equity partner with sponsors on stabilized and value-add multifamily, mixed-use, retail, self-storage, office, and flex — funding up to 100% of the equity so a sponsor can get in with little or no money down and keep roughly half the ownership. Checks run $250K–$2M in major MSAs.
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