Multifamily

Multifamily bridge

A multifamily bridge loan is a short-term, floating-rate, interest-only loan from a debt fund, bank or private lender that finances the acquisition, renovation or lease-up of an apartment property until it can refinance into permanent agency or HUD debt.

Key facts

Figures as of 2026-10-31. Program rules change by notice, so an advisor confirms current terms with lenders before you rely on any figure.

Key facts with sources and as-of dates
ItemFigureSource and date
Max LTV75%Corin sizing estimate; as of 2026-10-31
Minimum debt yield7%Corin sizing estimate; as of 2026-10-31
Typical term24 monthsCorin sizing estimate; as of 2026-10-31
Indicative spreadSOFR + 3.85 pointsCorin sizing estimate; as of 2026-10-31
Lender fee / exit fee1.0% / 0.5%Corin sizing estimate; as of 2026-10-31
Exit test (stabilized)Debt yield 9.5%–10.5% and 1.25x DSCRCorin estimate, varies by lender; as of 2026-10-31
Typical close10–21 days after a complete fileCorin sizing estimate; as of 2026-10-31

Underwrite the exit first

A bridge loan is sized on today's income and tested against the permanent loan that will repay it. At stabilization the property should reach a debt yield of 9.5%–10.5% and 1.25x coverage on the takeout loan. If the plan does not clear that test on paper, adjust the leverage or the business plan before closing.

California rent rules matter

California's AB 1482 caps annual rent increases at 5% plus regional CPI, up to 10%, with a rolling 15-year exemption for new construction. City of Los Angeles RSO units follow a separate 3% cap for July 2026 through June 2027. Lenders underwrite value-add rent growth within these limits, so renovation plans that assume large rent jumps on covered units do not hold up.

Frequently asked questions

What is a typical bridge loan term?

About 24 months, often with extension options. Extensions typically cost a fee and may require a coverage test.

Is the rate fixed or floating?

Bridge loans are typically floating over SOFR, and many borrowers buy an interest-rate cap. Lenders often require one.

How fast can a bridge loan close?

Many close in 10–21 days after a complete file, subject to lender approval, appraisal, title and diligence. This is not guaranteed.

Talk through your deal with an advisor

Send the basics and a licensed Corin advisor reviews which programs and lenders may fit, or size the loan yourself first.