What size construction and bridge loans do you arrange?

Senior construction debt from $2,000,000 to $200,000,000 and institutional bridge from $1,000,000 to $150,000,000. Mezzanine and preferred equity from $1,000,000 to $100,000,000 are placed behind the senior where leverage requires it.

How much leverage is available on a construction loan?

Senior construction debt is generally available up to 75 percent of total project cost. Higher all-in leverage is reached by placing mezzanine debt or preferred equity behind the senior at the same closing. Interest reserve is funded at closing and draws are advanced against inspected work.

How much leverage is available on a bridge loan?

Up to 75 percent of value, with future funding committed at closing for capital expenditure, tenant improvement and leasing commission so the business plan is funded in one transaction.

Will a lender finish a project that has stalled mid-construction?

Yes. Construction completion is underwritten as its own product. Projects roughly 30 to 95 percent complete are financed where the original lender stopped funding, the budget ran short, the general contractor walked off, or the sponsorship changed. Mechanics lien resolution is structured into the closing.

What does a completion file need up front?

The original budget against actual spend to date, a current contractor cost-to-complete, the lien position of everyone who has worked on the site, and a plain explanation of why the first lender stopped funding. That last question is the first one every completion lender asks.

Do you finance office to residential conversion and adaptive reuse?

Yes. Office to apartment or condominium, hotel to multifamily or senior housing, apartment to condominium, industrial to self-storage, and historic mill, warehouse, school and church conversion. Historic tax credit and state incentive layers are accommodated in the structure.

Are construction and bridge loans non-recourse?

Both recourse and non-recourse structures are available depending on sponsorship, asset class, leverage and market. A completion guarantee is customary on construction debt even where the repayment obligation is non-recourse.

What asset types are eligible?

Multifamily, build-to-rent, mixed-use, condominium, industrial and logistics, cold storage, hotel and hospitality, healthcare, senior housing and assisted living, memory care, skilled nursing, medical office, office, retail and net lease, self-storage, student housing, land and horizontal development, adaptive reuse, manufactured housing and special purpose.

Do you lend outside major metropolitan markets?

Yes. Major metropolitan markets carry the deepest capital, and secondary and tertiary markets are financed where the sponsor, the asset and the exit support it. All 47 states.

What decides whether a construction loan gets done?

Experienced sponsorship, a general contractor under contract, and a budget that survives a third-party cost review. Those three carry more weight than the rate, and a file missing one of them is usually repriced rather than declined.

Can you take out a bank that will not renew?

Yes. Maturity takeouts, forbearance exits, special assets payoffs and discounted payoff financing are a core use of the bridge program, including loans already in default.

What do you need to size a construction loan?

Project location and asset type, total project cost split into land, hard cost and soft cost, loan amount requested, stabilized or completed value, equity already contributed, entitlement and permit status, the general contractor and whether the contract is signed, sponsor track record and the exit.

Does Forman Capital Partners charge upfront fees?

No. Forman Capital Partners does not charge upfront fees under any circumstances. Advisory fees are disclosed in writing before closing and are collected only on a completed financing.

How fast is a response?

Every file is answered by a person within one business day, including the ones that do not work, which are declined the same day rather than left open.

Multifamily, Build-to-Rent, Retail and Industrial Loans

$1,000,000 – $150,000,000Acquisition & BridgeValue-add and lease-up, to 75 percent of value

$2,000,000 – $100,000,000Permanent & AgencyFixed rate takeout, to 80 percent on multifamily

$1,000,000 – $100,000,000MezzanineBehind the senior at the same closing

Interest only during the business plan Future funding for capex and leasing Recourse and non-recourse both available Rate lock on the permanent takeout

What This Page Covers

Garden Apartments
Mid and High Rise
Workforce Housing
Affordable & LIHTC
Student Housing
Senior Rental
Horizontal BTR
Townhome BTR
Single Family Rental Portfolios
Grocery Anchored
Unanchored Strip
Single Tenant Net Lease
Power & Lifestyle Centers
Bulk Distribution
Last Mile & Infill
Small Bay Multi-Tenant
Flex & Light Manufacturing
Industrial Outdoor Storage

Apartments and Rental Communities

Multifamily and Build-to-Rent

Purchase, refinance and cash-out on rental housing that already produces income, and bridge capital where the plan is a renovation, a re-tenanting or a lease-up that has not finished. Our partners size these off the trailing twelve months first and the projection second.

Placed with our balance sheet, debt fund, agency and portfolio partners

$1,000,000–$150,000,000Loan Size

75%Loan To Value

80%Agency Permanent

12–36 MoBridge Term

BothRecourse Options

Multifamily

Situation	What it covers	Term	Leverage
Acquisition	A stabilized or partly stabilized purchase, including a short close an agency execution cannot meet.	12–36 mo	to 75%
Value-add	Unit renovations and common area work, funded by draw as units turn.	24–36 mo	to 75%
Lease-up	A finished building with no permanent debt, carried to stabilized occupancy.	18–36 mo	to 70%
Maturity takeout	A construction loan coming due, a maturing bridge, or a bank that will not renew.	12–24 mo	to 70%
Permanent	Fixed rate agency, life company and HUD takeout.	5–35 yr	to 80%
Recapitalization	Partner buyout, equity replacement, and cash-out supported by trailing income.	12–36 mo	to 70%

Build-to-Rent

Delivered communities in lease-up, carried to stabilized occupancy and an agency takeout
Phased delivery, where the loan advances against homes that are finished and occupied
Townhome and cottage communities held and operated as one asset
Scattered single family portfolios of twenty-five homes and up, consolidated into one facility
A buyer purchasing a stabilized community from a merchant builder on a short close

How these are placed. Forman Capital Partners arranges the financing and is not the lender. The terms above are what our partners quote on these files: first mortgage, interest only through the business plan, future funding committed at closing. Higher leverage comes from placing mezzanine behind the senior at the same closing. Ground-up build-to-rent is on the construction and bridge page.

Shopping Centers, Warehouse and Flex

Retail and Industrial

Retail is underwritten lease by lease, where term remaining and rent against market decide the leverage before the capitalization rate does. Industrial is acquisition, refinance and value-add on buildings already standing, including vacancy carried to a signed lease.

Placed with our balance sheet, debt fund and conduit partners

$1,000,000–$100,000,000Loan Size

70%Loan To Value

75%Credit Single Tenant

12–60 MoBridge To Permanent

BothRecourse Options

Retail and Net Lease

Type	What it covers	Term	LTV
Grocery anchored	An anchor with term remaining and shop space at or below market rent.	12–60 mo	to 70%
Unanchored strip	Local and regional tenants, with re-tenanting costs carried by future funding.	12–36 mo	to 65%
Single tenant	Investment grade and franchise credit, including sale-leaseback at closing.	5–25 yr	to 75%
Power and lifestyle	Larger formats with a mixed anchor roster and co-tenancy clauses that matter.	12–60 mo	to 65%
Repositioning	A dark anchor box or a change of use, where the exit is a re-tenanted center.	18–36 mo	to 60%

Industrial

Bulk distribution, last mile and infill logistics with term remaining and rent below market
Small bay multi-tenant, where leasing cost is the real capital need
Flex and light manufacturing, including owner-occupied buildings moving to investment use
Vacancy carried through lease-up, with tenant improvement and commission dollars committed at closing
Industrial outdoor storage, yard and trailer parking

Send the leases. Co-tenancy, exclusive use, early termination and percentage rent move the number more than the rate does. Ground-up industrial, sale-leaseback and cold storage are on the industrial and logistics page.

From Real Lender Feedback

Why Deals Get Declined

These are the answers that come back most often, what each one means, and what to include so it does not come up. Most of them are a credit box the lender never published rather than a judgment on the deal.

“Not in that market.” Footprints are narrower than most websites suggest, and many balance sheet lenders are regional. Send: the metropolitan area and its population in the first line, with submarket comparables if it is secondary or tertiary.
“Below our minimum.” Floors of five, seven and a half and ten million are common and rarely published anywhere. Send: the loan amount in the subject line.
“We do not do cash-out.” Much of the bridge market funds acquisition only, or treats cash-out as a different product at lower leverage. Send: whether it is a purchase, a rate-and-term or a cash-out, and what the proceeds are for.
“The debt yield does not work.” The test is trailing income, not the stabilized projection. Send: the trailing twelve months and the current rent roll, with the projection labelled separately.
“Too much vacancy.” Vacancy on its own is underwritable. Vacancy with nothing in the loan that pays to fill it is what draws the decline. Send: the leasing pipeline, the tenant improvement budget, and a request for future funding.
“Not enough sponsor equity.” Day-one cash is what gets measured, and basis credited at today's value is often discounted. Send: where the equity came from and how much is cash.
“We cannot get comfortable with the exit.” A bridge lender underwrites the loan that repays it as closely as the one it is making. Send: the named exit and its timing, whether that is agency, HUD, a life company or a sale.
“Not doing retail right now.” This usually means unanchored strip rather than grocery anchored or credit single tenant. Send: the anchor, its term remaining, and rent against market.
“We need the track record.” Units delivered or owned in the same asset type, not general real estate experience. Send: a schedule of real estate owned with the role held on each.
“No response at all.” Silence is usually a box mismatch, and it costs a week to find that out. Send: loan amount, market, asset type and use of proceeds in the first four lines.

What moves a file. Trailing income, a named exit, experience in the same asset type, and capital committed to pay for the business plan. A submission that answers those four on the first page gets read the same day.

Permanent Takeout

CMBS and HUD

The loan that repays the bridge is worked out at the same time as the bridge. Multifamily and build-to-rent usually exit to agency or HUD. Retail and industrial exit to CMBS or a life company, because neither agency nor HUD lends against them.

Placed with our MAP approved, conduit and life company partners

5–35 YrFixed Rate Term

80%HUD 223(f)

70%Conduit CMBS

8–10%Debt Yield Test

Non-RecourseBoth Executions

The Takeout Options

Execution	What it covers	Term	Leverage
Conduit	Fixed rate permanent debt pooled into a securitization. Non-recourse, with a lockbox where the debt yield is thin.	5–10 yr	to 70%
Single borrower	One asset or one portfolio in its own securitization, with more room on covenants and release pricing.	2–10 yr	to 70%
Life company	The lowest cost permanent debt, at the lowest leverage, on the strongest assets.	10–25 yr	to 65%
HUD 223(f)	Purchase or refinance of an existing stabilized rental property, with repairs below the substantial rehabilitation threshold.	35 yr	to 80%
HUD 221(d)(4)	New construction and substantial rehabilitation, carrying the build and converting to permanent without a second closing.	40 yr	to 85%
HUD 232	Assisted living, memory care and skilled nursing, handled on the healthcare page.	35 yr	to 80%

What Decides Eligibility

Seasoning. A 223(f) normally expects three years of operation, with a waiver route where that has not been reached.
Build-to-rent. A contiguous community under one owner and one manager can qualify. Scattered homes across different streets generally cannot.
Retail inside the building. Commercial space is capped as a share of rentable area and income, so a ground floor retail component has to be measured early.
Coverage. Market rate files are tested at 1.176 times. Affordable files are tested lower and reach higher leverage.
Timing. Six to twelve months on a HUD execution, forty-five to sixty days on a conduit. Davis-Bacon wages apply to 221(d)(4) and not to 223(f).

How the bridge should be written. Long enough to absorb a HUD queue, with extensions that are paid for rather than discretionary and a prepayment structure that does not penalize an early conversion.

Also Available

Mezzanine from one million to one hundred million behind a senior acquisition or bridge loan
Portfolio and cross-collateralized facilities across several assets under common ownership
Note purchase, including performing and non-performing first mortgages and discounted payoffs
Rescue capital where the senior is in place and the gap is in the equity

Send The Asset → ☎ (561) 410-2098

Multifamily, BTR, Retail & Industrial

File Reviewed In One Business Day

An offering memorandum, budget or term sheet in hand is the fastest way to start. Anything you do not have yet can be left blank.

Full Name*

Sponsor or Entity

Email*

Phone*

Project and Market*

Capital Needed*

Asset Type*

Loan Amount Requested*

Total Project Cost*

Stabilized or Completed Value*

Equity In Place

Stage*

Exit*

The Situation

Attach the package (optional)

Rent roll, operating statements, budget, plans, appraisal. PDF, Word, Excel, images or a zip.

Or send it by email or call (561) 410-2098.

Business purpose only. We never collect money before closing. Loan sizes, leverage and terms shown describe current network capacity and recent market execution and are not a commitment. Every transaction is subject to underwriting, third-party reports, and final approval by the funding source. Forman Capital Partners is a commercial capital advisory firm and not a direct lender. No upfront fees under any circumstances.

Forman Capital Partners is a commercial capital advisory firm. We are not a direct lender, bank, mortgage broker, real estate broker, or real estate agent. We do not originate, fund, underwrite, or service loans. All financing is arranged through and provided by independent third-party lenders. Our role is limited to introducing borrowers to potential lending sources and assisting in the facilitation of the loan process.

No Guarantee of Financing. Submission of an inquiry does not constitute a loan application, pre-approval, commitment to lend, or guarantee of financing. All loan terms, rates, conditions, fees, and approval decisions are determined solely by the individual third-party lender. Loan amounts, LTV ratios, interest rates, closing timelines, and other terms referenced on this page are representative ranges based on current market conditions and our network experience.

Business-Purpose Loans Only. Forman Capital Partners arranges business-purpose commercial loans only. We do not arrange consumer residential mortgage loans.

No Upfront Fees. Forman Capital Partners does not charge upfront fees under any circumstances. All advisory fees are disclosed in writing prior to closing and are only collected upon successful completion of a financing transaction.

Representative Terms. Leverage, pricing, loan sizes and timelines referenced on this page describe current network capacity and recent market execution rather than committed terms. Every transaction is subject to underwriting, third-party reports, credit, entity and property review, and to final approval by the funding source. Nothing on this page is an offer or commitment to lend.

Not Legal, Tax, or Financial Advice. Information on this page is for general informational purposes only and does not constitute legal, tax, financial, or investment advice. Karina Vasquez, Esq. is independent counsel and her involvement in structuring and review of capital advisory transactions is limited to the work agreed to in writing on a matter-by-matter basis.

Equal Opportunity. Forman Capital Partners is committed to providing equal service to all clients regardless of race, color, religion, sex, national origin, familial status, disability, or any other protected class.

State-Specific Disclosures. Headquartered in Florida. All financing arranged through independent third-party lenders responsible for compliance with applicable state and federal laws. Forman Capital Partners serves borrowers in 47 states. Nothing on this website should be construed as a representation that any particular product is available in any state.

Multifamily, Retail and Industrial

Multifamily and Build-to-Rent

Retail and Industrial

Why Deals Get Declined

CMBS and HUD

File Reviewed In One Business Day