One of the true bright spots in real estate finance is bridge lending for value-add purchases and repositions. Rates are in the range of 400 over Libor (or less in some cases) on lower LTV/LTC and better fundamentals. Rates top out around 750 over Libor (in most cases) but largely cluster in the 450-550 over Libor range. Some bridge lenders have the willingness and capacity to price on a risk-adjusted basis along this pricing continuum and other lenders price in a narrow range and must find deals that work at that price/underwriting. Of the many lenders we deal with, one lender has a standout bridge program which has grown a lot in the last 6 months. It prices well on a variety of asset classes including student housing, manufactured housing, and hotels (including select service). This lender likes a $10MM to $75MM loan size (they love portfolios) and have flexible or no pre-pays on 2 to 3 year terms. They also offer non-recourse permanent financing, mezzanine finance, and have a decent equity bucket.