Bridger Commercial Funding LLC, a San Francisco-based commercial real estate finance company, has added mezzanine financing product to its commercial mortgage-backed securities (CMBS) origination program.
Bridger will issue mezzanine loans of $500,000 to $5 million, but only on transactions where Bridger is originating the senior CMBS loan. By leveraging the underwriting for the CMBS loan, Bridger states that it can improve speed and efficiency in the approval process. The company adds that the mezzanine financing capability is made possible through a strategic relationship with New York Mortgage Trust Inc. (NYMT).
‘The program assists a growing number of property owners faced with unprecedented gaps between what they owe on existing mortgages and what the market will lend them today,’ says Jim Fowler, co-CEO of Bridger and chairman of NYMT.
SOURCE: Bridger Commercial Funding