Mesa bridge sequence before a quote
Step 1
Address and unfinished work
Lease-up, a re-tenanting, or a renovation. A finished rent roll is a different product.
Step 2
Reserve and extension
Say whether interest is escrowed and what must be true before any extension.
Step 3
Named exit
Bank, life company, conduit, or an agency loan a DUS lender would make. Unnamed exits stay in bridge.
Mesa sponsors ask for bridge when a building's income is still a plan. That plan might be a value-add apartment, a retail center on the older US-60 side of town being re-leased, or flex space that is not yet a permanent industrial loan. The City of Mesa's business pages describe an economic-development function aimed at jobs and investment, and they describe Falcon Field as a general aviation airport in northeast Mesa. Phoenix-Mesa Gateway Airport's own site places the airport at 5835 South Sossaman Road, Mesa, AZ 85212. Those are geography. A hangar tenant, a Gateway hotel, or a shop building near either airport is underwritten to its rent roll. The airport does not guarantee occupancy. Wikipedia's Arizona State University article places ASU's Polytechnic campus in Mesa and the research campus in Tempe. Student housing written against the Tempe campus belongs on Tempe bridge, not on a Falcon Field narrative.
This page is the Mesa child of Arizona bridge. The city hub is Mesa. Gateway as a submarket is Mesa Gateway. When the asset can carry a longer loan, the conversation moves to Mesa refinance. Type a payment you choose into the DSCR calculator. It will not price a bridge, and it will not know which private lender might make one.
Structural terms a Mesa file has to name
Four documents, not a coupon. The initial term is a number of months the private lender writes down. An extension, if one exists, is a condition in that same document, such as a signed lease or a coverage test the lender defines. This page does not supply the test. An interest reserve is cash set aside so the payment can be made while Mesa occupancy is still moving. It is the borrower's money, reserved, not extra proceeds for a renovation that was never in the budget. The exit is the loan that is supposed to retire the bridge: a bank permanent, a life company, a conduit, or an agency loan made by a DUS or Optigo lender if the collateral is apartments that qualify. Capital Market Funds is not a Fannie Mae DUS lender and is not an Optigo lender.
Older East Valley retail that is between grocers is a Mesa fact pattern only when the center is in Mesa. Grocery collateral generally is Arizona grocery-anchored centers. Do not send a finished, leased Mesa building to a bridge desk and call it transitional. Permanent debt has its own page. Craig Hoebing arranges the request from Scottsdale under Capital Market Funds, LLC - CBK-2007014 - Commercial Mortgage Banker and NMLS 1445066. There is no Mesa branch. Private lenders make bridge loans. This office does not lend its own paper and does not call itself a hard-money lender.
Mesa market context
- Falcon Field is northeast Mesa
- The City of Mesa's business pages describe Falcon Field as a general aviation airport in northeast Mesa. A bridge on a nearby building is still underwritten to that building. City of Mesa, Business and Development
- Gateway Airport's published address
- Phoenix-Mesa Gateway Airport's site lists 5835 South Sossaman Road, Mesa, AZ 85212. The airport is location context for southeast Mesa property. It is not a borrower. Phoenix-Mesa Gateway Airport
- Polytechnic campus is the Mesa ASU site
- Wikipedia places ASU's Polytechnic campus in Mesa and the Tempe campus in Tempe. A bridge aimed at Tempe student demand is written on the Tempe page. Wikipedia, Arizona State University