Bridger Commercial Funding Adds Mezzanine Financing Product to CMBS Origination Platform

Combined Program Is Flexible Option for Commercial Borrowers Seeking Higher All-In Leverage


SAN FRANCISCO, CA--(Marketwire - November 22, 2010) -   Bridger Commercial Funding, LLC ("Bridger"), a commercial real estate finance company that originates CMBS loans, announces the addition of a mezzanine financing product to its CMBS origination program. The mezzanine financing capability is made possible through a strategic relationship with New York Mortgage Trust, Inc. (NASDAQ: NYMT) ("NYMT").

"Bridger's CMBS-Mezzanine combined financing program adds value for clients by providing the extra proceeds they need to make transactions work as the CMBS market recovers," said Steve Mumma, Co-CEO of Bridger Commercial Funding. Mr. Mumma also serves as CEO and President of 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," said Jim Fowler, Co-CEO of Bridger, and Chairman of NYMT.

Bridger will issue mezzanine loans of $0.5 million to $5 million, but only on transactions where Bridger is originating the senior CMBS loan. By leveraging the underwriting for the CMBS loan, Bridger is able to provide a quicker, more efficient approval process and cost-effective all-in financing solution.

Program highlights include:

  • Loan Purpose: Acquisitions and refinance; including cash-out refinance 
  • Property types: Retail, office, industrial and multifamily (others by exception)
  • Underwriting: In compliance with CMBS standards as defined by rating agencies and Bridger's CMBS origination partners
  • Structure: Traditional two-tiered owner structure, collateralized with partnership interests of the property ownership entity
  • Loan limits: Financing of up to 85% collateral value available for multifamily properties; 80% for all other property types. Minimum of 10% remaining cash equity required for all mezzanine loans.

About Bridger Commercial Funding
Bridger Commercial Funding (www.bridgerfunding.com) is a trusted commercial lender with a history of success providing term financing for commercial real estate. Founded in 1998 to provide a bridge to Wall Street for small- to mid-size loans, Bridger specializes in CMBS loan origination, loan sales and loan restructurings for its clients nationwide. Bridger has skilled underwriting expertise to guide clients and provide access to the CMBS market, along with proprietary technology that makes the process easier and more efficient.

Contact Information:

For Further Information
At the Company
Paul O'Rear
415-289-3239