Office Bridge LoansTakeout named first · 10.5% to 14% · Public floor $10 million and up
Talk to PeerSense. The capital source sets the terms. Every deal is stress tested against exit cap rates 100 to 200 bps wider than today's marks before sizing, so the permanent refinance lands.
Class B repositioning · medical office · life science convertible · office to residential conversion · CMBS maturity rescue · credit tenant Class A.
Last updated: ·By Ed Freeman, Capital Advisor. PeerSense
Eligible collateral is commercial & investment real estate only. The following do not qualify under any PeerSense program, regardless of equity or credit: owner occupied primary residences, second homes, and single family homes you live in (or plan to vacate at closing); and properties in active foreclosure. Pre foreclosure is considered case by case. If it's a home you live in, a residential mortgage broker is the right starting point.
What are typical office bridge loan rates in 2026?
Talk to PeerSense. The capital source sets the terms. Property only underwriting, no FICO floor, no personal income tests. The conservative LTV cushion absorbs the cap rate widening that's still working through Class B/C office. 10.5% to 14% interest only depending on asset profile and exit timing. Alternative full doc 55 to 65% LTV institutional path available for medical office and Class A CBD deals with credit tenants. Every deal stress tested against exit cap rates 100 to 200 bps wider than current.
Published by PeerSense Capital Advisory · Written by Ed Freeman, Founder. Updated May 2026.
Office Bridge Loan Underwriting Matrix: Terms by Deal Type
Bridge lenders underwrite office deals very differently based on the transition being bridged: acquisition vs. refinance vs. lease up vs. value add vs. cash out. Pick your deal type below for typical LTV, DSCR, term, and rate.
| Property Type | Max LTV | Min DSCR | Term | Amortization | Rate Range | Recourse |
|---|---|---|---|---|---|---|
| Class A CBD Credit Tenant Office | 60 to 65% | 1.25x trailing | 18 to 36 mo | Interest Only | 10.5% to 12.0% | Non recourse ($25M+) |
| Medical Office (On Campus) | 65 to 70% | 1.25x trailing | 18 to 36 mo | Interest Only | 10.0% to 11.5% | Partial / burn off |
| Medical Office (Off Campus) | 60 to 65% | 1.25x trailing | 18 to 36 mo | Interest Only | 10.5% to 12.0% | Partial |
| Class B Repositioning | 55 to 60% | 1.15x stabilized | 24 to 36 mo | Interest Only | 11.5% to 13.0% | Full / burn off |
| Life Sciences Convertible Office | 60 to 65% LTC | 1.20x stabilized | 24 to 36 mo | Interest Only | 11.0% to 13.0% | Completion guarantee |
| Office to Residential Conversion | 65 to 70% LTC | 1.15x stabilized | 24 to 36 mo | Interest Only | 12.5% to 14.0% | Completion guarantee |
| CMBS Maturity Rescue (DPO) | 50 to 60% of par | 1.10x stabilized | 18 to 36 mo | Interest Only | 11.5% to 13.5% | Partial |
| Suburban Class B Stabilized | 55 to 60% | 1.25x trailing | 18 to 36 mo | Interest Only | 11.0% to 12.5% | Partial / full |
Class A CBD Credit Tenant Office10.5% to 12.0% · 60 to 65% LTV
- Max LTV
- 60 to 65%
- Min DSCR
- 1.25x trailing
- Term
- 18 to 36 mo
- Amortization
- Interest Only
- Rate Range
- 10.5% to 12.0%
- Recourse
- Non recourse ($25M+)
Medical Office (On Campus)10.0% to 11.5% · 65 to 70% LTV
- Max LTV
- 65 to 70%
- Min DSCR
- 1.25x trailing
- Term
- 18 to 36 mo
- Amortization
- Interest Only
- Rate Range
- 10.0% to 11.5%
- Recourse
- Partial / burn off
Medical Office (Off Campus)10.5% to 12.0% · 60 to 65% LTV
- Max LTV
- 60 to 65%
- Min DSCR
- 1.25x trailing
- Term
- 18 to 36 mo
- Amortization
- Interest Only
- Rate Range
- 10.5% to 12.0%
- Recourse
- Partial
Class B Repositioning11.5% to 13.0% · 55 to 60% LTV
- Max LTV
- 55 to 60%
- Min DSCR
- 1.15x stabilized
- Term
- 24 to 36 mo
- Amortization
- Interest Only
- Rate Range
- 11.5% to 13.0%
- Recourse
- Full / burn off
Life Sciences Convertible Office11.0% to 13.0% · 60 to 65% LTC LTV
- Max LTV
- 60 to 65% LTC
- Min DSCR
- 1.20x stabilized
- Term
- 24 to 36 mo
- Amortization
- Interest Only
- Rate Range
- 11.0% to 13.0%
- Recourse
- Completion guarantee
Office to Residential Conversion12.5% to 14.0% · 65 to 70% LTC LTV
- Max LTV
- 65 to 70% LTC
- Min DSCR
- 1.15x stabilized
- Term
- 24 to 36 mo
- Amortization
- Interest Only
- Rate Range
- 12.5% to 14.0%
- Recourse
- Completion guarantee
CMBS Maturity Rescue (DPO)11.5% to 13.5% · 50 to 60% of par LTV
- Max LTV
- 50 to 60% of par
- Min DSCR
- 1.10x stabilized
- Term
- 18 to 36 mo
- Amortization
- Interest Only
- Rate Range
- 11.5% to 13.5%
- Recourse
- Partial
Suburban Class B Stabilized11.0% to 12.5% · 55 to 60% LTV
- Max LTV
- 55 to 60%
- Min DSCR
- 1.25x trailing
- Term
- 18 to 36 mo
- Amortization
- Interest Only
- Rate Range
- 11.0% to 12.5%
- Recourse
- Partial / full
Indicative only, as of May 2026. Not a quote, commitment or offer of credit. Final pricing, leverage and terms are determined by the lender at underwriting, after full transaction materials are reviewed. PeerSense sources the file. The lender sets pricing. What these terms mean.
Indicative ranges as of May 2026. Individual deal pricing depends on LTV, DSCR, property type, tenant credit, sponsor track record, and market spreads at the time of rate lock. Contact PeerSense for a deal specific indication.
Indicative only, as of October 1, 2026. Not a quote, commitment or offer of credit. Final pricing, leverage and terms are determined by the lender at underwriting, after full transaction materials are reviewed. PeerSense sources the file. The lender sets pricing. What these terms mean.
Why Office Bridge Is the Most Underwritten Category in 2026
Office bridge is the most scrutinized, most stress tested, most LTV constrained bridge category in all of commercial real estate right now. Post COVID structural vacancy (major metros running 18 to 25% availability vs. 10 to 12% historical) means every bridge lender stress tests exit cap rates 100 to 200 bps wider than today's marks before they'll size the loan. But capital is still available, selectively, for Class A CBD credit tenant office, medical office, life science convertible office, and office to residential conversion. The sponsor bar is high, the LTV is low, and the exit plan has to be bulletproof.
Exit Cap Rates Are Stress Tested +100 to 200 bps
Before sizing the loan, institutional office bridge lenders model exit cap rates 100 to 200 bps wider than today's marks. If current comps trade at 7.5% cap, the lender sizes against a 9.0 to 9.5% exit cap. That stress test is what's keeping LTVs at 50% to 65% even on Class A deals that historically hit 70% to 75%.
Medical Office Is the Outlier
On campus and affiliated medical office (MOB) is the one office sub category still pricing similar to pre COVID levels | tight credit tenants (health systems, specialty groups), 10 year+ NNN leases, sticky occupancy, and deep specialty lender appetite. MOB bridge prices 75 to 150 bps tighter than generic office.
Office to Residential Conversion Is the Hottest Play
NYC, SF, DC, Chicago, LA, Boston have passed or are passing zoning overlays and tax incentives for office to residential conversion. Bridge funds acquisition + $100 to $400/SF conversion capex; post conversion multifamily refinances into Fannie DUS or Freddie Optigo at 5.75% to 6.50%. The equity return profile is outstanding if the building's column spacing, floor plates, and plumbing stacks are convertible.
CMBS Maturity Wall = Forced Bridge Demand
Hundreds of billions of office CMBS originated 2014 to 2017 hit balloon maturity through 2027 and cannot refinance at current rates + current values. Bridge pays off the maturing CMBS (often at a discounted payoff negotiated with the special servicer), funds TI/LC capex, and gives 24 to 36 months to re tenant and stabilize. The discount capture + equity reset is the single largest office value creation opportunity in this cycle.
Office Bridge Deal Types We Structure
Class B Repositioning (Amenity Upgrade)
You're acquiring a 1970s to 1990s Class B suburban or CBD office tower with 20 to 40% vacancy. The thesis: $30 to $80/SF capex for modern amenities (fitness, conferencing, food hall, updated lobby), aggressive leasing program, and 18 to 24 months to stabilize at modern spec rents. Bridge funds acquisition + capex reserve. CMBS or institutional portfolio refinance at stabilization.
Office to Residential Conversion
You're acquiring a mid century CBD office building in NYC, SF, DC, Chicago, LA, or Boston with zoning support for residential conversion. Bridge funds the acquisition + $100 to $400/SF conversion capex over 18 to 30 months; post conversion multifamily refinances into Fannie DUS or Freddie Optigo at stabilized rents.
Medical Office Acquisition + Lease Up
You're acquiring a 50,000 to 250,000 SF on campus or off campus medical office building. Bridge closes the deal; 12 to 24 months for TI/LC and lease up to 90%+ occupancy with health system and specialty practice tenants. Exit is specialty MOB lender (Kayne Anderson, Ventas, Welltower) at 6.5% to 8.0%.
CMBS Maturity Rescue (Distressed Payoff)
Your office's 2014 to 2017 CMBS is maturing; current value is 25 to 40% below origination value; special servicer is offering discounted payoff at 60 to 80% of par. Bridge funds the DPO, pulls equity out of the discount, funds TI/LC reserves, and gives 24 to 36 months to re tenant and refinance at new market basis.
Life Sciences Convertible Office
You're acquiring a CBD Class B office building in Boston, SF, San Diego, or Raleigh Durham with ceiling heights (12'+), floor loads (100+ lb/SF), and HVAC capacity convertible to life sciences lab use. Bridge funds acquisition + $150 to $400/SF lab conversion capex; life sciences tenants sign 10 yr+ NNN leases at $85 to $120/SF rents; permanent debt refinances at stabilization.
Office Bridge Loans: Frequently Asked Questions
What are typical office bridge loan rates in 2026?+
Office bridge loans price 10.5% to 14% interest only in May 2026, the highest priced bridge category. Medical office: 10.0% to 11.5%. Class A central business district office with institutional tenants: 10.5% to 12%. Class B repositioning: 11.5% to 13%. Class C distress and office to residential conversions: 12.5% to 14%. Pricing reflects the post COVID structural vacancy overhang in many markets.
Is anyone still lending on office in 2026?+
Yes, but selectively. Institutional private credit funds and specialty office bridge lenders continue to fund Class A office in top tier markets, medical office, life science convertible office, and office to residential plays. Traditional banks and CMBS have largely exited new office origination except for best in class sponsors. The bar is: institutional sponsor, stabilized or near stabilized tenancy, clear exit strategy.
What's the typical LTV on office bridge in 2026?+
Office bridge LTV is the lowest of any CRE asset class, 50% to 65% on purchase, 50% to 60% on cash out, 65% to 70% LTC on conversion or repositioning with capex. Medical office stretches to 65% to 70% LTV. Lenders stress test exit values to assume cap rates expand 100 to 200 bps from current marks before they'll size the loan.
Can I bridge finance an office to residential conversion?+
Yes. Office to residential (and office to multifamily) conversion bridge is one of the fastest growing bridge sub categories in 2026 as cities (NYC, SF, DC, Chicago, LA) pass conversion incentives and zoning overlays. Bridge funds acquisition + conversion capex ($100 to $400 per SF depending on depth of conversion), then refinances into Fannie/Freddie (post conversion multifamily) or CMBS at stabilization.
What's the standard office bridge exit?+
CMBS office conduit (7.5% to 9.5%) is the primary exit for stabilized office with institutional tenants on 10 year leases. Institutional portfolio lenders selectively lend on Class A CBD office with Fortune 500 tenants (6.75% to 8.25%). Office to residential conversions refinance into Fannie/Freddie agency debt (5.75% to 6.5%) once stabilized multifamily. Medical office refinances into specialized medical office lenders (Synovus, Kayne Anderson) at 6.5% to 8.0%.
Is office bridge recourse or non recourse?+
Office bridge is typically partial recourse through stabilization, with carve outs for fraud, voluntary bankruptcy, environmental, and completion guarantees during conversion or repositioning. Non recourse is available on $25M+ loans for top tier institutional sponsors on Class A CBD office with stabilized credit tenants. Class B/C and conversion deals typically carry full recourse.
Can I rescue a maturing CMBS office loan with bridge?+
Yes, this is one of the most important office bridge use cases right now. Hundreds of billions of office CMBS originated 2014 to 2017 are hitting balloon maturity through 2027 and can't refinance at current rates. Bridge pays off the maturing CMBS (sometimes at a discounted payoff negotiated with the special servicer), funds TI/LC capex to re tenant, and gives 24 to 36 months to stabilize for re underwriting. Expect 50 to 60% LTV of stressed value.
Does medical office bridge price differently?+
Yes. Medical office (MOB) prices 75 to 150 bps tighter than generic office bridge because tenant credit is stronger (health systems, specialty practices with 10 year+ triple net leases), occupancy is sticky (tenants invest heavily in buildouts), and the specialty exit market (Kayne Anderson, Ventas, Welltower) is deep. Expect 10.0% to 11.5% bridge rates and 65% to 70% LTV on clean on campus or credit tenant MOB.
Deals We Structure
Originators, factoring, CMBS, and bridge. Sizes and structures only. No counterparties named. PeerSense sources capital through a curated network of commercial lenders and capital sources.
Focus is 100 million a month. The desk will look at 10 million a month.
Tape first. 10 million is not the focus.
$20 million a month B2B invoices
Advance on the account debtor. Annual receivables is not facility size.
$10 million and up flagged hotel, CMBS refi
Cash in about 35 percent. Named takeout.
$10 million and up value add multifamily bridge
Named takeout first. Close follows the book.
Hyperscaler lease. Owner keeps the facility.
Up to 89 percent of contracted lease value. Do not name the source.
Revolving line against eligible originator receivables
Advance rates are set facility by facility by asset class. Often paired with a flow takeout.
Indicative only, as of October 1, 2026. Not a quote, commitment or offer of credit. Final pricing, leverage and terms are determined by the lender at underwriting, after full transaction materials are reviewed. PeerSense sources the file. The lender sets pricing. What these terms mean.
Talk to PeerSense
Property address, purchase price (or payoff for refi), current NOI or pro forma stabilized NOI, requested loan amount, and exit strategy. The desk will reach out.
Office Bridge Loan: The desk will reach out. No obligation.
Ready to place your Office bridge when the takeout is named?
Send us the property address, purchase price (or payoff), stabilized NOI, and exit strategy. We'll return a rate indication and lender shortlist. Public floor is $10 million and up. Cash in about 35 percent.
Fee at closing only · Complimentary initial consultation
Published by PeerSense Capital Advisory · Written by Ed Freeman, Founder. Updated May 2026.
Disclaimer: Office bridge loan rates, terms, and availability are subject to change based on property condition, sponsor qualifications, exit strategy, market conditions, and lender specific credit policies. Rate ranges quoted reflect approximate May 2026 private credit and debt fund pricing and may not reflect current market conditions at the time of reading. PeerSense sources capital through a curated network of commercial lenders and capital sources. All financing is provided by third party lenders subject to their own underwriting criteria and approval processes. Borrowers should consult qualified financial and legal professionals before making any financing decisions.