Truck Terminal & IOS Financing$10M and up · Bridge, CMBS, Life-Company, Construction

Two different products, depending on the asset. A stabilized truck terminal or cross-dock leased on a long triple-net basis to a credit tenant finances as CMBS or life-company permanent debt, roughly 5.75% to 7.0% fixed for 10 years, non-recourse, 65% to 75% LTV. A transitional or lease-up infill IOS lot (truck parking, container yard, laydown yard) in a supply-constrained port market finances as non-recourse bridge, floating over SOFR, 60% to 70% LTV, 12 to 36 months, with an exit to permanent debt at stabilization. Class A ground-up IOS uses non-recourse senior construction debt up to roughly 85% loan-to-cost.

If the yard is stabilized and carries a long lease to a credit tenant, CMBS or life-company permanent debt is the cheaper money (roughly 5.75% to 7.0% fixed, 10 years, non-recourse) but it requires the lease and a stabilized DSCR of about 1.25x. If the asset is being acquired, leased up, repositioned, or built, bridge or construction debt comes first (roughly 9.0% to 10.75% all-in on bridge in 2026), priced 250 to 400 basis points wider, because the lender is underwriting a business plan rather than in-place credit. The common path is bridge for the transition, then a refinance into permanent debt once the terminal is stabilized and leased.

Infill and port-market IOS bridge in 2026 runs about 60% to 70% senior LTV, floating at SOFR plus 300 to 595 basis points, all-in roughly 9.0% to 10.75%, on 12 to 36 month interest-only terms. Class A ground-up IOS construction goes up to roughly 85% of cost. Stabilized credit-tenant terminal permanent debt runs 65% to 75% LTV at roughly 5.75% to 7.0% fixed for 10 years with a required DSCR near 1.25x. IOS and single-purpose truck parking typically price a few points lower on LTV than a fully enclosed warehouse because the exit market is tighter.

The number one killer is zoning: unentitled or grandfathered-only IOS use, or a municipal ban on new outdoor storage. Other common disqualifiers are a short or month-to-month lease, a single weak no-name tenant with no credit, environmental hair from legacy fuel or truck-maintenance contamination, a tertiary market with no logistics demand driver, raw dirt with no paving or improvements underwritten as usable yard, parking income that is undocumented or cash, and a first-time sponsor with thin equity. Deals below roughly $5M fall out of the institutional desks entirely.

A stabilized terminal or cross-dock with a real, long triple-net lease (five years or more of weighted average lease term with annual rent bumps) to an investment-grade tenant or a major national logistics carrier, in an infill or port-logistics corridor with entitled, legally conforming IOS zoning, a paved and improved yard, a stabilized DSCR near 1.25x or better, and an experienced, well-capitalized sponsor. On strong tenant credit, permanent lenders can underwrite close to full-occupancy value.

Both. Industrial outdoor storage is a financeable asset class in its own right: truck parking, container and chassis yards, laydown yards, and trailer storage, with or without a building. The value is in the entitled land, the paving and site improvements, and the lease. Cross-dock and single-tenant truck terminals with structures finance on the same logic, with the building and tenant credit adding underwriting support.

Both. Multi-tenant truck parking and depot lots, with several operators or owner lessors sharing the yard, are financeable through a value-add bridge to permanent structure. Bridge capital funds the improvements that stabilize the lot (paving, drainage, fencing, lighting, security, gate and weigh systems, and electric heavy-truck charging), then the deal refinances into CMBS or life-company permanent debt once leases are signed and income is documented. You do not need a single credit tenant to fund the asset, though stronger tenancy always improves the terms.

Yes, and it is one of the clearest value-add stories in the asset class right now. Bridge capital funds the site work that raises a lot to institutional quality (paving, drainage, fencing, lighting, security, gate and weigh systems) and the installation of electric heavy-truck charging for Tesla Semi and other electric Class 8 fleets. As freight electrifies and ports push toward zero-emission drayage, charging-equipped depots draw stronger demand and rents. Once the lot is stabilized on signed leases and documented income, it refinances into CMBS or life-company permanent debt at the lower long-term rate. This is a real financing structure available through our capital network.

The institutional lane starts at roughly $10M and runs up through $100M-plus portfolios. There is an owner-user SBA 504 lane from about $5M for operators buying the terminal or truck-service facility their own business occupies. Below roughly $5M, and speculative dirt with no lease or entitlement, generally is not placeable at the desks that fund this asset.

At $10M and up, most institutional IOS and truck terminal bridge is non-recourse with standard bad-boy carve-outs for experienced, capitalized sponsors. Lease-up, repositioning, and construction deals often carry partial recourse (a completion or performance guarantee) that burns off at stabilization. Stabilized credit-tenant terminal permanent debt through CMBS or life companies is non-recourse.