Senior bridge debt is pricing SOFR + 450 to 700 over 65% to 70% LTV, with 1 to 2 points up front. Pricing is materially better for industrial and worse for office.
Senior bridge loan pricing for commercial real estate has tightened modestly through 2026 as private credit funds with bridge mandates have raised capital faster than they can deploy. Across the deals we have placed or sourced this year, SOFR + 450 to 700 bps is the live grid at 65% to 70% LTV.
Origination fees have settled at 1.00 to 2.00 points. Exit fees are largely absent on shorter (12-month) facilities and present at 0.50 to 1.00 point on 24- and 36-month structures.
Property type drives the largest pricing variance. Industrial and grocery-anchored retail price 50 to 100 bps inside the grid; office prices 100 to 200 bps outside it and often requires a defined repositioning thesis.
Sponsor strength, prepayment flexibility, and recourse posture all move pricing 25 to 75 bps in either direction.
With the front of the curve at 4.85% and the belly inverting only modestly, equipment financing pricing has improved materially for A and B credits.
Average draw utilization on SMB lines crossed 62% in Q2 2026 — the highest since 2019 — yet headline pricing has tightened 90 bps as bank and non-bank lenders compete for prime files.
Discount fees on non-recourse invoice factoring held at 1.8% to 2.4% per 30 days through Q2 2026, even as average DSO on SMB receivables extended four days year-over-year.
