Based on soft-quote and term-sheet loan quotes on unanchored shopping centers, priced as bridge financing nationally from January through June 2026.
Based on soft-quote and term-sheet loan quotes on unanchored shopping center properties, priced as bridge financing, nationally from January through June 2026 — the deepest single asset-type segment available in Lev's bridge loan quote data. Spread-over-index quotes (SOFR, Treasury, or Prime) are resolved to an all-in rate using the index value as of each quote's date where available, or the current published rate as a fallback.
Fixed-rate quotes in this pool run from 5.88% to 7.00%, with a median of 6.51%. Floating-rate quotes, presented separately, range from 6.12% to 8.35%, with a median of 7.02%. LTV spans 60% to 75%, and DSCR requirements run from 1.20x to 1.35x. Of the quotes where recourse type was specified, most carry full recourse, with a smaller share carrying partial recourse; separately, a majority carry personal recourse guarantees rather than non-recourse structures.
Geographically, this pool splits fairly evenly between Illinois, California, and Georgia.
Amortization schedules most commonly run 300 months (25 years), with a smaller share using 360 months (30 years) or 240 months (20 years). An interest-only period is present on roughly half of these quotes, ranging from 12 to 24 months. Loan sizes in this pool range from $2,100,000 to $9,500,000, with a median loan amount of $2,600,000. Nearly all of these quotes are structured as light bridge loans, with a single heavy bridge quote in the pool.
| Metric | Range | Median |
|---|---|---|
| Fixed rate | 5.88% – 7.00% | 6.51% |
| Floating rate | 6.12% – 8.35% | 7.02% |
| LTV | 60% – 75% | 70% |
| DSCR | 1.20x – 1.35x | 1.25x |
| Recourse (of specified) | Majority full, smaller share partial | — |
FAQ
What fixed rates is Lev seeing on unanchored center bridge loans nationally right now?
Lev is seeing a median of 6.51%, with a range of 5.88% to 7.00%.
What about floating-rate quotes?
Lev is seeing floating-rate quotes range from 6.12% to 8.35%, with a median of 7.02%, reflecting the wider dispersion typical of spread-over-index bridge pricing.
What LTV and DSCR is Lev seeing required?
Lev is seeing LTV ranging from 60% to 75% and DSCR ranging from 1.20x to 1.35x across this pool.
Where is this activity concentrated?
Lev is seeing unanchored center bridge activity split fairly evenly between Illinois, California, and Georgia.
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