Bloomfield Capital

About Bloomfield Capital

Bloomfield Capital is a direct balance sheet bridge lender that focuses on providing short-term, 1st mortgage, 2nd mortgage and mezzanine loans secured by commercial real estate nationwide. Bloomfield lends to real estate investors and developers only and does not make primary residence loans. Bloomfield was founded in 2008 and since that time has funded over $500 million secured by a variety of property types. Bloomfield presently offers loans from $1 million to $15 million and although the company lends nationwide, the bulk of its funding occurs in the Midwest where it is headquartered. Bloomfield concentrates on bridge loans that have an urgent closing timeline, a strong value proposition and a clear exit strategy.

Bloomfield recently funded a $9.5 million mezzanine loan secured by a multifamily development in Chicago, IL.

Loan Programs

Bloomfield funds short-term loans from $1 million to $15 million to developers and property investors looking to purchase, refinance, renovate, cash-out or re-position commercial real estate. Bloomfield’s concentration has been on Midwest bridge loans, but its website displays periodic loan closings in other states such as CO, FL, GA, TN, UT and WA. Bloomfield has differentiated itself by offering a number of unique program attributes outlined below.

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Bridge Loan Program Highlights / Guidelines

A bridge loan is a short-term loan that usually assists in bridging a borrower from a less favorable situation to a more favorable situation. For example, a borrower with troubled credit may take out a bridge loan on his property to pay-down debt, judgments or rectify other issues to improve his score and then refinance into a permanent loan. Real estate collateral is essential to Bloomfield’s program and borrowers without hard commercial real estate collateral are not eligible for financing.   

Loan sizes from $1 million to $15 million

  • Loans secured by commercial condos, multifamily, retail, office, mixed-use, senior housing, self-storage, hospitality, special-purpose, manufactured housing, industrial, flex space
  • Loan proceeds may be used for highly structured transactions, discounted note payoffs, property acquisitions, note acquisitions, recapitalization, capital restructuring, bankruptcy resolution, rehabilitation/redevelopment, re-positioning, lease-up stabilization, partner buyout, etc.
  • 1st mortgages, 2nd mortgages and mezzanine loans are available
  • Interest rates are interest only and start at 8%
  • Loan terms are available up to 3 years
  • Loan origination fees are 2% to 6% of the loan amount
  • Loan-to-value (LTV) up to 80% is available
  • No set credit score minimum

The Loan Process

LendVer did not shadow the application or loan process for Bloomfield but its website offers basic information about how to get started. Applicants are encouraged to contact Bloomfield directly or submit an inquiry on its website.

Bloomfield does require an appraisal be paid for and completed from a certified appraiser approved in advance, and it will manage the appraisal process directly. Because of its experience and familiarity with the Midwest market, Bloomfield is able to save time and money for borrowers by processing, underwriting and approving all loans in-house. Because of Bloomfield’s efficiency and experience, loans tend to close in less than 30 days.

Pros

  • Bloomfield finances special-purpose property such as hospitality and senior housing.
  • Bloomfield offers high leverage, funding up to 80% of a property’s value.
  • Bloomfield is headquartered in Detroit, MI and is comfortable making loans in markets other lenders are not.
  • In addition to 1st mortgages, Bloomfield will also finance 2nd mortgages and mezzanine loans.
  • Bloomfield has funded over $500 million and has been in business since 2008.

Cons

  • Bloomfield’s origination fees can be on the high-end, reaching up to 6% of the loan amount.
  • Although Bloomfield lends nationwide, its main experience is in the Midwest market so loan terms in other states may not be as aggressive.
  • Loan sizes under $1 million are not considered (over $2 million is preferred), so Bloomfield is a better option for borrowers with larger capital needs.

Why Bloomfield is the Best

Bloomfield has operated as a leading Midwest bridge lender since 2008 and has funded over $500 million secured by a variety of commercial property types. Bloomfield’s experience in the Midwest enables it to consider unique loan situations in markets other bridge lenders stay away from. Bloomfield offers large loan sizes from $1 million to $15 million with high leverage up to 80%, and loan terms out to 3 years. Bloomfield offers 2nd mortgages and mezzanine loans, giving borrowers with already leveraged property another funding option.

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View our Featured bridge lenders Revere CapitalEmerald Creek CapitalPatch of Land and Civic Multifamily.

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