Private debt funds now account for the majority of bridge loan volume in the commercial real estate market, according to MBA origination data. They absorbed the market share that regional banks vacated as rates rose and regulatory scrutiny on commercial real estate lending intensified. The bridge lending market did not disappear. It contracted, shifted, and became considerably more selective.
The lenders still writing bridge loans in 2026 are a specific group with specific requirements. Understanding who they are and what they want is the difference between a 48-hour quote and three weeks of silence.
Who Stayed in the Market After Regional Banks Pulled Back
The lenders still actively writing bridge loans are almost entirely non-bank. Within that group, the most active share a few characteristics. They have raised capital specifically for bridge lending and have ongoing pressure to close deals to generate returns for their investors. They have underwriting teams experienced enough to move quickly on deals that fit their criteria. And they have built systems to process submissions and issue term sheets faster than a traditional bank committee can operate.
Regional banks are still present but selectively. Those that remain active tend to focus on markets they know well, sponsors they have existing relationships with, and asset classes where they have historical comfort. A regional bank active on multifamily bridge in its own market may be completely absent from comparable deals elsewhere.
Non-bank lenders are the active market. Regional banks are the exception.
Where Bridge Money Is Actually Going in 2026: Multifamily First
The bridge lending market is not uniformly active across asset classes.
Multifamily is where the most volume is moving. Value-add multifamily with a credible renovation and lease-up story continues to find financing from debt funds even in a challenging environment. The fundamentals of housing demand support lender confidence in ways that other property types cannot claim right now.
Industrial retains lender interest, particularly last-mile logistics and light manufacturing assets with strong tenant profiles. Bridge lending for industrial value-add is available but at more conservative leverage than multifamily.
Mixed-use with a dominant residential component is finding some traction, largely because lenders are treating the residential portion as the primary underwriting story.
Office and most retail formats have largely lost their bridge lending market. The lenders still occasionally active in office are specialized, few in number, and highly selective about the specific asset, market, and sponsor.
Asset class selection determines whether you have a market at all.
60% to 70% LTV: What Active Lenders Want in 2026
The bridge lenders active in 2026 are underwriting more conservatively than two years ago, but they are not looking for perfect deals. They are looking for deals where the risk is clear and the business plan is credible.
Sponsorship quality is the first screen. A sponsor with a track record of executing value-add business plans in the target market moves through underwriting faster than one presenting their first deal in a new market. Lenders in the current environment are less willing to take sponsorship risk on top of market risk.
Leverage has compressed. According to Trepp, where bridge lenders were regularly reaching 75% to 80% LTV in 2021, the active market today is mostly writing between 60% and 70%. Deals requiring higher leverage to work are not finding the bridge market receptive.
The business plan needs to be grounded in current market conditions. A rent growth assumption that made sense in 2022 does not hold in a market that has since absorbed significant new supply. Lenders are stress-testing business plans against current data, and submissions that do not reflect that reality slow down or fail underwriting.
Conservative leverage and current-market underwriting are not obstacles. They are the terms of access.
How to Get a Quote in Under 48 Hours
The 48-hour quote is not a marketing claim. It is what happens when a submission package gives a private credit underwriter everything they need to make a preliminary credit decision without asking follow-up questions.
A package that arrives with a current rent roll, trailing 12-month financials, a detailed budget for the business plan, a clear sponsor profile, and a straightforward market narrative can get a preliminary response the same day from the right lender. The packages that sit are the ones that arrive incomplete, with projections unsupported by current data, or with a business plan that does not hold together under basic scrutiny.
Fast lenders do not slow down for incomplete packages. They move to the next deal.
The Practical Move
Before the next bridge loan submission goes out, run it through these four checks: Does the sponsor have a documented track record in this asset class and market? Does the LTV sit between 60% and 70%? Are the rent assumptions supported by current comps? Is the package complete enough to eliminate follow-up questions?
If the deal passes those checks, match it to a lender actively quoting in that specific asset class and market right now, not to the longest list of names you have. The speed difference between a matched submission and a broadcast is measured in weeks.
You consistently get fast quotes not by working with different lenders, but by submitting cleaner packages to lenders whose specific criteria your deal actually meets.
LoanBase identifies which bridge lenders are actively quoting deals in your asset class and market right now so your submissions go to the lenders most likely to respond.
