I have a coastal value-add MF project in escrow in San Diego. I've got some great bridge loan quotes at 60% LTC in the low 5% range. My sponsors are studs with 7000 renovated units under their belt. Equity appears to be in hand as well. To my surprise, my sponsor doesn't like loan quote. The recourse provision is only during construction. Once stabilized it's non-recourse (12mo +/-).
Are there any banks out there doing $6mil/60ltc bridge loans in CA that are non-recourse with good rates? I see quotes out there in the 7-8% range and that's too high.