Lunch Special of the Day

A residential foreclosure contractor hired by Bank of America reportedly not only padlocked the wrong house, but confiscated the home owner's pet parrot, Luke.

Earlier this week, The New York Times DealBook section reported that Bank of America has been instructed to shrink as regulators focus on banks that "are too big to fail".

One reader not only rejected Bank of America's denial of the guidance, but commented on the "parrot-napping" as well.

In an unrelated cost savings move, Bank of America has announced that any pets seized in a property foreclosure action will, in the future, be served on the lunch menu in the employees’ cafeteria.

— MJA

By the way, a traumatized Luke was eventually returned to his owner by the contractor.

Need help finding the right lender or telling your story the right way for your California business? Read "Matchmaking for Business Loans" and give me a call!

Tags : Bank of America , too big to fail

Extend and Pretend

The recent bank practice to "extend and pretend" was the focus of a commercial real estate panel discussion held last night at UCLA. The moderator, Jesse Sharf of Gibson, Dunn & Crutcher, questioned four leading members of the commercial real estate industry on a variety of topics including "when will deals reappear?".

About two hundred attendees listened attentively to the responses of John Brady (Oak Tree Capital Management), Samuel Freshman (Standard Management Company), Bill Lindsay (Pacific Coast Capital Partners) and Sean Mahon (Wells Fargo Bank).

Here are the highlights from my perspective:

• The October 30, 2009 (the night before Halloween) guidance issued by the FDIC and other regulators has made it very easy for banks to extend and restructure commercial real estate loans that otherwise could have been classified as troubled assets.
• Commercial real estate values will likely drop to 50 percent of their peak values as cap rates increase from 6% to 9%.
• There is a HUGE shortage of capital available to re-finance all of the commercial real estate loans maturing in the next three to five years due to the implosion of the CMBS markets and balance sheet challenges faced by the commercial banking community.
• Low interest rates are keeping a lot of commercial real estate loans from going into default. Look for the Federal Reserve to keep benchmark rates low for the foreseeable future.
• Deal flow for commercial real estate loans and investor opportunities will not recover until the unemployment rate starts to drop.
• All four panelists opined that commercial real estate values will continue to decline in 2010.

If you were looking for some good news from last night's meeting - well, they served a very nice chardonnay! Crisp, refined and a hint of pear.

I've still got some commercial real estate bridge lenders actively pursuing loan opportunities of at least $1 million. Give me a call if I can help!

Tags : extend and pretend , commercial real estate loans , FDIC , bridge loans , private money loans

Turnaround Management Association - A Hard Slog

Nearly half (49%) of the respondents to the Turnaround Management Association's (TMA) distressed industries forecast think durable improvement in the economy is unlikely until at least the second half of 2010. About three out of ten think the worst is over, but nearly 20 percent suggest the economy has yet to hit rock bottom.

Access to capital remains a big question for how the economy will fare in 2010 according to 52 percent of respondents.

Three out of four respondents think the commercial real estate industry will fare the worst in 2010 as debt matures and lenders remain reluctant to refinance.

"Overleveraged balance sheets are one of the primary causes of industry problems," said William K. Lenhart, CTP, a partner with BDO Consulting in New York. "In 2009, many lenders were more willing to 'extend and amend' terms so borrowers were not in default. It is unclear if these companies took this opportunity to improve operations, reduce expenses and sell off underperforming assets to reduce debt."

My own sources have referred to many commercial bank lender's actions in 2009 as more like "extend and pretend" or "delay and pray".

Happy new year? We'll see.

Need help finding the right lender or telling your story the right way for your California business? Read "Matchmaking for Business Loans" and give me a call!

Tags : Turnaround Management Association , TMA , extend and pretend , commercial real estate , bridge loans

CIT, Commercial Real Estate and Workouts

Lots of issues to think about these days with respect to loan workouts, CIT's bankruptcy and commercial real estate.

• Last week, I attended the Risk Management Association's panel discussion on loan workouts and restructurings. Panelists included three bankers from the loan workout departments and an attorney who crafts loan workout agreements. The panel's consensus was expect another year of increasing loan defaults in the world of commercial real estate and business loans. Until this workout activity starts to decline, new loan origination activity is not likely to pick up.
• I still cannot figure out the real impact of the CIT bankruptcy. Many borrowers won't be able to find new lenders because CIT's advance rates against inventory was too high and their interest rates were too low relative to current rates. Some borrowers won't find new homes because they won't find another lender with the back-office capabilities of CIT that has traditionally provided.
• The FDIC issued new guidance to commercial banks allowing them to keep commercial real estate loans on their books as "performing" even when the underlying property value has declined. I suppose this is similar to guidance issued for modification of residential real estate loans with the intent to avoid more losses for banks at a time when their balance sheets cannot afford the earning hit.

Need help finding the right lender or telling your story the right way for your California business? Read "Matchmaking for Business Loans" and give me a call!

Tags : CIT Group , CIT , bankruptcy , factoring , accounts receivable loans , commercial real estate , FDIC

Commercial Real Estate - More Pain Ahead

Commercial real estate losses could reach 45 percent next year according to an internal presentation at The Federal Reserve Bank.

As reported in The Wall Street Journal (subscription required), while not the central bank's formal opinion, the presentation by Atlanta Fed real estate expert, K.C. Conway, paints a bleak picture of sliding real estate values, increasing commercial real estate loan defaults and enormous amount of debt that will need to be re-financed in the next few years.

Banks have been slow to take losses on their commercial real estate loan portfolios because their balance sheets still have not recovered from their housing loan related losses. "Extend and pretend" has been the philosophy of some banks whose primary focus is capital preservation and avoiding enforcement actions by regulators.

I have personally seen three bank commercial real estate loans in recent weeks where the banks are in trouble on construction loans and first trust deeds gone sour. I'm working on sale leaseback solutions on two of the three that will necessitate the banks taking a significant discount on the loans. On the third, the value of the property is so low relative to the loan balance, it's not clear where the solution lies.

Need help finding the right lender or telling your story the right way for your California business? Read "Matchmaking for Business Loans" and give me a call!

Tags : commercial real estate loans , commercial real estate , bank failures , real estate bridge loans , private money loans

Lack of Refinancing Options for Maturing CMBS Loans

In Two Kinds of Pain for Commercial Real Estate Loans, I wrote that about the shortage of funding to refinance commercial real estate loans as they come due.

In a study for The Wall Street Journal (subscription required), Trepp, which tracks the commercial real-estate market, found that, year-to-date, 528 commercial mortgage backed securities (CMBS) loans valued at $4.7 billion weren't able to refinance when they matured. About 75 percent of these commercial real estate loans were backed by properties that were throwing off more than enough cash to service their debt!

A quick calculation shows that the average loan size for these 528 CMBS loans was approximately $8.9 million. That's not really a large number - this lack of re-financing capacity is likely to impact small and medium sized commercial real estate owners.

At last week's ACG Conference in Los Angeles, I listened to a bank presentation on the state of the debt markets. This bank has tightened their lending criterion for loans including those secured by commercial real estate in part by raising the minimum debt service coverage ratio. If I recall correctly, a 1.35x debt service coverage ratio is the current minimum. By the way, this bank is not lending on commercial real estate without the borrower bringing its entire relationship to the bank.

Need help finding the right lender or telling your story the right way for your California business? Read "Matchmaking for Business Loans" and give me a call!

Tags : commercial real estate loans , commercial real estate , bank failures , real estate bridge loans , private money loans , California

45 Days and Counting!

This afternoon, I dropped by the 2009 M&A Business Conference for the Association of Corporate Growth's Los Angeles chapter. Both the lobby and the Capital Connection room were buzzing with activity.

The Capital Connection room was filled with representatives of over 100 private equity firms with one lender and one commercial real estate sale-leaseback firm thrown in for good measure. The room was packed with deal makers trying to figure out how to get a piece of the $400 billion of equity overhang that everyone keeps talking about!

Spoke to a few of the lenders milling about and each one confirmed the same. If you've got a business loan that needs to be funded by year end, you need to submit the deal to a lender (preferably with a complete due diligence package) by Halloween. After that, there's a reduced likelihood the deal could close by New Year's Eve.

Need help finding the right lender or telling your story the right way for your California business? Read "Matchmaking for Business Loans" and give me a call!

Tags : Association of Corporate Growth Los Angeles , sale leaseback , business loans

Two Kinds of Pain for Commercial Real Estate Loans

Just when it looks like the banks may be putting the residential mortgage mess behind them, commercial real estate loans are a reminder that the real estate sector is just getting ready for round two. This next wave of pain could put a number of bank lenders into the hurt locker.

The Wall Street Journal (subscription required) reminds us the $700 billion of commercial mortgage backed securities (CMBS) outstanding are experiencing their first major downturn. The sector will likely suffer two kinds of pain.

First - sloppy underwriting for commercial real estate loans resulted in overly optimistic cash flow assumptions by stupid bankers. With the economic downturn, vacancy rates have cut cash flow well below the ability of many commercial real estate properties to service their debts.

Second - Over $150 billion of CMBS simply mature in the next three years. Given the CMBS market has collapsed and isn't available for refinancing purposes, there is little hope that there will be sufficient loan capacity in the weakened bank market to re-finance many of these loans.

The end result - values will drop further as CMBS go into default causing banks to have to lower commercial real estate valuations in their own portfolios. At some point, banks could be forced into devaluing commercial real estate loans on its own books even if they are performing!

Need help finding the right lender to finance your California commercial real estate? Read "Matchmaking for Business Loans" and give me a call!

Tags : commercial real estate loans , commercial real estate , bank failures , real estate bridge loans , private money loans

Latest in Lending Developments

Here are a couple of things I have read in the last few days about the business loan and commercial real estate loan environment.

• According to the July 2009 Senior Loan Officer Opinion Survey, demand for business loans and commercial real estate loans continues to be weak. Credit is still tight, though the number of banks increasing credit underwriting guidelines is lower than it was in the peak of year end 2008. Don't count on lending returning to "normal" before late 2010 or 2011 for either bank loans or commercial real estate loans.


• Bank closings continue at a record pace with eight bank closings in the first half of August bringing the year to date bank total to 77. Over 300 banks were on the FDIC's troubled bank list as of the end of May according to The Wall Street Journal (subscription required). Don't expect the pace of bank closings to slow anytime soon.


• It is increasingly difficult to tell if CIT's fortunes are improving if you were to read this August 13th Written Agreement with the FDIC. Regardless of who your lender is, it's not a bad idea to know your options at a time like this. I imagine there are plenty of lenders who finance accounts receivable that are licking their chops as CIT tries to overcome its challenges.


• The spring stimulus bill has been good news for the SBA. SBA loan volumes have significantly increased and there is some concern that its allocation of stimulus money to waive guarantee fees may run out by the end of the calendar year. I'm in the process of closing a $1.3 million SBA 7a loan which was approved in less than ten days!

Need help finding the right lender or telling your story the right way for your California business? Read "Matchmaking for Business Loans" and give me a call!

Tags : Bank loans , commercial real estate loans , CIT Group , troubled bank list , SBA loans , accounts receivable financing

Los Angeles Commercial Real Estate Struggling

As reported in the Los Angeles Times, research firm Real Capital Analytics found that 263 Los Angeles commercial real estate properties totaling $4.5 billion were in default, foreclosure or bankruptcy at the end of June.

Nationwide, troubled commercial real estate properties number over 5,300 properties valued at more than $108 billion.

What's to blame? Excessive leverage. When will it get better? No time soon - this could be the early stages of a decline.

These troubled properties will continue to impact both new financings and re-financings of commercial real estate for a while. Commercial real estate bridge loan lenders are having a field day and opportunistic investors with hordes of cash are overwhelming distressed owners having to sell.

As for the banks holding some of these properties in their workout departments or as REOs, it is impacting their ability to make business loans for working capital. Banks are still saying "no" to new business loan opportunities and in some cases, saying "go" to existing companies on maturing lines of credit.

Need help finding the right lender for your commercial real estate bridge loans or for business working capital loans? Read "Matchmaking for Business Loans" and give me a call!

Tags : commercial real estate loans , commercial real estate , California , Los Angeles , real estate bridge loans , private money loans

Commercial Real Estate Loans under $4 Million

The continued challenges facing the commercial real estate lending markets and the significant reductions in SBA 504 real estate loans have left many commercial real estate borrowers with fewer funding solutions.

I have reached an agreement with one commercial bank to help fill some of that void for commercial real estate loans between $1 million and $4 million.
While the underwriting guidelines are tight, they reflect the current market for credit conditions.

This nationwide lender will consider a wide variety of multi-purpose commercial real estate property types - industrial, warehouse, office (including medical office) and manufacturing - for both owner occupied and investor owned properties. Sorry, no gas stations, car washes or convenience stores.

In general, expect advance rates up to a maximum of 65% loan to value, fixed rate terms up to ten years and amortizations as high as 25 years. Debt service coverage ratios start at 1.20 times for owner occupied and 1.40 times for investor owned property.

All loans are full recourse to the borrowers. The interest rates are very competitive with commercial real estate loans offered by other banks.

These loans can be use for both commercial real estate acquisition and re-finance opportunities. Even "cash out" is permitted if certain criterion are met.

Need help finding the right commercial real estate lender or telling your story the right way for your California business? Read "Matchmaking for Business Loans" and give me a call!

Tags : commercial real estate loans , commercial real estate , real estate bridge loans , private money loans

Rocky Road for Commercial Real Estate Loans

The Federal Reserve's most recent "beige book" survey released last week found that commercial real estate conditions continue to deteriorate over the last six weeks per The Wall Street Journal (subscription required).

Citing a glut in new development in the Atlanta suburb of Buckhead, developer Tom Bell claims "it's going to be a rocky road for a while".

I'm pretty sure he's not talking about his preference for the ice cream flavor.

Why am I sure?

Commercial real estate loan defaults are approaching $700 billion and another $248 billion of commercial real estate loans come due in 2009. It's going to be real interesting to see how the commercial real estate loan market will deal with these challenges.

Today, I received a list of troubled commercial real estate loans from a commercial bank. I have approached a couple of distressed commercial real estate funds to determine if they have any interest in buying these loans ranging in size up to almost $10 million.

Rocky road, anyone?

Need help finding the right real estate bridge lender or telling your story the right way for your California commercial real estate? Read "Matchmaking for Business Loans" and give me a call!

Tags : commercial real estate loans , commercial real estate , real estate bridge loans , private money loans

Crisis Approaches for Commercial Real Estate

More trouble is on the way for commercial real estate loans according to The Wall Street Journal (subscription required).

The delinquency rate of $700 billion of securitized loans backed by commercial real estate has more than doubled in just a few months. More bank failures are projected as experts forecast that the banks will get saddled with as much as $250 billion of losses on commercial real estate.

It gets worse.

In the next three years, almost $675 billion of commercial real estate loans mature. With declining property values and lower cash flows, it's very unclear how these loans will be re-financed in this tight credit environment.

I had coffee yesterday with a private money bridge lender for commercial real estate loans. They continue to raise more money to lend against California commercial real estate properties. Though they typically lend no more than 50 percent of fair market value, they can close on a commercial real estate loan in as little as a week. Rates start at 8.5 percent with a couple of points paid at closing.

Need help finding the right bridge lender or telling your story the right way for your California commercial real estate? Read "Matchmaking for Business Loans" and give me a call!

Tags : commercial real estate loans , commercial real estate , bank failures , real estate bridge loans , private money loans , California

Community Banks Angry

It's no surprise that Ben Bernanke and Sheila Bair were targets of ire for the nation's community banks at last week's annual convention for the Independent Community Banker of America according to The Wall Street Journal (subscription required).

Tired of being tarred and feathered by congressman exploiting (perhaps creating) populist rage against bankers, the community banks point out that few of them have pocketed taxpayer money from the TARP program. In most cases, the community bankers stayed away from subprime loans and the other financial exotic products that drove many of their larger brethren to seek TARP funds.

Even Fed chairman Bernanke acknowledged that 95 percent of the nation's community banks were well capitalized at the end of last year. In fact, many of the banks that contact me looking for deals are community banks who have healthy balance sheets. If your business can demonstrate the ability to repay a loan, community banks are actively seeking you out these days.

That being said, you still have to be careful which community bank with whom you choose to conduct business. Of the 42 banks that have failed in the last 15 months, at least half were community banks. Their sin - loans to finance real estate development and construction projects that have gone belly up since the housing market collapsed. I warned you back in September 2006 these chickens could come home to roost.

Need help finding the right lender or telling your story the right way for your California business? Read "Matchmaking for Business Loans" and give me a call!

Tags : community bank , real estate loans , TARP , Ben Bernanke , Independent Community Bankers of America

The Crack Cocaine of Community Banks

With default rates rising on commercial real estate loans, RBC Capital Markets recently forecast that more than 1,000 U.S. banks may fail in the next three to five years. Most of these bank failures will occur at banks less than $2 billion of assets.

In The Minneapolis-St. Paul Business Journal, it was just noted that "commercial mortgages are being closely watched as another source of pain for the nation’s bankers. At the height of the credit bubble, one industry observer said commercial real estate loans had become the crack cocaine of community banking, reflecting the pace of growth some were achieving with such loans."

Crack cocaine?

Over two years ago, I wrote that bank regulators had issued new guidelines impacting many small and mid size banks to offset concern that too many bank loans were secured by business real estate creating an undue level of risk in bank loan portfolios. Their other concern was whether or not the banks had enough capital to withstand the losses that might result from defaults on real estate loans.

The FDIC shut down 25 banks in 2008 and 9 banks thus far in 2009. It will interesting to see how many more banks bite the dust this year and how many of those were hooked on "crack cocaine".

Need help finding the right lender or telling your story the right way for your California business? Read "Matchmaking for Business Loans" and give me a call!

Tags : commercial real estate loans , community banks , bank failures , real estate bridge loans

Survey Says

The January 2009 Senior Loan Officer Opinion Survey on Bank Lending Practices was released on Monday. No big changes or surprises in my mind.

Over 65 percent of domestic banks reported having tightened lending standards on commercial and industrial (C&I) loans to small businesses and large and middle-market firms over the past three months. Down a bit from October, but not in a material way.

About 80 percent of domestic banks reported having tightened their lending standards on commercial real estate loans over the past three months. The fallout from the implosion of the CMBS market is becoming more evident every day. It's unlikely there will be sufficient lending capacity to re-finance the over $150 billion of commercial real estate mortgages maturing in 2009.

And as I noted last quarter, the survey also reports that interest rate floors are becoming more prevalent and loan to value ratios are decreasing.

The conclusion - credit is still tight if you're not a creditworthy borrower with lots of deposits.

The bankers with whom I speak on a regular basis confirm the status of the current lending environment. There's not yet been a push to increase business loans or commercial real estate loans to new clients notwithstanding the TARP plan. In fact, many of these loan officers are focused on gathering in new deposits or taking care of the non-borrowing needs of existing clients.

What's the next event to watch? It's not the new stimulus bill working its way through Congress though this will be critical to the economy.

Rather, watch when business borrowers start filing financial statements with their lenders for the fourth quarter. Expect many borrowers to post fourth quarter and full year 2008 losses and trip financial covenants causing a new onslaught of headaches for lenders.

Need help finding the right lender or telling your story the right way for your California business? Read "Matchmaking for Business Loans" and give me a call!

Tags : Federal Reserve , business loans , credit crunch , asset based loans , accounts receivable , hard money loans , real estate loans

Overly Optimistic Cash Flow Assumptions

Bad commercial real estate mortgages held by banks continue to increase and may have almost doubled from the end of 2007.

Most of the bad commercial real estate mortgages were funded within the last few years when underwriting standards were loose and bankers let borrowers use cash flow assumptions that were too optimistic.

According to Foresight Analytics as reported in The Wall Street Journal (subscription required), the delinquency rate for commercial real estate mortgages held by banks has increased from 1.5% to as high as 2.6% at the end of 2008.

With banks holding almost 50% of all commercial real estate mortgages outstanding (estimated at $3.4 trillion), I estimate that this increase in delinquencies alone is equal to almost half ($170 billion) of the phase I bailout money to be invested bank balance sheets via the TARP program. So here's another reason why banks may not be lending the TARP money - they are saving it for the rainy day about to hit commercial real estate mortgage portfolios.

By the way, the other big source of commercial real estate mortgages was the commercial mortgage backed securities (CMBS) market. The CMBS market has been effectively shut down having also been the source of funding for many of the residential mortgages now in default.

So there are the two reasons it will be challenging to find a commercial real estate mortgage in the near term. The commercial banks are saving their balance sheets for a rainy day and the CMBS market is closed.

If you're having difficulty financing your commercial real estate property in California, give me a call. I'm working with one private money, bridge lender whose rates currently range from 8.5% to 10.0% (before points) for bridge loans secured by commercial real estate in California of all property types. The lender is able to fund loans of up to $50 million and is willing to consider properties in other western states.

Need help finding the right lender or telling your story the right way for your California business?Read "Matchmaking for Business Loans" and give me a call!

Tags : real estate , private money loans , commercial real estate mortgages , bridge loans

A Little Less Conversation

A little less conversation, a little more action please. All this aggravation ain't satisfactioning me.

The words of Elvis Presley rung true in 2008 as business borrowers tired of hearing about TARP and TALF and were aggravated by the lack of action in the form of severely restricted business lending.

Will the new year ring in a little more action? Here's what I read in the last few days of 2008 which suggest early 2009 may not provide much action to business borrowers.

• Don't expect the banks to aggressively lend their bailout proceeds. The corporate default rate for certain types of business loans may more than double to 8 to 10 percent putting further strains on bank balance sheets.


• Is a bailout on the way for the commercial real estate industry? According to research firm Foresight Analytics LCC, $530 billion of commercial real estate mortgages will be coming due for refinancing in the next three years -- with about $160 billion maturing in the next year. Credit, meanwhile, is practically nonexistent and cash flows from commercial property are siphoning off. Default rates are expected to result in less lending to this sector. Some industry representatives have asked lawmakers to explore the idea of setting up a separate program aimed at boosting lending to commercial real estate only. Real estate bridge loan activity is likely to significantly increase.


• Some asset based financing providers such as equipment lessors are seeing business decline. The Equipment Leasing and Finance Association said that new-business volume decreased 33.1 percent in November from the previous November.

There's still money out there if you know where to find it. I just closed an asset based revolving line of credit deal shortly before New Year's for a firm with a great growth story. I'll write more about this in a few days.

Need help finding a little more action from the right lender or telling your story the right way for your business? Read "Matchmaking for Business Loans" and give me a call!

Tags : credit crunch , commercial real estate , leasing , asset based loans

Commercial Real Estate Loan Defaults on Rise

The default rates for commercial mortgage-backed securities are increasing according to today's The Wall Street Journal (subscription required).

According to a Citigroup Inc. report, the overall number of commercial mortgages packaged into securities that are 30 days or more past due rose to 0.64% in October from 0.39% at the end of last year, with most of the increase coming in October. The latest figure, though low by historic standards, marked the highest delinquency rate in two years.

A key reason behind the increase in defaults sounds very similar to those in the residential world - the credit crunch has made it difficult to refinance commercial real estate loans upon maturity and existing lenders have been unwilling to extend loans under the same terms.

If you're having difficulty re-financing your commercial real estate property in California, give me a call. I'm working with one private money, bridge lender whose rates currently range from 8.5% to 10.0% (before points) for bridge loans secured by commercial real estate in California of all property types. The lender is able to fund loans of up to $50 million and is willing to consider properties in other western states.

Need help finding the right lender or telling your story the right way for your California business? Read "Matchmaking for Business Loans" and give me a call!

Tags : commercial real estate loans , private money loans , bridge loans , hard money loans , credit crunch , CMBS

CFOs Worry About Access to Capital

The credit crisis is deepening and the uncertainty of a congressional bailout package has both the financial markets and CFO's alike worried about the continued impact.

According to a new survey by CFO Research Services, 61 percent of CFOs surveyed are concerned about their company's access to day-to-day financing. Even more - 65 percent, are worried about access to long term credit.

Many of the lenders with whom I speak say they are willing and able to lend, but the proof is in the pudding. Here's what I have personally experienced myself in the last few days.

• Closed a $250 thousand SBA loan for a manufacturer of food products.
• Closed a $500 thousand factoring deal for an importer of meat products.
• Received approval for a $500 thousand equipment financing for new trucks.
• Obtained a bank proposal on behalf of a consumer electronic products company for a $1.5 million working capital secured by accounts receivable and inventory. Formal due diligence starts next week.
• Submitted a $6 million proposal for Fannie Mae financing of a recently completed and fully leased, multi-family real estate property.

Debt financing is still flowing into the markets on a selective basis provided you can offer the right collateral to lenders. Rates are a bit higher reflecting lender perception of risk and the lack of liquidity amongst lenders.

Need help finding the right lender or telling your story the right way for your California business? Read "Matchmaking for Business Loans" and give me a call!

Tags : credit crunch , accounts receivable , lines of credit , factoring , SBA loans , bridge loans , real estate