Real Estate Credit
Disciplined Commercial Real Estate Bridge Lending
Our Real Estate Credit Approach
Investment Philosophy: The Transitional Advantage
We specialize in financing commercial properties during periods of transition—whether through renovation, repositioning, lease-up, or operational turnaround. These situations create temporary complexity that traditional lenders avoid but offer attractive risk-adjusted returns for sophisticated managers who can accurately assess collateral value and execution risk. Our typical transactions include value-add repositioning where properties require capital improvements or strategic upgrades to achieve market rents, lease-up scenarios for newly constructed or renovated assets requiring bridge financing during stabilization, and time-sensitive acquisitions where seller circumstances demand certainty and speed of execution. We also provide solutions for operational transitions where management changes or tenant rollovers temporarily impair traditional financing eligibility.
Collateral-Centric Underwriting
Our underwriting philosophy diverges fundamentally from traditional real estate lenders who emphasize debt service coverage ratios and stabilized cash flows. Instead, we focus exclusively on collateral value through multiple economic scenarios, ensuring principal protection regardless of operating performance. We typically maintain loan-to-value ratios below 70% based on current as-is values, not projected stabilized values or business plan assumptions. Every property undergoes rigorous assessment through comparable sales analysis, replacement cost evaluation, and alternative use scenarios, with third-party validation from leading firms providing independent verification of our internal underwriting. Our systematic evaluation of downside scenarios examines extended workout periods, forced sale conditions, and alternative disposition strategies to ensure capital preservation even in stressed situations.
Geographic and Asset Diversification
Our portfolio spans major metropolitan markets across the United States, with strategic concentrations in high-growth secondary markets where supply-demand imbalances create attractive lending opportunities. We maintain disciplined exposure limits across multiple dimensions, with no single metropolitan area exceeding 15% of portfolio exposure and balanced allocation across multifamily, industrial, retail, and mixed-use properties.
Senior Secured Positioning
Every real estate credit investment maintains first lien position with perfected security interests in both real and personal property. Our comprehensive collateral packages generally include assignments of leases and rents, lockbox arrangements, and personal property liens that create multiple enforcement paths. We require personal and corporate guarantees from creditworthy sponsors to provide additional recovery sources, along with adequate insurance coverage for property, liability, and business interruption risks. Lender-controlled reserve accounts for taxes, insurance, and capital improvements provide additional protection, while detailed events of default—including financial covenants, reporting requirements, and operational benchmarks—offer early warning signals of potential stress.
Track Record of Excellence
Our Real Estate Credit strategy has demonstrated consistent outperformance since inception, maintaining zero down months. This record reflects not merely favorable market conditions, but the systematic application of technology-enabled sourcing and sophisticated structuring capabilities. By adhering to this proven approach, Spectra Capital delivers superior risk-adjusted returns while providing essential liquidity to quality borrowers.
Access Our Complete Investment Track Record with Monthly Performance Data and Portfolio Composition
Case Studies
Connecticut Golf Course Bridge Loan: Time-Sensitive Acquisition
A seasoned real estate investor with a 54-property portfolio approached Spectra with a time-critical acquisition opportunity for Blackhawk Country Club, a private golf and country club facility in Stratford, Connecticut, requiring execution within six days.
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Denver Retail Bridge Financing: Foreclosure Prevention and Asset Preservation
A property owner faced an imminent foreclosure auction after her existing bank loan matured in March 2024 and a conventional lender withdrew from a refinancing transaction shortly before closing. Spectra provided time-critical bridge financing secured by a 10,000 square foot retail property in Parker, Colorado, that the borrower had owned since 2012.
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Perth Amboy Multifamily Bridge Financing: Inherited Property Solutions
The borrowers acquired a ten-unit multifamily property in Perth Amboy, New Jersey, through inheritance. When the existing lender called the loan, the new owners sought to assume the in-place financing but were declined by the incumbent lender, creating an immediate refinancing requirement.
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