Multifamily Bridge Loans in Florida

National multifamily bridge: indicative rates at September 28, 2026 index levels: roughly 8.0%–9.25% (middle half of repriced deals), mostly floating at about SOFR + 4.4–5.3%. $5M–$30M · up to ~70–75% of cost · 15–30 day typical close.

These ranges take the spreads on recently closed commercial real estate loans of $5M and up (closings reported through early September 2026) and apply them to Treasury and SOFR levels as of September 28, 2026 (U.S. Treasury, NY Fed). State-specific volume in observed closings is limited, so this is a national reference, not a state-only or property-specific figure. They are indicative market data, not an indication or offer of the rate or terms you will receive; your terms depend on the property, sponsor, market, and lender underwriting and will vary. Northern Ridge Capital arranges commercial real estate financing only (no residential) and is a licensed mortgage broker (CA DRE #02093377), not a lender. See full disclosures.

Most Florida apartment owners who need a bridge loan right now need it for one of two reasons. The property isn't stabilized yet, or it is stabilized but the expense line, usually insurance, has pushed coverage below what a permanent lender will refinance. Northern Ridge Capital places $5M–$30M multifamily bridge loans across Florida by taking your deal to the bridge lenders who want Florida apartments now and putting their term sheets side by side. We're a broker, not a lender.

Choosing among Florida bridge loan lenders

Florida bridge lenders split on the same file in predictable places: how much coastal or older-vintage product they'll hold, how they size against a trailing insurance number, whether they'll go non-recourse, and how much of the renovation budget they'll fund. A lender that's full on South Florida can still be hungry for Jacksonville or Ocala. You don't see any of that from one phone call.

We start by underwriting the deal the way a bridge credit committee will, with the current insurance premium in the expense line. Then we take it to the lenders in our 700+ network that are writing Florida multifamily bridge now, and you compare term sheets on rate, leverage, recourse, extension terms and prepayment. On a clean, lender-ready file, closings typically run 15 to 30 days. We're paid through a 1% origination fee that's due only if the loan closes.

Florida's 2026 insurance picture for apartments, by line

Homeowner insurance headlines in Florida have turned to rate cuts. The commercial residential lines that cover apartment buildings moved the other way at the state insurer. Citizens Property Insurance approved these average statewide changes for new and renewal policies effective on or after July 1, 2026 (Citizens, Apr. 30, 2026):

• Commercial residential multiperil (excluding condos): +7.2%
• Commercial residential wind-only (excluding condos): +14.4%

Citizens has also shrunk to 266,231 policies in August 2026, down from a 2023 peak of 1.4 million (Insurance Journal, Sept. 23, 2026). If your building is still on Citizens, your renewal may track those increases. If it moved to a private carrier, a lender will want the new policy, the named-storm deductible, roof age and year built, and it will size to trailing numbers that already carry the premium.

Worked example: an insurance renewal and a permanent takeout

Illustrative only. The property, premium and loan terms are hypothetical. The 7.2% is Citizens' published average, used to show the arithmetic. A Florida apartment property earns $2,400,000 of NOI and pays a $600,000 insurance premium.

• Premium up 7.2% at renewal: $600,000 × 7.2% = $43,200 more expense, so NOI falls to $2,356,800
• A permanent lender at a hypothetical 6.75%, 30-year amortization (annual debt constant about 7.78%) and 1.25x coverage lends about $24.67M on the old NOI and $24.22M on the new one
• That's about $444,000 less takeout from one renewal, or roughly $10 of loan for every $1 of added premium

If the maturing loan is larger than what the new NOI supports, the gap has to come from cash or from time. A bridge buys the time. On the same property, a hypothetical $20M interest-only bridge at 30-day SOFR (3.90% on Sept. 28, 2026, per the Federal Reserve Bank of New York) plus a hypothetical 3.50% spread costs $1,480,000 a year, which the $2,356,800 NOI covers about 1.59 times. That runway is for re-shopping coverage, hardening the building or pushing rents until the permanent numbers work.

Florida-only factors a bridge lender will ask about

The Live Local Act property tax exemption

Florida's s. 196.1978, Florida Statutes exempts qualifying units in newly constructed multifamily projects of more than 70 units: 100% of assessed value for units rented to households at or below 80% of area median income, and 75% for households above 80% and up to 120%, with rents inside Florida Housing Finance Corporation's limits. CS/CS/HB 1389 (2026) changed the exemption rules starting with the 2027 tax rolls. A lower tax line raises the NOI a permanent lender sizes to, so on a newer property in lease-up, whether and when the exemption applies is part of the exit plan. Get your tax counsel's read before you count it.

Where the renters are moving

Florida added 196,680 residents from July 2024 to July 2025, second among states, but net domestic migration fell to 22,517 from 310,892 in 2022 (U.S. Census Bureau, Jan. 27, 2026). Miami-Dade lost 10,115 residents while Ocala grew 3.4%, among the fastest metro rates in the country (Census, Mar. 26, 2026). Lease-up assumptions get tested against numbers like these, metro by metro.

Typical Florida multifamily bridge structure

Financing something other than multifamily in Florida? See our Florida commercial bridge loans page for retail, industrial, and other property types.

The sizing math behind any of these structures is on apartment building loans, along with the document list lenders expect.

Structure shown is typical, not a quote or commitment; actual terms are set by third-party lenders subject to underwriting. See disclosures.

When a Florida multifamily bridge loan makes sense

Coverage broke on the expense line

A stabilized property whose insurance renewal pulled trailing NOI below what a permanent lender needs. The bridge carries it while you re-shop coverage, harden the asset or push rents, then you refinance.

Renovation and hardening

Unit upgrades, a new roof, impact windows. In Florida the capital plan can lower the insurance bill as well as raise rents, and a bridge lender will fund both halves if the budget shows it.

Lease-up

A newer asset that isn't stabilized won't qualify for agency or bank permanent debt yet. If it's a Live Local project, the exemption timing belongs in the lease-up plan too.

Maturity before the numbers recover

A loan coming due while trailing NOI still carries last year's premium spike is a timing problem. The bridge pays off the maturing loan and gives the new insurance and rent numbers time to season.

Florida metros with their own bridge page

Insurance, taxes and lender appetite shift city by city. For local detail, see Miami, Fort Lauderdale, Tampa, Orlando and Jacksonville.

Florida multifamily bridge loans: FAQ

What rate can I get on a Florida multifamily bridge loan?

Taking the spreads on recent closings and applying them to index levels as of September 28, 2026, loans here would run roughly 8.0%–9.25% (middle half of repriced deals), mostly floating at about SOFR + 4.4–5.3%. That is indicative market data, not an offer; your rate depends on the asset, leverage, and sponsor. Contact us for a live quote.

How do I get competing term sheets on a $5M Florida multifamily bridge loan?

Have the file ready before anyone asks: trailing 12 months and a current rent roll, the bound insurance quote, the business plan and budget, your sponsor track record, and the exit. Lenders quote fastest on a complete package. We send it to the bridge lenders active on Florida apartments at that size and bring the term sheets back side by side. How fast they come back depends on the lenders and the file, so we don't promise a clock.

Can I get a non-recourse bridge loan in Florida?

Often, yes. Non-recourse and partial-recourse bridge options exist, and the answer depends on leverage, the asset and the sponsor. We negotiate recourse alongside rate, because a slightly higher coupon without a personal guarantee can be the better deal.

How much do insurance costs affect my bridge loan?

A lot. Lenders size to trailing NOI that already carries the current premium and stress-test coverage against another increase. Citizens' commercial residential multiperil rates rose 7.2% on average for policies effective on or after July 1, 2026, even as homeowner rates fell. Show up with the bound policy and the lender has less to haircut.

My permanent loan won't refinance because insurance cut my DSCR. Can a bridge help?

Yes. A short interest-only bridge gives you 12 to 36 months to re-shop coverage, harden the asset or push rents until trailing NOI rebuilds the coverage a permanent lender needs.

How quickly can a bridge loan close in Florida?

Plan on 15 to 30 days once the file is lender-ready. In Florida the insurance binder is often the last item in, along with title and the appraisal.

What size deal do you place?

Northern Ridge Capital arranges multifamily bridge debt from $5 million to $30 million, commonly up to about 70–75% of cost, sized down where current insurance costs compress in-place coverage.

Is Northern Ridge Capital a lender?

No. We're a commercial mortgage broker (CA DRE #02093377). We place your deal with the right lender from a network of 700+ (banks, debt funds, family offices, CMBS, hard money, and private capital) and make them compete. Commercial real estate only.

About

Justin Ashcraft is the president of Northern Ridge Capital, a commercial real estate debt brokerage placing $5M–$30M in multifamily, retail, and industrial financing nationwide within its licensed footprint, with $600M+ in deal experience across underwriting and brokerage. Licensed in California, DRE #02093377.

Northern Ridge Capital is a licensed commercial mortgage broker (CA DRE #02093377), not a lender, and arranges financing on commercial real estate only (no residential). Rates and figures reflect actual closed transactions as of the date noted and are not an indication or offer of terms. For informational purposes only; not financial, legal, or tax advice. Full disclosures.