CRE Bridge in Pueblo

Industrial and flex space, more than office or retail. Two forces are pushing that: Colorado's registered cannabis cultivation count fell more than 44% since January 2021, and Pueblo County licensed commercial cultivation early and permissively, so the purpose-built grow and greenhouse stock that built up here is now being vacated and needs re-tenanting as general industrial space. At the same time, the steel mill's new owner is backing a $500 million long-rail mill investment and CS Wind is running a multiphase expansion through 2028 adding about 850 jobs, both pulling demand for flex, laydown, and service space around them. We found no metro-level CRE vacancy, rent, or cap-rate series for Pueblo, so a deal here gets underwritten on the building and the tenant, not a published market number.

Because repositioning a building takes time a bank underwriting committee will not carry. Converting a former grow facility to general industrial use, or leasing up space ahead of a stabilized cash flow, is exactly the file a bank passes on until the asset already performs. We fund that stretch with our own capital, up to $10M and 75% LTV, interest-only, for 24 to 36 months, then refinance you into permanent debt we also place in house. Subject to underwriting.

A cannabis sector in contraction, not expansion. Pueblo County's early, permissive stance on commercial cultivation, including greenhouse and outdoor grows on low-basis county land, is what built the local grow-building footprint in the first place. Statewide, registered cultivation licenses fell from 1,179 in January 2021 to 659, a drop of more than 44%, while dispensary sales fell over 40% from 2021 to 2025. That leaves purpose-built grow and greenhouse space in the county being vacated and re-tenanted, and converting one to general industrial or flex use is a bridge-lending situation, not a growth story to chase.

Yes, and a credible underwriting file names it rather than hides it. The Pueblo Chemical Agent-Destruction Pilot Plant is winding down and preparing for closure, and contractor layoffs there drove a 400-job, 7.4% decline in professional and business services employment in the year to Q1 2025. Federal government employment in the metro fell 10% over the same year. Weigh that against the mill and CS Wind expansions on the other side of the ledger before sizing a deal.

No, and we will not pretend otherwise. We could not locate any Pueblo-metro CRE vacancy, rent, or cap-rate figure for any asset class in our research. Keep a Pueblo commercial pro forma structural: the building's condition, the tenant's lease, and the exit plan, rather than leaning on a published market rate that does not exist for this metro. See the permanent financing exit. Subject to underwriting.

At least 25% of value, and yes, the program is bridge or cash-out. We lend up to 75% LTV, up to $10 million, interest-only, for 24 to 36 months, whether you are acquiring, repositioning, or pulling equity out of a property you already own. On a $2,000,000 Pueblo industrial or flex building that is up to $1,500,000 from us and $500,000 from you (2,000,000 x 75% = 1,500,000). Because no metro-level CRE vacancy, rent, or cap-rate series exists for Pueblo, the tenant and the lease carry the value question here more than a market comp does. Subject to underwriting.

Bridge capital is for repositioning or stabilizing a commercial property before permanent financing: value-add, lease-up, a partner buyout, or pulling equity out through a cash-out. We lend across property types on terms up to 24 to 36 months, with loans up to $10M.

Our commercial bridge pricing starts around 9%, interest-only, up to roughly 75% loan-to-value, on terms up to 24 to 36 months. Published bridge pricing generally runs 8% to 12% with 1 to 3 points. Final terms depend on the asset, the business plan, and sponsor strength.

Commercial deals usually close in 2 to 4 weeks. They take a little longer than residential because of the appraisal, the rent roll and operating-statement review, and any third-party reports. We move as fast as the diligence allows and keep one point of contact on your file.

Not necessarily at closing. Bridge loans are often underwritten interest-only to the as-stabilized business plan rather than a minimum in-place DSCR, since the property is being repositioned. We do want to see a credible path to stabilization and enough in-place income or reserves to carry the loan.

Typically the purchase contract or current debt, a rent roll and trailing-12-month operating statement, your business plan and renovation budget, and sponsor financials. Larger assets may also need a property condition report and an environmental review. We will give you a clear checklist up front.

Most bridge loans are recourse with a personal guarantee, while lower-leverage non-recourse can be possible on stronger assets. Cash-out is available when there is equity to support it. We structure recourse and leverage around the specific deal.