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Commercial banks continue to tighten their multifamily loan pricing in competition with agency financing. One west coast bank will price as low as 3.5% fixed for 5 years in exchange for a meaningful depository relationship. Several non-agency capital providers are offering full term interest-only and/or non-recourse on fully leveraged loans. Commercial banks compete with agencies on 5 year fixed rate loans with additional net proceeds, prepayment flexibility, and the ability to lock rate at application. Aggressive Bridge lenders will fund as high as 75% of the stabilized value with break-even coverage at close for experienced operators and a personal repayment guarantee. Non-recourse bridge loans are available for larger assets and constrained to 65-70% of cost with pricing in the low 300s over Libor.