A bridge file is two conversations. Carry is what the capital costs while you hold it. Exit is how the loan is repaid — sale or refinance. The Bridge Loan Carry Calculator shows both. Nothing there is a quote or a credit decision.
What carry is
Carry is the cash the bridge consumes over the term. On this worksheet that is monthly interest-only payments times months, plus points at close. IO is loan × annual rate ÷ 12. Points are a percent of the estimated loan. That sum is net carry.
Cash to close is a different line: the equity gap (project cost minus the dual-cap loan) plus points. You still pay IO during the hold unless a source reserves it — this calculator treats IO as cash you fund over the term.
What the exit is
Sale: an assumed sale price (ARV if you leave it blank), selling costs, loan payoff, and net proceeds. Net after carry subtracts cash invested (cash to close + IO).
Refinance: an assumed takeout value and LTV, refi costs, cash out (or cash in) after paying off the bridge, and remaining equity. Net carry of the bridge is still IO + points — the cost of getting to the takeout.
Net carry
monthly IO × term months + points
Educational assumption. Caps, rate, and points are yours — not GI policy.
Why both matter on the same sheet
A cheap-looking advance can still lose if carry eats the spread. A clean takeout can still require cash if LTC / LTARV bind. Run the exit card next to the carry card. Then book the call if the file is worth thirty minutes.
Read LTC and LTARV basics for how the loan is sized, and what a bridge loan is for occupancy and use.