A typical bridge loan has a term of 12 months or less, with spreads ranging upwards from 225 over 30-day LIBOR depending upon lender's view of location, viability of project, and reputation and financial strength of developer. Commitment fees of 1% are common, although lower fees can sometimes be negotiated. In some instances, commitment fees on bridge loans can be credited against fees on subsequent loans from same lender. Guarantees required for such loans are highly negotiable.

Our firm, The Singer & Bassuk Organization, has recently arranged over $250 million in bridge loans for seven separate transactions. In each instance, these loans have enabled developers such as The Moinian Group; Nathan Berman; a joint venture consisting of Cornerstone Real Estate Advisers, a wholly owned subsidiary of Massachusetts Mutual Life Insurance Company and Adellco LLC; and a joint venture comprised of Jeffrey Levine's Douglaston Development and Continental Properties owned by Fisch family, to acquire site control and arrange for orderly start of construction.

I expect bridge loans to play an increasing role in New York financing and see a trend where lenders providing ultimate financing for a project's development to provide bridge loans in order to cement business and relationship at an early stage in an increasingly competitive market.

Besides general branding and usage ads, Visa will support check card (a "six degrees of Kevin Bacon" spot currently is running) and its "Verified by Visa" product, an online authentication service for card users making Internet purchases. Visa's ad spend last year was $251 million, per CMR. American Express, which spent $154 million in 2001, recently launched an extensive brand campaign with new tag, "Make life rewarding." The initial phase includes nine TV spots, some of which highlight overall brand while others feature specific AmEx services, such as financial planning or travel assistance. AmEx also bowed ads for its new small business network, OPEN, earlier this year.

Discover Card, meanwhile, is bringing back "It pays to discover" tag, replacing "For slightly smarter consumer." This summer, Discover will communicate convenience of its just-introduced 2G0 card, an oblong-shaped card housed in a plastic case that can be attached to a key chain. Discover also will continue its sponsorship of ESPN's College GameDay program, with promotions and advertising related to college football. New this spring is "Discover Card Shops with Lucky" platform, a 12-city tour done in conjunction with Lucky magazine. The program, which will receive local ad support, includes fashion shows, makeovers and hair consultations at retail locations including Guess?, Sephora and Nine West. Discover spent $82 million in 2001, per CMR.

Finally, buzz around chip cards, a talked-about trend last year as Visa and American Express touted their entries in category, has quieted. Chips cards carry technology that can store consumer data and allow particular market segments to be targeted, giving a means to retain and reward customers. But merchants must use still-rare readers in order for cards' benefits to activate, making their actual level of functionality in real world low.