Program Overview
| Purpose: | Short term financing to be utilized as a bridge to a fixed rate permanent loan. |
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| Loan Size: | $3,000,000 to $25,000,000 (Above $25,000,000 on exception basis depending project and borrowers). |
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| Property Types: | Multi-Family, Industrial, R & D Flex, Office, Retail, and Self-Storage. |
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| Term: | Up to 48 months. Interest only. |
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| Interest Rate: | Depending on borrowers credit documentation and terms. |
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| Loan to Value: | Up to 75% for Multi-family, Anchored Retail, Bulk Warehouse (excluding single tenant), and R & D Flex; Up to 70% for Shadow Anchored Retail, Self-Storage, Unanchored Retail, and Office. |
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| Minimum: | Minimum of 1.20x for Multi-Family; 1.25x for Industrial, and Anchored-Retail. |
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| Debt Coverage: | Parks; 1.30x on remaining collateral types using a 10 loan constant (10K). |
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| Liability: | Non-recourse to Borrower, except for the usual carve-outs with respect to fraud, misapplication of funds, waste, property taxes, and environmental issues. |
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| Loan Fees: | 0.5% of Loan Amount. |
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| Exit Fee: | Flexable if the loan is not converted to a Permanent Loan. |
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| Closing Process: | Typically within 45-60 days from receipt of a complete application from Borrower. |
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| Other Costs: | Appraisal, Phase I environmental, property condition and updated survey plus a processing and documentation fee equal to .25% of the Loan Amount, with a minimum of $5,000 and a maximum of $15,000. |
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