Program Terms | |
---|---|
Transaction Terms: | Property Acquisitions, Repositioning & Recapitalization |
Loan Amounts: | $1,000,000 to $5,000,000 |
Loan Fee: | 2-3% based on loan commitment amount |
Amortization/Term: | Interest only / 2-3 year initial term, with 12 month extensions available |
Extension Terms: | WSJ Prime + 4.50%, floored at initial fixed rate |
Rate Caps: | 2% first adjustment, then 1% periodic 2% annual-6% life over start |
Prepayment Penalty: | 5% for 1 year. No penalty thereafter. |
Future Advances: | Yes, available for all related hard & soft property improvements costs |
Proforma DCR Requirements: | Class I: 1.20x, Class II: 1.25x |
Recourse: | Generally Required, depending on leverage, sponsorship & capital structure |
Other Bridge Program Guidelines: | * Experienced sponsorship required |
* Good Faith Deposit required for third party reports | |
* Inbanet to order all appraisals through preferred network | |
* Impounds for property taxes and insurance required | |
* No secondary financing allowed | |
* Extensions subject to no events of default & property review | |
* Nationwide program, major metro areas preferred |
Questions?
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