| 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?
Sign Up for Our Newsletter
