Affordable Housing

The affordable housing lending program offers interim financing on income production properties. The higher leverage allowed for "bridge" financing gives owners the flexibility they need to reposition and stabilize properties. Conventional loan programs are available to provide permanent financing upon stabilization, creating a seamless exit.

MINIMUM LOAN: $5,000,000.00

LOAN TERM: 12 to 36 Months. Extension options available

AMORTIZATION: Interest only or fixed principal paydowns

MINIMUM DSCR: 1.10x "As Is" - 1.20x - 1.25x at Exit

MAXIMUM LTV: Case by Case

INTEREST RATE: Floating rate over LIBOR index. Spread varies based on risk and terms

ELIGIBLE PROPERTY TYPES: Apartments, Office, Retail, Hospitality, Industrial and others

ELIGIBLE BORROWER: Single Asset Entity

SPONSORSHIP: Good overall credit with sufficient liquidity and demonstrated experience completing similar projects

TAX AND INSURANCE ESCROWS: Monthly Deposits Required

REPLACEMENT RESERVES: Monthly deposits Required

SECURITY: First mortgage lien on subject property. If applicable, additional credit enhancement (recourse, other collateral, letter of credit or other guarantees) to be determined

REQUIRED REPORTS: MAI Appraisal, Property Condition Assessment, Phase I and others if applicable

SUBORDINATE FINANCING: Mezzanine if provided by CFG or an approved third party lender

SUPPLEMENTAL LOANS: Eligible for secondary financing after 12 months subject to approval

ORIGINATION FEE: Minimum 1% to 3%. (In Addition to Closing Costs)

IMPORTANT: This is not an offer to make a loan, all requests are subject to normal due-diligence and final approval under conditions that are standard for the specific transaction. The above terms and conditions are subject to change without prior notice and other terms and conditions apply.