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.