Bridge Loans / Mezzanine Financing
BRIDGE LENDER WITH MILLIONS TO LEND: The bridge loan / mezzanine finance program offers quick-closing interim financing for most income properties. Borrower must have a viable business plan and exit strategy.
MINIMUM LOAN: $5,000,000.00
LOAN TERM: 12 Months (12-month renewal option subject to credit review and renewal fee)
AMORTIZATION: Interest only or fixed principal paydowns
MINIMUM DSCR: Case by Case
MAXIMUM LTV: Case by Case (Normally 50%)
INTEREST RATE: Case by Case (Normally 13% Minimum)
ELIGIBLE PROPERTY TYPES: Most Income Properties including apartment multifamily properties office buildings shopping and retail centers assisted living facilities (East Coast and certain Midwest and West regions)
ELIGIBLE BORROWER: Single Asset Entity
SPONSORSHIP: Good overall credit with sufficient liquidity and demonstrated experience on similar properties/projects.
TAX AND INSURANCE ESCROWS: Required
REPLACEMENT RESERVES: Case by Case
SECURITY: First mortgage lien on subject property with personal guarantees. (Additional credit enhancement such other collateral or letter of credit to be determined).
REQUIRED REPORTS: In most cases an appraisal will not be required, internal evaluation may be sufficient. We may require a Property Condition Assessment and Phase I. We can work off existing reports if under one year old.
ORIGINATION FEE: Minimum 5% plus Closing Costs due at closing.
UP-FRONT FEES: None. Unlike our competition, we collect our fees at closing, however, since our time is very valuable, we only work directly with serious principals/borrowers.
TIMEFRAME TO CLOSE: Normally within 30 days, but each deal is different.
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.