Eligible locations:

Continental US

Eligible properties:

Hard-to-finance, multi or single tenant, select special purpose, income-producing, commercial real estate properties

Eligible transactions:

Acquisition or refinance; high vacancy, condo conversions, change of use, renovation, tenant fit-up, bad credit, bankruptcy, d-i-p, debt buy-down, partner buy-out, etc.

Transaction size:

$1 million to $20 million

LTV-LTC:

Lesser of up 65% of “As Is” appraised value or actual purchase price, or up to 80% of total project costs not to exceed 65% of projected value, depending on property type and transaction.

Security:

First mortgage lien on the subject property(s), assignment of all permits and approvals, assignment of leases, pledge of partnership interests, personal guarantee of principals, UCC on other collateral

Ownership:

Single asset, special purpose entity.

Application Fee:

Fee of $2,000 to $6,500 is due with the signed Application, depending on property location and transaction.

Exit Fee:

None in most situations; up to 6% depending on the transaction.

Commitment Deposit

½ of 1% of loan amount or $10,000, payable upon acceptance of Loan Commitment depending on loan program for 3rd party costs, legal and closing. Balance applied towards Origination Fee or refunded at closing.

Partial Releases:

Releases for sold units at 125% of loan balance attributed to the unit(s).

Prepayment:

At any time without penalty

Interest Rate:

10%-15% fixed, or floating over Prime

DSC:

1.10x-1.30x depending on property type

Non-Recourse:

Non-recourse to Full Recourse, depending on transaction.

Loan Term:

12-18-24 months; option for 12 more months

Reserves

Real estate taxes, hazard insurance, and mortgage interest if required

Second Mortgage:

Possible with permission of Lender

Exit Strategy:

Heavy concentration on value creation, market analysis and exit strategy.

Third Party Reports:

MAI Appraisal, Phase I environmental, feasibility and others if required, ordered by Lender at expense of Borrower.

Closing Time:

2 week Quick-close with all 3rd party reports completed; or 20 - 30 days from completed Application