Multi-Family Short Term Bridge Mortgage
Provides flexibility to close quickly on a purchase transaction, complete final lease-up activity and facilitate timely repayment of construction debt.
| Transaction types |
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| Eligible property types |
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| Locations |
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| Loan amount | $5M to $50M |
| Maximum LTV | Up to 75% |
| Terms | 3 – 6 months (other terms may be available) |
| Interest rate | Competitive Spread over The Prime Rate |
| Recourse | Required |
| Lender fees | Flexible and structured for each loan |
| Commitment fees | 1% paid on commitment acceptance (refunded upon loan advance) |
| Amortization | Up to 30 years |
| Interest only | Available |
| Eligible security | First Mortgage |
| Minimum debt service coverage | 1.10x |
| Reserves/holdbacks | May be required (deal dependent) |
| Reports | Phase I Environmental Site Assessment (ESA), Building Condition Assessment (BCA), Appraisal (AACI) |
| Other | Early rate lock program available to eliminate interest rate risk in advance of funding |