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Commercial Bridge Loans |
| Rates: |
10% to 14% |
| Points: |
2 to 4 |
| Term: |
12 to 60 months, Interest Only |
| Loan Amounts: |
$1,000,000 to $50,000,000. Larger loans on a case by case basis. |
| Notes: |
Properties must be commercial, have cash flow, and a solid exit plan. Funds may be used for interest reserves, tenant improvements, leasing up, acquisition, and minor construction completion. Most property types considered. Plese submit and Executive Summary with your request. |
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General Program Guidelines |
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MULTI-PURPOSE |
SPECIAL PURPOSE |
HOSPITALITY
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MULTI-FAMILY
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LOAN LIMITS
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$500K to $4MM Investor; SBA 504 - $7MM |
$500,000 to $4,000,000; SBA 504 $6MM |
$500,000 to $4MM Investor, SBA 504 - $6MM
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$750K to $5,000,000
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PROPERTY TYPES |
Office
Retail
Mixed Use
Industrial Office
Warehouse
Mixed Retail w/Office
Light Manufacturing & Industrial
Medical Office
Dental Office |
New Automobile Dealers
Light Automotive
Service & Repair
Auto Tire & Brake Centers
Assisted Living Facilities
Grocery Stores
Daycare Centers
Car Washes
Funeral Homes
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Strong Franchise
Interior Corridor Construction
< 20 years old
< 100 units |
5+ units
Mid rise
>25,000 population |
| MAX LTV/CLTV |
60%/90% |
60%/90% |
60%/90% |
75%/75% |
| LOAN TERMS |
Owner User: 25 Year Fully Amortizing, Minimum 1.25 to 1.3 DCR. Investor: 20 year fully amortizing, 1.4 DCR. |
30 Yr. Amortization; DCR 1.25 - 1.55 |
| MINIMUM CREDIT SCORE |
650 |
650 |
650 |
680 |
| MINIMUM EQUITY |
10%-20% |
10%-25% |
20% |
15% |
| COLLATERAL |
1st TD-Real Property |
1st TD-Real Property |
1st TD-Real Property |
1st TD-Real Property |
LOAN PROGRAMS
(Initial Term) |
SBA 504
USDA B&I
1 Year Variable
3 Yr. Fixed
5 Yr. Fixed |
SBA 504
USDA B&I
1 Year Variable
3 Yr. Fixed
5 Yr. Fixed |
SBA 504
USDA B&I
1 Year Variable
3 Yr. Fixed
5 Yr. Fixed |
30/5
30/7
30/10
30/15
30/30 |
| INDEXES |
Rates are tied to 90 Day & 1 Yr. LIBOR, 3 or 5 Yr. LIBOR Swap, or WSJ Prime |
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AVAILABLE PROGRAMS
(Remaining Term After
Initial Fixed Period) |
At the end of the initial fixed term, the loan will automatically convert to the Borrower's choice of:
A) Original Swap Index + margin, adjusting every three or five years
OR
B: WSJ Prime Rate + margin, adjusting quarterly
Borrower must make the selection above before closing the loan. |
| RATE LOCKS |
30 day rate locks are available at no cost.
60 day rate locks are available with a deposit of $2,500 or 0.50% of the permanent loan amount, whichever is greater. NOTE: The 60 day rate lock deposit is refunded at the time of closing if the interest rate at the time the loan is closed is the same as the rate stated in the Commitment Letter. If the interest rate declines and the Borrower chooses to lower the rate rather than take the rate stated in the Commitment Letter, the deposit is retained by the lender.
The Rate is locked as of the date of the Commitment Letter. |
| Assumption: |
Subject to review and 1% fee. |
| Escrows: |
Taxes and Insurance required; Deferred Maintenance / Cap. Ex. as needed. |
| Loan Fee: |
Loans quoted at PAR. |
| Application Fee: |
Based upon estimated processing costs and required 3rd Part reports. |
| Funding: |
45-60 days after receipt of due diligence items and an executed Application. |
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