| Acquisition, Construction, Restructuring and Refinancing
LOAN AMOUNT: $1,000,000 and up.
BORROWER: Management and/or ownership should be experienced. Past or present credit problems, including Chapter 11 or Chapter 7 bankruptcies are workable.
LOAN TERM : 1 to 5 years, interest only.
PREPAYMENTS: Loans may be prepaid at any time after the first anniversary of the loan with no prepayment penalties.
INTEREST RATE: A preferred interest rate typically priced at 10% to 15%.
COLLATERAL: First mortgage on land, office, multifamily, recreational, medical, warehousing, manufacturing, self-storage, hospitality (hotel/motels) or industrial properties, etc. -– non-income or income-producing, located anywhere in the USA and select countries around the world.
L-T-V RATIO: 40% to 75% of As-Is Value by independent third party MAI appraisal.1
USE OF LOAN: Proceeds may be used for land development, real estate acquisition, construction costs, equipment, working capital, closing costs or cash-out.
PROCESSING: Approvals within 24 hours, commitments within 48 hours, and closings in as little as 14 business days.
EXIT FEE: In lieu of equity, a fee of 2% to 8% of the loan amount.
OTHER COSTS: Application Fee: $10,000 - $25,000 -- NON-REFUNDABLE if Loan Commitment is in compliance with lender’s Letter of Interest.
Commitment Fee: Typically 3% of Loan Amount.
SUBMISSIONS: Brief property description • Schedule of all proposed capital expenditures • Sources and use of proceeds statements • Appraisal, where available
1 As-Is Value defined as a cash sale within a 180-day marketing period
|
