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Affordable Housing |
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The program offers
interim financing on income production properties. The
higher leverage allowed for "bridge" financing
gives owners the flexibility they need to reposition and
stabilize properties. Conventional loan programs are
available to provide permanent financing upon
stabilization, creating a seamless exit.
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MINIMUM LOAN: $5,000,000.00
- LOAN
TERM: 12 to 36
Months. Extension options available
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AMORTIZATION: Interest only
or fixed principal paydowns
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MINIMUM DSCR: 1.10x "As Is" -
1.20x - 1.25x at Exit
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MAXIMUM LTV: Case by Case
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INTEREST RATE: Floating rate
over LIBOR index. Spread varies based
on risk and terms
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ELIGIBLE PROPERTY TYPES:
Apartments, Office, Retail,
Hospitality, Industrial and others
- ELIGIBLE
BORROWER: Single Asset Entity
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SPONSORSHIP: Good overall
credit with sufficient liquidity and
demonstrated experience completing
similar projects
- TAX
AND INSURANCE ESCROWS:
Monthly Deposits Required
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REPLACEMENT RESERVES: Monthly
deposits Required
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SECURITY: First mortgage lien
on subject property. If applicable,
additional credit enhancement
(recourse, other collateral, letter of
credit or other guarantees) to be
determined
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REQUIRED REPORTS: MAI
Appraisal, Property Condition
Assessment, Phase I and others if
applicable
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SUBORDINATE FINANCING:
Mezzanine if provided by CFG or an
approved third party lender
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SUPPLEMENTAL LOANS: Eligible
for secondary financing after 12
months subject to approval
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ORIGINATION FEE: Minimum 1%
to 3%. (In Addition to Closing Costs)
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Above
terms or program
availability may change without prior notice
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