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CONSTRUCTION LOAN PROGRAMS
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| LOAN AMOUNT: $500,000 TO $12,000,000 |
| PRODUCT TYPE |
INDEX |
MARGIN |
TERM |
EQUITY REQUIREMENT |
LAND DRAW |
LOAN FEE |
MINI-PERM |
| Multi-Family, Retail, Industrial, Office, Residential Tract, SFR custom, Build-to-Suit |
Floating rate over Prime Rate |
1.00% - 2.00% (pricing subject to project risk) |
12 months – 24 months (term can be customized to project) |
15% - 30% (based upon strength of project and/or developer) |
Up to 50% on a case-by-case basis |
1.00% - 2.00% (pricing subject to project risk) |
Mini Perm Available |
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| ACQUISITION / REHAB LOAN PROGRAMS |
| LOAN AMOUNT: $500,000 TO $12,000,000 |
| PRODUCT TYPE |
INDEX |
MARGIN |
TERM |
LOAN TO VALUE |
DSC |
LOAN FEE |
PREPAYMENT |
| Multi-Family, Retail, Industrial, Office, Other |
Floating Rate over Wall Street Prime or six-month Libor |
1.00% - 2.00% over WSP or
300 bps – 400 bps over Six-month Libor (price subject to project risk)
|
12 months – 36 months (term can be customized to project) |
75% Loan-to-Acquisition Cost, Reimbursement up to 75% of rehab costs not to exceed 75% Loan to Stabilized Value |
1.15:1 to 1.30:1 DSC based upon product type (any variance subject to project risk) |
1.00% - 2.00% (pricing subject to project risk) |
1.00% for the first three (3) years, none thereafter |
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| PERMANENT LOAN PROGRAMS ** |
| LOAN AMOUNT: 750,000 TO 7,500,000 (Subject to investor’s approval) |
| PRODUCT TYPE |
START RATE |
FLOOR & LIFE CAP |
TERM |
LOAN TO VALUE |
QUALIFYING RATE & DSC |
FEES |
PREPAYMENT |
| Apartments |
300 bps over the 11-District Cost of Funds |
Floor is 7.00% and Life Cap is 12.75% |
30-year amortization with a 30-year call |
Up to 75% Loan-to-Value |
Qualifying rate is 1.00% over fully indexed rate with a minimum DSC of 1.15:1 |
1.00% - 1.50% plus $1,500 processing fee. Also, phase I Environmental Report required. |
None |
| ** OTHER LONG TERMS FIXED AND ADJUSTABLE RATE LOANS AVAILABLE ON VARIOUS PROPERTY TYPES. CALL FOR QUOTE |
| Actual loan rates and terms are based on an analysis of the specific
characteristics of the property, such as its type, location, operating
history, use, age and construction, as well as the borrower’s financial
strength and management experience. Programs are subject to change
without notice. |
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| DOCUMENTS REQUIRED: |
- Borrowing Entity – Include recording partnership agreement and/or Articles of Incorporation.
- Financial Statement – Complete, and current within three months on all borrowers, guarantors, general partners etc. Include detailed schedules for all major items and a real estate schedule.
- Tax Returns – Complete Federal Tax Returns for the three most recent years, all borrowers, signed.
- Credit Information – Name, spouse’s name, home & business addresses
and phone numbers and social security numbers for all individuals.
- Banking References – Three or more for your deposit relationships and
past real estate lenders. Include the officer’s name, branch address
and phone number.
- Project Resume – Listing of previously completed projects. Include type, location, sales or leasing information.
- Preliminary Title Report.
- Construction Contract.
- Contractor’s Information – Contractor’s license number, resume, references and financial statement.
- Plans and Specs.
- Itemized Cost Breakdown – By subcategory and dated.
- Development Schedule – Projected timing for building permits, completion date, sale or leasing period.
- Project Proforma Statement – Income and Expense projections and estimated value upon completion.
- Market Study – Sales and/or rental comparables.
- Soils Report.
- Phase I Environmental Report.
- Project Contact – Name and phone number of managing partner.
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