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BRIDGE
| Loan Type: |
Light Documentation (can close in 7-14 days) |
| Loan Amount: |
$1,000,000 - $50,000,000 |
| Term: |
1 year; second year extension option available |
| Amortization: |
Interest Only |
| Minimum DCR: |
1.00x; down to .50x with interest reserve |
| Maximum LTV: |
75% on most property types; 65% on owner occupied properties, Gas Stations, Hotels/Motels; 60% on vacant buildings. |
| Interest Rate: |
11% - 13% Fixed |
| Origination Fee: |
3 – 4 points |
| Prepayment Penalty: |
4 – 6 month lockout |
| Eligible Properties: |
Multifamily (5+ units), Mixed-Use, Office, Retail, Mobile Home Parks, Warehouse, Self-Storage, Light Industrial, Flagged Hotels, Flagged Gas Stations. No land, construction or special use. |
| Occupancy Requirement: |
>=70% (up to 75% LTV); 60-69% (up to 70% LTV); 50-59% (up to 65% LTV); <50% (up to 60% LTV) |
| Population Requirement: |
Property location must have a population of 20,000 + |
| Eligible Borrower: |
Single-asset entity; can lend to foreign nationals |
| Recourse: |
Full recourse to Sponsor |
| Assumable: |
No |
| Subordinate Financing: |
Allowed up to 10% of purchase price |
| FICO Score: |
>= 600; middle score of a tri-merged credit bureau report |
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