Vertical Loans
No Minimum Fico – No Minimum Equity
Single Family Vertical Construction
Max LTC: 100%
Max LTV: 75%
Term: 12 Months Plus 1% – 6mo.
Max Loan Size: $1,000,000
Rates: 8.5% – 10.5%
Funded 10 Month Interest Reserve
Residual Value Land Basis
Minimum Fico 700 – Minimum Equity 8%
Single Family Vertical Construction
Max LTC: 100%
Max LTV: 80%
Term: 8 Months Plus 1% – 4mo
Max Loan Size: $500,000
Rates: 4.99% – 7.99%
Interest & Fees Can Be Deferred to Sale
Residual Value Land Basis
Apartment – Horizontal & Vertical Construction
Max LTC: 85%
Max LTV: 80%
Term: 18 Months – 60 Months
Loan Size: $1,000,000 – 100,000,000
Rates: 6.5% – 10.5%
Funded Interest Reserve – Cash Flow Model
Commercial – Horizontal & Vertical Construction
Max LTC: 80%
Max LTV: 70%
Term: 18 Months – 60 Months
Loan Size: $1,000,000 – 100,000,000
Rates: 4.99% – 7.99%
Funded Interest Reserve – Cash Flow Model
Horizontal Loans
SFR – Horizontal Development Loan
Max LTC: 75%
Max LTV: 90%
Term: 18 Months Plus 1% 6 Mo.
Loan Size Per Lot: 25,000 – $500,000
Max Loan Size – $15,000,000
Rates: 8.5% – 12.5%
Funded Interest Reserve – Cash Flow Model
Max LTV Based On Residual Land Value
Commercial – Horizontal Development Loan
Max LTC: 75%
Max LTV: 65%
Term: 18 Months Plus 1% 6 Mo.
Max Loan Size – $15,000,000
Rates: 8.5% – 12.5%
Funded Interest Reserve – Cash Flow Model
Max LTV Based On Residual Land Value
Take-Out Loans
LARGE PERMANENT LOANS
Term: 3,5,7,10,20 Year Term Loans
Size: $5,000,000 – $100,000,000
Index: Corresponding US Treasury, LIBOR, FHLB
Spreads: 150 bps – 350 bps depending on LTV and property type.
Max LTV: 70%-80%
Pre-Payment: None to Waived if Sold, Lock out and/or Yield Maintenance
SMALL PERMANENT LOANS
Term: 3,5,7,10,20 Year Term Loans
Size: $500,000 to $5,000,000
Index: Corresponding US Treasury, LIBOR, FHLB
Spreads: 150 bps – 350 bps depending on LTV and property type.
Max LTV: 70%-80%
Pre-Payment: None or waived if sold or sliding scale/stepdown
NO DOC LOANS
Term: 3,5,7,10,15,20,25,30 Year Term Loans
Size: $250,000 to $5,000,000
Index: Corresponding US Treasury, LIBOR, FHLB
Spreads: 150 bps – 350 bps depending on LTV and property type.
Max LTV: 70%-80%
Pre-Payment: None or waived if sold or sliding scale/stepdown
BRIDGE LOANS
Term: 6-48 Months
Size: $500,000 Plus
Index: Corresponding US Treasury, LIBOR, FHLB
Spreads: 250 bps – 450 bps depending on LTV, LTC, property type, Borrower experience and market conditions.
Max LTV/LTC: Up to 90% of total capitalization
Pre-Payment: Flexible prepayment yields
CONDOMINIUM CONVERSION BRIDGE LOANS
Term: 6-48 Months
Size: $5 Million Plus
Index: Usually LIBOR
Spreads: 350 bps – 450 bps depending on LTV, LTC, Borrower experience and market conditions.
Max LTV/LTC: Up to 85% of as is value/65% of Retail Condo Value
Releases: From Acceleration above $/SF loan (i.e. 125%) to full cash flow sweeps depending on LTV, LTC, Borrower experience and market conditions.
MEZZANINE DEBT FACILITIES
Term: 6-48 Months
Size: $500K – $30Million
Index: LIBOR or None
Current Pay: 9% – 12%
Target IRR’s: 15% – 20% heavily weighing on Borrower experience, market conditions and property type
Max LTC: Up to 85%-95% of total capitalization (usually behind senior loan of 70%-80%)
Collateral: Assignment of LLC/LP Interests, Sometimes 2nd Mortgage
EQUITY JV’s, PARTICIPATING STAND-BYS
Term: 6-48 Months
Size: $500,000 and up
Current Pay: 9% – 12%
Target IRR’s: > 18%
Participation: 35% – 75% of cash flow and net sales proceeds heavily weighing on Borrower experience market conditions and property type
Max LTC: Up to 100% of total capitalization with typically some Borrower co-investment money (usually behind senior loan of 70%-80%)
Collateral: Assignment of LLC/LP Interests