Construction Financing

Loan to Cost: Up to 90% of the commercial project can be financed, in some cases up to 100%
Loans amounts $3,000,000 to $250,000,000.
Types of projects: All property types considered.
LTV: Up to 90% of the future stabilized value.
Terms: Up to 5 years with 20 year amortization.
Fees: Vary based on loan type.
Collateral: First lien on assets financed.
Processing time: Generally within 60 days after all documents are received.
Non-recourse construction financing program with advance rates up to 85% of total costs.
Borrower required to provide a completion guarantee.
Designed for experienced sponsors who have a strong track record of constructing similar projects.
Commitments up to $150 million with terms ranging from 3 - 5 years.
Libor-based floating rate available.

Fixed Rate Program $1M-$100M

25-30 year amortization
$25 million commitment for a single asset and $75 million for a multi-asset portfolio.

Terms from 5-15 years.
First Mortgage permanent financing up to 80% of appraised value.
Typically used to refinance, recapitalize, reposition or acquire and develop medical buildings, office buildings, skilled nursing facilities or assisted home living communities.

Typically non-recourse except for standard carveouts.
Priced over like-term treasuries or swaps.

Close time 3-6 weeks.

Floating Rate Program $1M-$100M

25-30year amortization.

$25million commitment for a single asset and $75 million for a multiple-asset portfolio.
Terms from 5-15 years.

Below 580 credit score considered.
Judgments and liens may be considered.
No recent bankruptcy.
5 year term with 20-25 year amortization.
Prepayment Penalty
3% for 1 year, 2% for year 2 and 1% for year 3.

Close time 3-6 weeks.

Construction to Permanent Commercial Mortgage Program

Loan amounts: $3M to $250M.
Term: 12 to 24 months construction then rolls into 10 year permanent.
financing with 20 or 25 year amortization period.
Rate: For accurate rate please call our branch at 212.803.7260

During Construction rate floats at approximately 300 over 1 or 3 month LIBOR the after construction permanent spread is approximately 225 basis points above 10 year Treasury Swap Rates.
Types of Properties: Offices, Commercial Condos, Warehouses, Industrial, High Rise Commercial.
Financing: 90% of cost up to maximum of 75% LTV.
Rate Locks: Available- please call our branch at 212.803.7260
DSCR Requirements : Minimum of 1.15.