Tel: 800-497-8606


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Office Address
    2930 Banks Street
    New Orleans, LA 70119
    Tel 800-497-8606


 


Short Term Bridge Mortgage Lending Program
Minimum $1,000,000
Short-term first mortgage loans on select commercial real estate properties with the following rates and terms:

Eligible locations: Continental US
Eligible properties: Income producing commercial real estate properties including apartments, office, retail, self storage, hotels, mobile home park, light industrial and warehouse. Busted condo deals. Completion of construction on a partially built project if the project is substantially finished.
Eligible transactions: Acquisition or refinance, debt buy downs, D-I-P, BK. loan portfolio purchase financing, completion of construction (Will consider high vacancy depending on circumstances) . A good FICO score helps but we will look at sponsors with lower scores.
Transaction size: $1 million - $50 million
LTV-LTC: Up to 65% of lesser of “As Is” appraised value or actual purchase price/project cost
Security: First mortgage lien on the subject property(s), assignment of all permits and approvals, assignment of leases, pledge of partnership interests, personal guarantee of principals, UCC on other collateral
Ownership: Single asset, special purpose entity.
Application Fee: Fee of $3,000 is due with the signed Letter of Intent
Origination Fee: 3% - 5% of loan amount payable at closing, depending on transaction
Exit Fee: Negotiable
Commitment Deposit 1% deposit payable upon acceptance of Term Sheet to be used for 3rd party costs, legal and closing. Balance applied towards Origination Fee or refunded at closing.
Prepayment: Permitted at any time but 6 months interest requirement
Interest Rate: Floor rate 10% up to 15%
DSC: Depends on transaction or interest reserve required.
Non-Recourse: Non-recourse is possible for quality deals; -otherwise recourse depending on transaction.
Loan Term: 12-36 months, negotiable
Partial Releases

Releases for sold units at to-be-negotiated release prices.

Reserves Real estate taxes, hazard insurance, and mortgage interest if required
Second Mortgage: Possible with permission of Lender
Exit Strategy: Heavy concentration on value creation, market analysis and exit strategy.
Third Party Reports: MAI Appraisal, Phase I environmental, feasibility and others if required, ordered by Lender at expense of Borrower.
Closing Time: As short as 1 week based on complete file. 2-3 weeks for routine transactions

At no charge, a detailed loan offer will be forwarded upon completion of initial analysis.

BROKERS ARE PROTECTED UP TO 2% BASED ON FEE AGREEMENT WITH BORROWER
© Sterling Commercial Capital, January 2011. Subject to Change Without Notice