Sterling Commercial Capital

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 self storage facilities, hotels, retail, office, mobile home park, apartments, senior living, light industrial and warehouse. Busted condo deals. Land on a very selective basis. Completion of construction on a partially built project if the project is substantially finished.

Eligible transactions:

Acquisition or refinance; minimum 60% occupancy (will consider higher vacancy depending on circumstances) , 680 + Fico. (A good FICO score helps but we will look at sponsors with lower scores.) Debt buy downs; Loan portfolio purchase financing too

Transaction size:

$1 million to $25 million

LTV-LTC:

Up to 70% of lesser of “As Is” appraised value or actual purchase price

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 Application

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 to 12 months interest guarantee

Interest Rate:

Floor rates 12% to 15%

DSC:

Depends on transaction or interest reserve required.

Recourse:

Almost all deals are recourse but will consider non-recourse for special circumstances 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.

Tel 800-497-8606