Bridge Lending Program
3 W. Main St, Suite 103
Irvington, NY 10533
ELIGIBLE PROPERTIES
Existing market-rate, affordable, and rent-assisted multifamily properties; stabilized and value-add permissible
INTEREST RATE
SOFR-based floating rate; determined by loan metrics
BORROWER
For-profit or not-for-profit domestic single-asset entity
GUARANTOR
Non-recourse subject to standard carve-outs
PERSONAL LIABILITY
Non-recourse and recourse options available
SECURITY
First mortgage and first-priority interest in all leases, rents, income, and profits, and all other personal property, accounts, escrows, and reserves
MAXIMUM LOAN
Up to 85% LTV
TERM & AMORTIZATION
Up to 36 months with extension options available; typically interest only for term of mortgage
ESCROWS
Replacement reserve, tax, and insurance escrows are typically required
ORIGINATION FEE
1.0% of original loan balance
EXIT FEE
Negotiable
EXTENSION FEE
Negotiable
THIRD PARTY REPORTS
Appraisal, Phase I, and PCNA are required; seismic report may be required
