Bridge Lending Program
3 W. Main St, Suite 103
Irvington, NY 10533
ELIGIBLE PROPERTIES
Ground-up construction or adaptive reuse of retail, office, industrial, multifamily, or hotel properties
INTEREST RATE
SOFR-based floating rate; determined by loan metrics
BORROWER
For-profit or not-for-profit domestic single-asset entity
GUARANTOR
Typically, “warm-body” guarantor required
PERSONAL LIABILITY
Non-recourse with the exception of Bad Boys, Completion Guarantee, and Debt Service Guarantee
SECURITY
First mortgage and first-priority interest in all leases, rents, income, and profits, and all other personal property, accounts, escrows, and reserves
STRUCTURE
Fully funded upfront
MAXIMUM LOAN
Up to 65% LTC
TERM & AMORTIZATION
Up to 36 months with extension options available; typically interest only for term of mortgage
ESCROWS
Debt service and construction 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
