Loan Type : Permanent Financing
Loan : $18,000,000
An $18,000,000 18-month bridge loan with interest rate of Prime plus 1% and a floor of 5.0%. The loan is interest-only for the first 12-months and amortized over 15 years thereafter. It was underwritten at 45% of value. The client is a general contractor who completed construction of the project entirely with their own cash, and due to extenuating circumstances missed the leasing season. At closing the property was approximately 25% occupied. The financing allowed the client to recoup the vast majority of the construction cost until the property is stabilized and ready for permanent financing.