Income Producing Properties:
Borrower: Single-purpose entity
Recourse: DSCR < 1.1 PG required*
Use of Funds: No restrictions
Term: 1 yr., 4 1-yr. renewals available
Rate: Prime + 4 – 6 (Min. 7.875%)
Due Diligence Fee: None but site visits costs
Funding Fee: 2 points
Maximum LTV: 75% of 180-day value
Security: 1st mortgage + 100% of shares pledged and rental income assigned
Interest Prepaid: Initial term of loan
Rehab and Construction
Borrower: Single-purpose entity
Recourse: Required of all principals*
Use of Funds: For subject collateral only
Term: 1 – 3 years with exceptions to 5 years
Rate: Prime + 5 – 7 (Min. 8.875%)
Due Diligence Fee: None but site visit costs
Funding Fee: 2 points
Maximum LTV: 70% of the 180-day value
Security: 1st mortgage + 100% of shares + GC contract
Interest Prepaid: Initial term of loan
Commercia Vacant Land
Borrower: Single-purpose entity
Recourse: Required of all principals*
Use of Funds: No restrictions
Term: 1 year, two 1-year renewals available
Rate: Prime + 6 – 8 (Min. 9.875%)
Due Diligence Fee: None but site visit costs
Funding Fee: 2 points
Maximum LTV: 60% of the 180-day value
Security: 1st mortgage + 100% shares
Interest Prepaid: Initial term of loan
