Construction Loan Program
Property Type Retail, Office, Industrial and Apartment
Loan Size - $10 million - $100 million +
Geographic Area Consideration for deals anywhere in the Continental U.S. and Alaska; with an emphasis on major markets
Recourse Completion guarantees are required. Partial or full repayment guaranties are required in most circumstances, but with burndowns as leasing occurs.
Loan Term 12 months 3 years with extension options
Amortization Most loans will be interest only during construction, but underwritten on a 30-year amortization.
Prepayment Fees None
Underwriting Most loans will be underwritten to an 80% LTV and a 1.25x DSCR. Exceptions are considered in some circumstances.