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Borrower |
Management and/or ownership should be experienced. past or present credit problems, including Chapter 11 or 7 Bankruptcies or workable. |
Loan Amount |
From $1,000,000 to $100,000,000 |
Loan Term |
1 to 5 years, interest only. |
Prepayments |
Loans may be prepaid at any time with no prepayment penalties. |
Interest Rate |
A preferred interest rate priced at 450 to 750 basis points over the Prime rate or LIBOR (Typically 12% to 15%). |
The Collateral |
First-mortgage on land, Office, Recreational, Medical, Warehousing, Manufacturing, Hospitality (Hotel/Motels) or Industrial properties- Non-income or income-producing located anywhere in the USA and selected countries around the world. |
L-T-V Ratio |
50% to 70% of as-is quick-sale value. |
Use of Loan |
Proceeds may be used for land development or acquisition, construction costs, real estate acquisition, equipment, working capital and closing costs or cash-out. |
Processing |
Approval within 24 hours, commitment within 48 hours and closing within 7-14 days. |
Equity Interest |
Up to 50% of the equity or, a Fee in lieu of equity, equal up to 10% of the Loan Amount. |
Fees & Costs |
Application Fee: $5,000 - $10,000 plus out-of-pocket expenses, which are NON REFUNDABLE if in compliance with Lender's Letter of Interest. Commitment Fee: 3% of the Loan Amount. |
Submissions |
Borrower's Financial Statements and Tax Returns for 2 years - Brief Property description - Schedule of all proposed capital expenditures - Appraisal, if available |
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* Quick-sale value defined as cash sale within a 180 day period |