CAPITAL STRUCTURE: CONSTRUCTION LOAN

Non-recourse construction loans for ground up multifamily properties in Top MSA's
CAPITAL STRUCTURE: CONSTRUCTION LOAN
Private lender launches a new program offering construction debt financing for ground up multifamily.
Check Size: $10-50MM
LTC: Up to 80%
LTV: Up to 70%
Pricing: 6.5-8.0%, market specific
Fees: 1-2% origination fee
Term: 24-36 months
Recourse: Non-recourse
Property Types: Multifamily
Use: Construction
Geography: Top MSA's
Construction, acquisition, and bridge loans for all property types in Western states
CAPITAL STRUCTURE: CONSTRUCTION LOAN, PERMANENT LOAN, BRIDGE LOAN
Community bank offering flexible debt financing for all asset types.
Check Size: $5-100MM+
LTC: Up to 80% LTV Up to 80%
Amortization: Interest only (Up to 30 years)
Target: Minimum DSC 1.20x
Recourse: Flexible. Non-recourse available on select property types based on loan metrics
Property Types: All property types with a focus on multifamily, industrial, retail, office, and medical office
Use: Construction, acquisition and reposition
Geography: CA, OR, WA, AZ, NV, ID
Construction loans for hotel and multifamily properties nationwide
CAPITAL STRUCTURE: CONSTRUCTION LOAN
Private lender offering non-recourse hotel and multifamily construction debt financing.
Check Size: $20-100MM+
LTV for Hotels: Up to 75%
LTV for Multifamily: Up to 80%
Pricing: Libor based floating rate typically between L + 7.25% and L + 8.50%
Fees: 2% origination fee, 1% exit fee
Term: 36 months primary term (with up to 12-month extension)
Recourse: Non-recourse with standard carve out guarantee and completion guaranty
Property Types: Hotel and Multifamily
Use: Construction
Geography: Nationwide
Bridge and Construction loans for commercial and residential assets
CAPITAL STRUCTURE: BRIDGE LOAN & CONSTRUCTION LOAN
Investment firm offering commercial and residential bridge and construction loans nationwide
Check Size: $10-200MM
Leverage: LTC/LTV Up to 80%
Rate: Starting at 7%
Term: Up to 60 months
Fees: Subject to asset and leverage
Property Types: Commercial and residential
Use: Acquisition, reposition, construction, time-sensitive closings, storied loans, discounted note payoffs, light value-add, non-stabilized properties
Non-recourse land, bridge, and construction loans for a variety of property types
CAPITAL STRUCTURE: LAND LOAN/BRIDGE LOAN/CONSTRUCTION LOAN
Balance sheet lender offering quick close, full discretion and non-recourse debt financing
Check Size: $8MM-40MM
LTV: Up to 75% stabilized value
LTC: No loan to cost restriction
Pricing: Minimum 5%
Coupon Fees: 1% to 2% origination fee
Term: 1 to 3 years with extension options
Recourse: Non-recourse
Property Types: Multifamily, retail, office, mixed-use, industrial, healthcare/life science, self-storage, for-sale condos, SFR communities, land and horizontal development.
Use: Acquisition, recapitalization, and construction
Geography: CA, OR, WA, AZ, NV, UT, CO, TX
Floating rate debt solutions for entitled land, construction and adaptative reuse projects, and property redevelopment
CAPITAL STRUCTURE: CONSTRUCTION LOAN
Private commercial real estate lender offering non-recourse, interest-only financial solutions nationwide
Check Size: $10-$75MM
Term Construction Loan: Up to 3 years
LTC /LTV: Up to 85%
Type: Floating rate over LIBOR index
Pricing ("Interest") Construction: Starting at L + 6.75%
Amortization: Determined on a case by case basis
Target returns: Min. 1.0x, inclusive of interest reserve
Property Types: Multifamily, Student Housing, Senior Independent Housing, Condominium, Office, Industrial, Retail, Hotel, Self-Storage
Geography: Top US markets
Partial/non-recourse bridge and construction loans
CAPITAL STRUCTURE: BRIDGE LOAN, CONSTRUCTION LOAN
An aggressive East Coast Bank has dropped pricing for construction and bridge loans across various asset classes.
Check size: $20-$150MM
LTV: Up to 70% for Multifamily and 65% for all others
Rate: Spreads ranging from high 1s to low 2s on transitional assets and high 2s to mid 2s for construction transactions
Recourse: non-recourse for bridge loans and 20-25% recourse for construction loans with burn offs
Term: 3 to 7 years
Amortization: 30 years for multifamily and 25 years for all other asset classes
Interest Only: Up to four years
DSCR sizing: 1.15x
Structured Capital Friendly: Allow mezzanine debt up to 80% and preferred equity up to 90%
Asset Types: Multi-family, condo, office, retail, hotel, mixed use, industrial, self-storage, parking, some land
Geography: East of the Mississippi, Boston to Key Largo
Specialty asset bridge, construction and mezzanine debt
CAPITAL STRUCTURE: BRIDGE LOAN, CONSTRUCTION LOAN, MEZZANINE DEBT
Newly formed finance arm of private equity vehicle seeking to deploy capital for senior housing, medical offices, student/multifamily housing, self-storage.
Check size: $10 - $500MM
LTV: Up to 85% LTV/LTC
Rates: Spreads to LIBOR of 2.5% - 5.5% (first mortgage) or 6.0% - 10.0% (mezzanine/preferred equity)
Term: Up to 7 years
Amortization: Typically interest only
Property type: Senior Housing, Medical Office, Student/Multifamily Housing, Self-Storage
Uses: Development, Acquisitions, Recapitalization
Geography: Nationwide
Non-recourse, participating construction or permanent loan structure
CAPITAL STRUCTURE: CONSTRUCTION LOAN, PERMANENT LOAN, PARTICIPATING LOAN
An international fund manager is deploying rare participating debt investments out of its multi-billion open-ended fund
.
Check size: $20-$200MM
LTV: 90%
Rate: Current pay rate of 5-6% with 50% operating cash flow participation post debt service
Waterfall: Upon a capital event 
  • Repayment of mortgage
  • Preferred return of 7-9% to lender
  • Return of borrower's equity
  • Preferred return of 7-9% to borrower
  • 50/50 share thereafter
Term: Closed to pay off after 5-7 years
Property Type: Multifamily, Industrial, Office, Retail, Student Housing, Hospitality, Self-Storage
Uses: Acquisitions and/or development
Geography: Nationwide
Construction-to-Permanent Loan Program 
CAPITAL STRUCTURE: CONSTRUCTION LOAN, PERMANENT LOAN
An insurance company is funding large senior construction loans at a fixed rate (locked at application) that convert into the fixed-rate permanent loan.
Check size: $50MM+
LTV: Max 70%; typically 65% or less
Rate: Market spreads over treasuries
Term: 36 months of construction term followed by 7+ year permanent loan for total of 10-25 years
Property type: Multifamily, (high & mid-rise, wrap and podium construction, no suburban garden-style product)
Uses: Development
Geography: Top 10 metro areas in the U.S. (urban, in-fill locations)