CAPITAL STRUCTURE: BRIDGE LOAN
A New York-based investment manager is funding hybrid bridge loans that start out fixed-rate for the first two years. DSCR can be lower than one with reserves and structure.
Check size: $10-$35MM
LTV: Up to 75% loan to cost
Rate: 5.5% fixed for two years with two one-year extensions at 350 over 30-day LIBOR
Term: 2-4 years with extension options
Property type: Multifamily
Uses: Acquisitions, recapitalization, value add CAPEX repositioning, transitional assets