Bridge
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LOAN PURPOSE
Acquisition, conversion, refinance, discounted purchase option or note purchase.
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LEVERAGE
LTC/LTV: Up to 75%.
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LOAN AMOUNT
$5MM - $50MM. Smaller and larger loans considered on a case-by-case basis.
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INTEREST RATE
Fixed or Floating rate, starting at 550 basis points over the applicable index.
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TERM
3 to 5 years
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FEES
1% to 2%
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AMORTIZATION
Up to 3 years interest only, 25 year amortization, thereafter.
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RECOURSE
Varies depending on the transaction. Non-recourse, except for standard bad-boy carveouts is available.
Construction
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LOAN PURPOSE
Ground Up construction; Hotel Conversion with a heavy renovation component.
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LEVERAGE
Up to 75% LTC
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LOAN AMOUNT
$10MM to $30MM per asset. Smaller and larger projects considered on a case-by-case basis.
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INTEREST RATE
Starting at 625 basis points over the applicable index.
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TERM
3 Year initial term with extension options.
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FEES
1% to 2%
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AMORTIZATION
Up to 3 Years Interest Only, 25 year amortization, thereafter.
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RECOURSE
Completion guarantee required. Personal and/or corporate guarantees.
Permanent
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LOAN PURPOSE
Refinance or acquisition of a stabilized asset
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LEVERAGE
Up to 70% LTV
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LOAN AMOUNT
$7MM to $50MM
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INTEREST RATE
Starting at 5.50%, rate locked at Application
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TERM
5, 7 or 10 years
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FEES
1 - 2%
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AMORTIZATION
Up to 5 years Interest Only, 25-30 year amortization thereafter.
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RECOURSE
Non-recourse, bad-boy carveouts required
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PREPAYMENT
3 years Yield Maintenance, open prepay, thereafter.
Mezzanine/Preferred Equity
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LOAN PURPOSE
Recapitalization, Construction takeout, Gap Financing
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LEVERAGE
Up to 80% LTC
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LOAN AMOUNT
$3MM - $30MM
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INTEREST RATE
Starting at 900 basis points
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TERM
Coterminous with senior mortgage.
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FEES
1% to 2%
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AMORTIZATION
Interest Only
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RECOURSE
Personal and/or corporate guarantees
PIP
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LOAN PURPOSE
Brand-mandated PIP or renovation, inclusive of FF&E & real estate.
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LEVERAGE
Up to 100% of the Cost of the PIP or renovation, total debt not to exceed 85% LTC.
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LOAN AMOUNT
Up to $10MM per property
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INTEREST RATE
Starting at 575 basis points over the applicable index.
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TERM
7-10 years
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FEES
1% to 2%
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AMORTIZATION
Up to 36 months interest only, Self-Amortizing, thereafter.
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RECOURSE
Personal and/or corporate guarantees required.
Capex
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LOAN PURPOSE
FF&E required for hotel development or a conversion.
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LEVERAGE
Up to 100% of the total cost of the FF&E, total debt to not exceed 85% LTC.
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LOAN AMOUNT
Up to $10MM per property
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INTEREST RATE
Starting at 600 basis points over the applicable index.
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TERM
7-10 years.
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FEES
1% to 2%
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AMORTIZATION
Up to 24 Months Interest Only, Self-Amortizing, thereafter.
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RECOURSE
Personal and/or corporate guarantees required.