A summary of our typical loan terms.
Lending Criteria
| Loan Size |
Minimum of $1 million, maximum of $50 million |
| Property Locations |
New York Metropolitan Area |
| Property Types |
Single-purpose entity ownership structure |
| Borrower |
Single-purpose entity ownership structure |
| Term |
12 to 24 months, fully extended |
| Extensions |
Subject to satisfaction of certain criteria, including payment of an applicable extension fee |
| Closing Time Frame |
Typically 10 days, including due diligence; closing times are tailored to the specific needs of our clients |
| Loan-to-Value |
Maximum of 70% |
| Amortization |
Interest Only |
| Interest Rate |
Typically between 10% and 15% depending on LTV and associated transactional risks |
| Loan Points |
Typically between 2% and 5% of the loan amount, payable from loan proceeds at closing |
| Down-Payment |
An agreed upon, non-refundable down payment fee is due at the signing of the letter of intent and term sheet |
| Guarantees |
Guarantors are required to provide repayment guarantees and sign applicable indemnities, including an environmental indemnity |
| Interest Reserve |
Between 6 and 12 months of interest payments are reserved at closing |
| Repayment |
Loans are repayable at any time, subject to payment of any applicable exit fees and prepayment premiums |
| Prepayment |
No prepayment penalty, although typically a six-month minimum term is required |