Lending

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