| LOAN SIZE : |
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$5,000,000 to $30,000,000. Larger by exception & subject to participation. First mortgages only. |
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| PROPERTY TYPES : |
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Multi-family, Mixed-use, Retail, Office, Light Industrial, Owner Occupied real estate, Assisted care facilities, Mini-Storage, Senior Living communities, Nursing homes, Hospitals and Condominium projects in core markets. |
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| LOAN TO COST / VALUE : |
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Up to 75% of total project cost limited to 65% of appraised completed value. For Condominium projects BCF may use next best use value as rental property depending on market strength. Total borrower equity contribution is required at closing. |
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| TERMS : |
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Variable rate for the term of the loan at 30 day LIBOR plus 8-9% with a floor rate of 12-13% per annum. Actual rate will be determined by the credit history of the borrower and financial strength of the application file. Exit fees will apply if partial releases are required. The loan will have payments of interest only for 1-3 year term. Personal guarantees generally required. Borrower should have post closing liquid net worth of at least 5% of loan request and strong development experience in similar projects. |
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| TIME FRAME : |
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Applications are approved to close typically 4-6 weeks from application. If legal and title runs concurrently we expect to close shortly thereafter. |
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| DOCUMENTATION : |
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Soft quotes are available via telephone conference or completed loan submission form. Hard quotes are available after we have received a completed loan submission form, credit authorization, current borrower financial statement, borrower resume, contractor resume, project pro-forma, construction budget, proposed construction draw schedule and preliminary or approved plans. Hard quotes will be given in the form of a Quote Sheet followed by a Term Sheet. Client conference calls are required to confirm that terms & conditions outlined in the Quote Sheet are acceptable prior to issuance of Term Sheet. |
