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Loan Amounts:

Minimum $8,000,000

Qualifications:

Available in major markets only. Borrower must have substantial real estate experience, construction experience, solid net worth and liquidity.

Property Types:

Multi-Family

Office

Retail

Industrial

Self Storage

No hotels, healthcare, assisted living properties or condominiums (no exceptions).

Term:

Up to 3 years. 

Index:

30-day LIBOR 

Spread:

LIBOR plus 240 to 300 basis points (based on property type, borrower strength and market strength) 

Amortization:

Interest Only 

Interest Rate Floor:

None

Loan-to-Cost:

75% - 80% (Can go higher for multi-family projects on a select basis). Loan amount restricted by lesser of LTC or LTV below.

Maximum Loan-to-Value:

Multi-family

Office

Anchored Retail Unanchored Retail

Industrial

Self Storage

up to 80%

up to 75%

up to 80%

up to 75%

up to 75%

up to 70% 

Minimum DSCR:

On all property types except multi-family, there must be enough pre-leasing to size transaction to a 1.00x DSCR (breakeven levels).

Pre-leasing preferred on multi-family, but not required

Recourse:

25% – 100%; depends on quality of borrower and real estate.

Origination Fee:

1.00% - 1.50% (depends on property type, borrower strength and market) 

Exit Fee:

1.00% Waived if BSC does the takeout.

Completion Guaranty:

Mandatory 

Typical Closing:

45 – 60 days from receipt of executed application and Good Faith Deposit.

Required Reports:

MAI Appraisal

Phase I Environmental

Physical Condition

Agreed Upon Procedures (AUP)