New Construction Loan Program
CRE Finance announces its new Construction Loan Program including lending terms and program highlights.
April 13, 2014 (Newswire.com) - Cre- Finance (www.cre-finance.com) is happy to announce its new construction loan program. Todd Tretsky, of CRE Finance says this is a great program for anyone seeking commercial construction financing.
Construction Loan Program
Qualified Property Type Multifamily, Anchored & Unanchored Retail, Office, Flagged Hotels & Commercial Condominium
Lending Area - Metro Areas
Preferred Loan Amount - $2,000,000 to $30,000,000
Loan Term Up to 24-Month
Interest Rate - 50 bps - 200 bps over Prime, with a minimum floor rate of 4.00%, adjustable
Amortization - Interest Only
Maximum LTV - Up to 60% of the Completion market value
Minimum LTC - Up to 75% of the total development costs, including property acquisition, construction hard and soft costs.
Lien Position 1st Lien
Prepayment Penalty - 6-Month Guaranteed Interest, no prepayment penalty thereafter
Lender's Due Diligence Fee - Borrower is responsible for all third party report fees (which include appraisal, engineering and phase I environmental reports), commitment fee and lender's legal fees.
Lender will issue a quote for the reports and the Borrower will then deposit the third party report fees with the Lender directly. All third party reports will be engaged by Lender.
Liability - Non-Recourse and Full Recourse
• Executive Summary
• Property Description or Existing Appraisal Report, if available
• Information on Existing Loan & Its Lender, if refinance
• Copy of the Purchase and Sales Agreement, if purchase
• Proposed Development Cost Breakdown
• Proposed Monthly Draw Schedule
• Pro-Forma Operating Statement for 12 Months
• General Contractor Background & Financial Information
• Borrower's Background Information / Resume
• Borrower's Financial Statement (both corporate & individual)
• Borrower's Tax Returns (Last Two Years)
• Principal's Tri-Merged Credit Report (last 30 days)
• Color Rendering
If you have any questions, please contact Todd at 212-257-7305 or Richard of CRE Finance (www.cre-finance.com) at 212-257-7307.
Categories: Real Estate