Adworx Financial Bridge Loans

24 Jun    Uncategorized

Bridge Loans $100K – $70MM+ 75% LTV Credit Score 500+ FICO 1 to 3-Years Interest Only Under $1MM 8.25% – 11.9% $1MM+6.99% – 9.99% MULTIFAMILY 5+ UNITS 1-4 UNIT RESIDENTIAL OFFICE RETAIL INDUSTRIAL HOTEL BRIDGE PROGRAM HIGHLIGHTS> Used for short-term holds to stabilize a property for resale or long-term financing.> Rates are determined by the Federal Prime Rate, usually 3.5% to 8.75% above Prime depending upon LTV.> No prepayment penalty.> Close in 7 to 21 days.> Funded through non-bank private bridge lenders and real estate investment funds.

PROGRAM GUIDELINES Hybrid Option N/A Reserves Varies / Limited Prepayment Terms None Seasoning No seasoning on leases / operating income. Rates and terms are based upon existing leases and operating income secured at the time of application .Ownership Type Properties must be held in an LLC, partnership, trust, or other corporate structure. In most cases, properties cannot be held in an individual’s name, solely or jointly. Unless non-recourse, borrowers are personally responsible for property and mortgage performance .Doc Type / Underwriting Asset-based underwriting with emphasis on property value and net operating income and/or potential NOI following property stabilization. Personal tax returns not required. Year-to-date and previous year property operating statements, rent roll, schedule of real estate owned required for income property review and Letter of Intent. Due Diligence / Underwriting Deposit A deposit of $3,500 – $15,000 may be required upon acceptance of an LOI/Term Sheet. The deposit is credited against underwriting fees and third party costs, including but not limited to a fair market value evaluation fee, inspections, site visit, legal costs, escrow, etc. If an appraisal is required, an additional appraisal fee deposit may be required. Any deposit balance is credited at escrow closing. ICS strives to minimize deposit fees for our clients, and subject to lender approval, waive deposits when at all possible.

Https://adworxloans.com Multifamily, Commercial & Investment Property Loans

$100k to $100+ million Office Tel: 888-352-1798 Local Office Tel: 512-501-2745 Mobile Tel: 737-444-0676 eric@adworxfinancial.com

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