Multi-Family

MULTIFAMILY VALUE-ADD BRIDGE LENDING

GENERAL GUIDELINES

  • Non-bank bridge lender
  • 5-100 Units
  • $500k-$10MM Loan Amount
  • Max 80% LTC
  • Non-recourse
  • Quick closings 5-20 days
  • Risk adjusted fixed rate pricing
  • Proforma underwriting

LENDING GUIDELINES

ELIGIBLE LOCATIONSMSA’s within the U.S. and current markets approved by CIVIC
PROPERTY TYPESMultifamily 5-100 Units
LOAN AMOUNT$500k to $10MM
LOAN TERM1, 2 and 3 year loans
AMORTIZATIONInterest Only
LTC/LTVUp to 80% Loan to Cost and maximum 75% LTV of stabilized value
DSCRStabilized Minimum 1.15x DSCR underwritten cash flow using prevailing rates at market rents
PROCESSING FEE & EXPENSE DEPOSIT$5,000 Third Party Deposit Fee to cover actual 3rd party report cost (appraisal, PCA, Environmental, seismic, and site visit, if applicable)
RESERVESExtensive Rehab Loans/No Rehab Advance: 6 months interest + 100% of rehab budget
Extensive Rehab Loans/Rehab Advance: 6 months interest + 20% of rehab budget
No Rehab or Stabilized loans: 4 months interest
SPONSOR / BORROWERCreditworthy individual(s) or entity acceptable to Lender with sufficient liquidity and net worth
BORROWING ENTITYLLC, Corp, Trusts – SPE (single purpose LLC) may be required on some loans
RECOURSENon-recourse, with the exception of industry standard “bad boy” carve outs
ASSUMABLENo
PREPAYMENT1yr loans: no minimum interest | 2yr loans: 8 months minimum interest | 3yr loans: 12 months minimum interest