Sterling Commercial Capital, LLC > Bridge Loan Program Details

Short-Term Bridge Mortgage Lending Program

Absolute Minimum $2,000,000

Short-term first mortgage loans on most commercial real estate properties with the following rates and terms:

Eligible Locations Continental US, Canada, USVI, Anguilla, Bahamas, BVI, Turks and Caicos, Puerto Rico, select Mexico (No Hawaii, Alaska, ND, other Caribbean Islands)
Eligible Properties Income producing and vacant commercial real estate properties including: apartments, retail, office, warehouse, industrial, flex, hospitality, resort, senior living, self-storage, medical/hospital/nursing home, adult entertainment, improved marina, special purpose and more. Land with approvals.

[No Single-Family Homes at all].

Eligible Transactions Acquisition and refinance, including lease-ups, conversions, property repositioning, substantial rehab, D-I-P, DPO, BK, workouts, defaults, hard-money, hard-to-finance, troubled deals and more
Transaction size $2 million to $50 million. Nothing smaller. Higher loan amounts on a case by case basis
Ownership Single asset, special purpose entity
Non-recourse No guarantor or personal recourse requirements except for standard “bad boy” clauses
LTV/LTC Up to 70% LTV, no to exceed 65% LTC. No greater than 50% on land.
Interest rates 10% to 15% interest only
Loan Term 12 to 24 months
Origination fee 3% to 6% of loan amount depending on the transaction, payable at closing
Application fee Fee of $3,000 is due with the accepted and signed Letter of Intent.
Commitment Deposit Deposit payable upon acceptance of Loan Commitment to be used for 3rd party costs, legal and closing. Unused balance applied towards Origination Fee at closing.
Exit fee Highly unlikely
Partial releases Granted for sold units with payoff amounts without incurring prepayment entities
Prepayment Penalty None, but there is a minimum amount of interest that is required
Second mortgage Subordinated liens may remain, and are possible, with permission of Lender and consolidated DSC
Third Part Reports FIRREA MAI appraisal, Phase 1 environmental, property condition, and possibly others depending on the location, ordered by Lender at expense of Borrower. Existing reports less than 6 months old, completed by qualified firms, may be recertified.
Debt Service Coverage May not apply
Reserves Interest reserve and reserves for insurance, re state taxes may apply
Closing Times Routinely 45 days including 30 days for appraisal. Up to 10 business days with completed and acceptable 3rd party reports.
Exit strategy Heavy concentration on value creation, market analysis and exit strategy
Loan Analysis and Offer At no charge, a detailed loan offer with loan terms will be forwarded upon completion of initial transaction analysis
Mortgage Brokers Brokers are protected up to 2% based on a fee agreement with the Sponsor and paid from loan proceeds at closing. Brokers remain the procuring cause for all deals with the same Sponsor.

 

© Sterling Commercial Capital, 2018. Subject to Change Without Notice

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