EN Capital was approached by a long-time lender relationship that told us that not only were they deploying tens of millions of dollars in short term bridge financing, but they’re doing it at a fixed rate!
Most short term bridge debt is funded on a floating rate structure. When interest rates are stable it’s a great deal for the lender and great deal for the borrower. But, in our current “interesting” times it creates a lot of uncertainty and potential risk for the borrower.
So, when this group approached us about their fixed ratebridge program we knew we wanted to let you know.
They’re fast, they can handle complex borrowing scenarios, and they have money burning a hole in their pocket.
Here’s what they’re looking for:
- Loan Sizes: $5M – $40M
- Fixed Rate: 7.5% – 9.9%
- Term: 12 – 36 months
- Lender Points: 1 – 2 pts
- LTV: up to 70%
- LTC: up to 70%
- Value-add CapEx = 70% purchase, 100% cap ex
- Geography: Primary markets
- Recourse: Full PG required
- Non-recourse options available at 65% LTV
- Closing Time: 2-3 weeks after signed LOI
- Property Types: Multifamily, Industrial, Retail
- Owner-user industrial properties are fine.
This group is highly flexible, can handle unique sponsor issues, don’t mind vacancy issues, and they can close your deal fast.