Sierra Capital Partners :: Bridge Loan Program

Bridge Loan Program

Sierra Capital offers a Bridge Loan Program which is ideally suited for the acquisition, moderate rehabilitation or repositioning of quality Multifamily properties with professional management.

Guidelines for Bridge Loan Program
Eligible Loans:	Acquisition
Loan Amounts:	$10 million +
Maximum LTV:	75%
Maximum LTC:	85%
Earnout:	Up to 75% loan to stabilized value
Minimum DCR:	1.20x
Interest Rate:	275 – 300 bp over 6-month LIBOR
Standard Loan Term:	24 months, with 12 month extension options
Amortization:	Interest Only
Exit Fee:	1%
Recourse Requirements:	Nonrecourse except for standard carve-out provisions
Third Party Reports:	Required for appraisal, environmental report and engineering report
Tax and Insurance Impounds:	Required
Origination Fee:	Transaction Specific

* Loans can be structured with holdbacks for funding of all renovation and/or repositioning costs including interest carry until stabilization, with monthly draws as costs are incurred.