Construction Lending Porgram
Loan sizes range from $500,000 to $350 million.
Term ranges from 12 to 24 months.
Interest rates: spread over Wall Street Journal Prime Rate.
Guaranty is full recourse for project completion and loan repayment.
Subordinate mortgages may be permitted subject to secondary market loan guidelines and completion of lender due diligence and underwriting.
Prior to closing, a suitable permanent loan commitment must be in place.
Gap funding permitted subject to due diligence and underwriting.
Typical due diligence fees apply which cover the costs of third party reports (appraisal, market feasibility if rental achievement is a requirement of permanent loan commitment, phase I environmental and plan & cost review) and other lender due diligence costs. The borrower is responsible for legal fees and customary closing costs.More details: http://americap-direct.com/broker-service