Bridge Loans

Forbix offers an array of bridge loan products up to 90% LTC.  These loans are typically necessary for buildings that don’t qualify for many loan products due to high vacancy or in need of substantial rehab.  Loans are interest only, and are tailored to each client and situation.

Structured Bridge Financing

LOAN AMOUNT

$1 million minimum.

LOAN TERM

Generally 1 to 5 years. Extension options available.

AMORTIZATION

Determined on a case-by-case basis. Typically, interest-only payments.

MINIMUM DSCR

1.20 at exit with appropriate in place DSCR

MAXIMUM LTV

75% of exit value.

LTC

80% (up to 90% with Mezz)

INTEREST RATE

Floating rate over LIBOR index. Spread varies based on risk and terms.

INTEREST RATE

Floating rate over LIBOR index. Spread varies based on risk and terms.

ELIGIBLE PROPERTIES

Multifamily, office, retail, hospitality, seniors and student housing projects located in strong markets ELIGIBLE TRANSACTIONS

Traditional acquisitions, acquisitions with rehab component, Entitled Land, Construction completion, renovations.

SPONSORSHIP

Strong Track Record of similar projects, subject to net worth and liquidity requirements

SECURITY

First or Second mortgage lien on subject property.

TAX & INSURANCE ESCROWS

Case by case

REPLACEMENT RESERVES

Case by Case.

RECOURSE

Generally, non-recourse with standard carve-outs.

PREPAYMENT

Generally permitted.