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.