Bay Area Capital Commercial Mortgage
Bridge to permanent loan Program
This is the industry’s best “one time close” bridge loan, designed to help commercial properties that, for one reason or another, do not quite qualify for traditional commercial loan products.
Does your property not yet meet the strict eligibility requirements for stabilized properties? Does your property require rehab or construction to get all of your units income producing? Does your property require cosmetic improvements to improve debt service coverage? Are you buying a property out of foreclosure, or a property that needs rehab, or one with unfinished construction?
This product is designed for you. Not only will this product allow you to maximize your leverage with a modest down payment (usually 20%) but it will (typically) allow you some cash out against the future completion value of the property to finish whatever improvements are needed, to get the cash flow, debt coverage, and general performance of the property running at its potential peak.
Best of all, this product allows you the chance to seamlessly “one time close” transition this debt into a permanent commercial Fannie Mae, FHA or CMBS type loan with significant fees waived - to make this option easy and affordable.
Loan Amount: $2,500,000 and up
Eligible Property type: Apartments, shopping centers, office centers, retail, hospitality, student housing projects in moderate to strong metropolitan areas, others possible.
Loan terms: Interest only or amortized; 1-3 year terms; typBay Area Capitally non-recourse loans
LTV: 80% loan to completion value
LTC: 80% loan to cost
Rate: 4.5% - 11% depending upon strength of package, property and sponsorship
Property must have reasonable cash flow at the outset (this is bridge not construction loan)
Strong to moderate sponsorship, strong resume, reasonable reserves are required. May require replacement reserves, and usually requires tax and insurance escrows