This line of credit will provide funding to partially finance their construction lending programs and project placements for their investors. In some cases they will have a project that fits the pricing model to use this line of credit for short term gap financing until the permanent loan is in place. In other cases they may have a need for a short term participation as some of their institutional investors have timing issues or wish to invest in large blocks. This line of credit will be used as gap financing in those cases as well. Participants get Right of First Refusal (ROFR) to provide the permanent take-out financing for all loans warehoused by this facility that were not referred to the borrower by another permanent financing source. (Loans pledged as collateral are located nationwide)
*Advance Rate: 55% advance rate for non-guaranteed portions conditionally approved USDA loans, 95% advance rate for guaranteed portion of conditionally approved USDA loans, 55% advance rate for non-guaranteed loans
**1-month Treasury Constant Maturity Rate + 050%, adjusted monthly
| Loan ID | 0153 |
| DSCR | 8.36 |
| LTV | N/A |
| Note Rate | N/A |
| Property Location | N/A |
| NAICS | 522292 |
| Guaranty Type | None |
| Loan Term | 2 yrs |
| Rate type | Var |
| Note date | 09/09/2021 |
| Maturity date | 09/09/2023 |
| Participation Availability Amount | $15,000,000 |
| Minimum Participation Amount | $1,000,000 |
| Original Loan Amount | $25,000,000 |
| Full Loan Documentation | Link |
| Inquire | Inquire |