General Information and Structure
Available for land and building acquisition, predevelopment costs and critical repairs. Loan-to-Value: 60% for unimproved land, 80% for improved land. Loan-to-value based on "as is" appraised value. Repayment: Interest only, payable monthly. Principal due at earlier of acquisition financing or maturity date. No prepayment penalty. Recourse/Guaranties: Loans will have full recourse to the borrower and guaranty from project sponsor, if applicable.