General Information and Structure
Predevelopment loans are available for third-party due diligence, deposits for site control, permits and applications and consultant fees. Loan-to-Value: 70% of Earned Developer Fees, 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.