Terrace Capital, Inc. - Announces: National Small Balance Bridge Lending Program
NEW YORK, March 26, 2013 /PRNewswire-iReach/ -- Terrace Capital,Inc. the manager of the Landmark Opportunity Fund, will be providing bridge loans on multifamily, manufactured home communities, office, retail, industrial and self storage properties in the continental United States. The program will focus on loan amounts of $500M to $5MM, will have interest rates as low as 8% and loan to values (LTV) of up to 75%. Sponsors with credit issues will be allowed, with the underwriting focused on the subject asset and the opportunity for upside. The program will allow for discounted note payoffs (DPOs) at 100% of cost, if there is a compelling case to be made and will also look at "value-add" and renovation opportunities. Terrace will target quick closing periods, as short as two weeks, for sponsors in precarious situations and may limit 3rd party reports to just appraisals, to speed up the closing process.
Terrace Capital's permanent loan programs, focus on non-recourse senior & subordinate debt and preferred equity with investments starting at $5MM on income producing retail, office, industrial, multifamily, self-storage and hospitality properties located throughout the continental United States.
The Firm is a leader in providing permanent mortgages and equity for wide range of real estate transactions.
For more information about Terrace Capital and the services it provides, go to www.terracecapital.com.
SOURCE Terrace Capital, Inc.