NEW YORK, Oct. 15 /PRNewswire/ -- Private equity fund, Emerald Creek Capital, has announced a new loan product tailored to meet the constantly changing credit markets. The new loan product focuses on providing a real alternative to bankable, credit-worthy borrowers.
"Although we're still focusing on short duration senior debt, our new product offers borrowers a much cheaper alternative with slightly longer terms," explains Managing Partner, Mark Penna. The concept is to charge a coupon of as low as 8.5% while still providing the flexibility inherent in a bridge loan product. Closings will continue to occur within weeks and there will still be no prepayment penalties. As the market continues to see a serious slow down in overall transactions, Emerald Creek is hoping to attract bankable borrowers who prefer the "no hassle" process involved in obtaining a loan.
Patrick Janson, a Vice President explains, "Since launching the product I've seen a significant increase in loan requests on deals that otherwise would be waiting in line for approval at a more conventional bank. These borrowers are impressed with our speed of execution and lack of red tape."
In order to qualify for the reduced rate program, properties must be located in Tier 1 & 2 markets and have a debt service coverage ratio of 1.2 - 1.0 Launched in the 4th quarter of 2009, Emerald Creek Capital (www.emeraldcreekcapital.com) has funded numerous bridge loans throughout the country. Their effort to reduce rates and attract higher quality sponsors illustrates a real proactive approach at a time when most lenders are still on the sidelines.
SOURCE Emerald Creek Capital