Loan Terms

Acquisition Pre-Development Construction
Term up to 36 months up to 24 months up to 24 months (with Possible 12-Mo Ext)
Rate* Note Rate = 90d L + 3.25% Note Rate = 90d L + 3.25% Note Rate = 90d L + 2.25%
Amortization Interest Only Interest Only Interest Only
Fee 1.25% 1.25% 1.25%
LTV 90% 90% 90%
LTC 90% 90% 90%
Mini Loan $250,000 $100,000 $3,000,000
Max Loan $2,000,000 $400,000 $15,000,000
Recourse Full to borrower and guarantors
(unless borrower is non-profit, in which there may be no guarantors)
Full to borrower and guarantors
(unless borrower is non-profit, in which there may be no guarantors)
Full to borrower and guarantors
(unless borrower is non-profit, in which there may be no guarantors)
Min DSCR N/A N/A Pro forma 1.20x (at 6.5% and 30 yr am)
Min DY N/A N/A Pro forma 9.10%
Financials Borrower – 3yrs GAAP and TR’s
Guarantor – current FD and 3 yrs TR
Borrower – 3yrs GAAP and TR’s
Guarantor – current FD and 3 yrs TR
Borrower – 3yrs GAAP and TR’s
Guarantor – current FD and 3 yrs TR
Contractor N/A N/A Licensed GC w/ experience commensurate to project
Personal Guarantees All individuals w/ =>20% ownership in borrower All individuals w/ =>20% ownership in borrower All individuals w/ =>20% ownership in borrower

 

*Rates subject to change. Final rate set by credit committee.

Utah Center for Neighborhood Stabilization

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