New Gables Capital provides funding for property acquisitions, bridge financing, construction, re-positioning, partner buy-outs, debt re-financing and recapitalizations. Our general parameters are defined below:
|
|
FLOATING RATE MORTGAGE |
MEZZANINE |
PREFERRED EQUITY |
|
LOAN SIZE |
$20,000,000 to $200,000,000 |
$2,000,000 to $30,000,000 |
$1,000,000 to $10,000,000 |
|
LOAN TERM |
Up to 5 years |
Up to 5 years |
Up to 5 years |
|
PROPERTY TYPES |
Most asset classes |
Most asset classes |
Most asset classes |
|
SECURITY |
First Mortgage and UCC Lien in certain circumstances |
UCC Lien |
Priority Position in the Ownership Entity |
|
LOAN-TO-VALUE |
75% and below |
Varies by Property Type – Typically 80%, sometimes includes equity kicker |
Varies by Property Type – Typically 80-85%, sometimes includes equity kicker |
|
DSCR REQUIREMENT |
To be determined on a deal-by-deal basis. |
To be determined on a deal-by-deal basis. |
To be determined on a deal-by-deal basis. |
|
AMORTIZATION |
Typically, Interest Only |
Typically, Interest Only |
Typically, Interest Only |
|
ORIGINATION FEE |
Case-by-case |
Case-by-case |
Case-by-case |
|
EXIT FEE |
Case-by-case |
Case-by-case |
Case-by-case |
|
UNDERWRITING FEE |
$7,500, Waived Upon Closing |
$7,500, Waived Upon Closing |
$7,500, Waived Upon Closing |
|
PREPAYMENT |
Minimum Interest on a deal-by-deal basis |
Minimum Interest on a deal-by-deal basis |
Determined on a deal-by-deal basis |
|
RECOURSE |
Typically, Non-Recourse |
Typically, Non-Recourse |
Typically, Non-Recourse |
|
INTEREST RATE |
L+3.50%+ |
L+9.00%+, fixed rate available |
L+12.00%+, fixed rate available |