New Construction Loan Program

CRE Finance announces its new Construction Loan Program including lending terms and program highlights.

Cre- Finance (www.cre-finance.com) is happy to announce its new construction loan program. Todd Tretsky, of CRE Finance says this is a great program for anyone seeking commercial construction financing.

Construction Loan Program

Qualified Property Type Multifamily, Anchored & Unanchored Retail, Office, Flagged Hotels & Commercial Condominium

Lending Area – Metro Areas

Preferred Loan Amount – $2,000,000 to $30,000,000

Loan Term Up to 24-Month

Interest Rate – 50 bps – 200 bps over Prime, with a minimum floor rate of 4.00%, adjustable

Amortization – Interest Only

Maximum LTV – Up to 60% of the Completion market value

Minimum LTC – Up to 75% of the total development costs, including property acquisition, construction hard and soft costs.

Lien Position 1st Lien

Prepayment Penalty – 6-Month Guaranteed Interest, no prepayment penalty thereafter

Lender’s Due Diligence Fee – Borrower is responsible for all third party report fees (which include appraisal, engineering and phase I environmental reports), commitment fee and lender’s legal fees.

Lender will issue a quote for the reports and the Borrower will then deposit the third party report fees with the Lender directly. All third party reports will be engaged by Lender.

Liability – Non-Recourse and Full Recourse

Initial Documents

• Executive Summary

• Property Description or Existing Appraisal Report, if available

• Information on Existing Loan & Its Lender, if refinance

• Copy of the Purchase and Sales Agreement, if purchase

• Proposed Development Cost Breakdown

• Proposed Monthly Draw Schedule

• Pro-Forma Operating Statement for 12 Months

• General Contractor Background & Financial Information

• Borrower’s Background Information / Resume

• Borrower’s Financial Statement (both corporate & individual)

• Borrower’s Tax Returns (Last Two Years)

• Principal’s Tri-Merged Credit Report (last 30 days)

• Color Rendering

If you have any questions, please contact Todd at 212-257-7305 or Richard of CRE Finance (www.cre-finance.com) at 212-257-7307.

Company Contact Information
CRE Finance
R. K. Rich
2 Industrial Way West, Suite 202A
Eatontown, NJ
07724
855-515-5585

Press Release Service by I-Newswire

Original Source: New Construction Loan Program

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