Internet Bank that Operates Like a Non-Recourse Debt Fund to $20,000,000

Non-Recourse national bridge lender is advancing up to 70% of costs for value-add commercial real estate from $5,000,000 to $20,000,000.  Three to five year terms float at 350 to 550 over LIBOR; a LIBOR cap is not required.  Cash flowing assets are given preference although below break-even and vacant properties will be considered; land and ground-up developments are not.  Story borrowers with a viable exit strategy and assets in tertiary markets are underwritten and sized based on sponsor risk.  An MAI will be required and application to funding periods are typically 45 days.  There is no exit fee or prepayment penalty.