Multifamily Bridge Loans at LIBOR + 2.50%

GSP has identified a national lender specializing in light bridge loans $5,000,000 and up on multifamily assets up for to 24 months.  Loans are sized to as low as 6% debt yield and up to 75% of cost including 100% of any renovation costs. No interest is charged on future funding until funds are drawn.  The lender likes to see properties that need no more than $15,000 per unit to rehabilitate.  Priced at LIBOR plus 2.50% and up, loans can close in 45 to 60 days.  The bridge loans have top level recourse where the loan are sized to a permanent loan on in place income and recourse is only the differential between the higher bridge loan amount and the current permanent debt the property underwrites to.