Bridge Loans: Everything You Wanted To Know
As the name implies, bridge loans fulfill a vital need for active developers by giving life to a new project in the months before lenders feel confident enough to make available a construction loan, or a repositioning loan in the case of an existing project. But real estate bridge loans have other uses, both tactical and strategic, that make them indispensable in today's New York marketplace.For new development projects, bridge loans provide financing for property assemblages, site acquisition, and development expenses. Not only do such loans provide the developer with the funds to acquire a site, they also supply the breathing room that the developer needs to create the architectural designs and analyses for new construction projects. Just as important, bridge loans offer an opportunity to refine the developer's property repositioning or acquisition plan in the case of an existing project. During the development--or repositioning--planning stage, the developer's financial advisor has the time to arrange senior construction and mezzanine loan financing.
For example, in recent months our firm has arranged highly competitive financing for projects under the 80/20 Bond Financing Program, and other projects under the recent Liberty Bond Program for downtown Manhattan. Still others have been condominium or office projects in which the fiercely competitive New York marketplace requires developers to move extremely rapidly to acquire control of desirable locations. Bridge loans have other strategic uses for developers. By enabling construction to commence before a formal construction loan is in place, a developer may time construction to avoid a heavy winter schedule with the attendant extra costs, or plan the completion of construction to coincide with the primary rental and sales months beginning in the spring and continuing into the summer season. A typical bridge loan has a term of 12 months or less, with spreads ranging upwards from 225 over 30-day LIBOR depending upon the lender's view of the location, viability of the project, and reputation and financial strength of the developer.
Commitment fees of 1% are common, although lower fees can sometimes be negotiated. In some instances, commitment fees on bridge loans can be credited against fees on subsequent loans from the same lender. Guarantees required for such loans are highly negotiable. Our firm, The Singer & Bassuk Organization, has recently arranged over $250 million in bridge loans for seven separate transactions. In each instance, these loans have enabled developers such as The Moinian Group; Nathan Berman; a joint venture consisting of Cornerstone Real Estate Advisers, a wholly owned subsidiary of Massachusetts Mutual Life Insurance Company and Adellco LLC; and a joint venture comprised of Jeffrey Levine's Douglaston Development and Continental Properties owned by the Fisch family, to acquire site control and arrange for the orderly start of construction.I expect bridge loans to play an increasing role in New York financing and see a trend where lenders providing the ultimate financing for a project's development to provide bridge loans in order to cement the business and the relationship at an early stage in an increasingly competitive market..
Marc Sylvester is expect based in Edison, NJ . He holds expertise in the banking and finance sector and is a conultant to leading business houses.Network Marketing: Smart Business Concept for Home Business Success A Franchise like Opportunity without all the RISK!
Shaw Marketing International Markets FREE Network Marketing Opportunities Suitable for Individuals and Business Owners World WideShaw Marketing International -- Independent marketing company believes in Network Marketing - a powerful business concept - for many reasons but the most obvious is for the type of income it can provide the network marketer. MLM is so powerful that many fortune 500 companies have used, some are still using, this business model to build their multi-million dollar empire. So why can't the average person do the same? The answer is average people are building great home-based businesses using network marketing. Are you one of them? If not now is an excellent time to get started.Millionaires have taken notice of MLM as a home-based business model that average people can get into and build wealth. Multi-level marketing is a huge, thriving industry in spite of all the negative publicity it receives in the media from Anti-MLM enthusiasts.
Millionaires like Robert...
Network Marketing: Smart Business Concept for Home Business Success A Franchise like Opportunity without all the RISK!
Home loans > Network Marketing: Smart Business Concept for Home Business Success A Franchise like Opportunity without all the RISK!
Home-Based Business Opportunity Grants "Your Break to Freedom"
Tired of being a corporate lemming, driving through rush hour traffic every morning and sitting under buzzing fluorescent lights in a cramped cubicle from nine to five for a tiny paycheck?
If so, Brad Near is here to offer Your Break to Freedom?the chance to be the president of a home-based business.YourBreaktoFreedom.com provides home-based business opportunities to individuals in a multileveled format.
Representatives of the company can either sell the environmental solution products or the home-based business opportunity."What sets us apart from other home-based businesses is...
Home loans > Home-Based Business Opportunity Grants "Your Break to Freedom"
Online Degrees: Stay Home and Get Smarter
We all know that an education can improve your standing in life. A college degree can increase your opportunity to enjoy a better standard of living, and also bring you career fulfillment. But what if you don't have the time or ability to quit your job and go to college full time?Many busy people choose to attend night classes on a part time basis. While this is a good solution, it can take many years to earn a degree this way. Plus, you have to take the classes when and where the college offers them.
Not much flexibility in that.Thanks to the Internet, it's now possible for you to earn a college degree in your spare time at home.Don't confuse legitimate college degree programs with diploma mills. When you enroll in a legitimate online college degree program, you will have to follow course guidelines and do your homework ? just like every college student. The only difference is, you won't be sitting in a physical classroom.You'll have the benefit of studying under top-notch teachers...
Online Degrees: Stay Home and Get Smarter
Home loans > Online Degrees: Stay Home and Get Smarter
New Home Loan - 3 Tips To Speed Up The Mortgage Loan Approval Process
Imagine this: you've found the perfect house, and feel lucky because the interest rates happen to be at an all time low. So you submit your mortgage loan application, and then?wait. The next week, interest rates go up a point, but you're still waiting. Another point would mean a significant amount in the monthly payment you will pay, and you groan when you open the newspaper and find that indeed it has gone up again.Can this be avoided?Luckily, there are some steps that you can take to speed up the process of your loan application! Here are a few suggestions.First of all, if you haven't yet started shopping for your new home, you should consider shopping for a home LOAN before the home. It is possible to be approved for a mortgage loan before you ever find your home, and this will accomplish two things.
First of all, it will allow you to lock in an interest rate, which will completely eliminate the "waiting" game mentioned above. In addition, if a seller sees that you are pre...
New Home Loan - 3 Tips To Speed Up The Mortgage Loan Approval Process
Home loans > New Home Loan - 3 Tips To Speed Up The Mortgage Loan Approval Process
Holistic Junction's Featured School of the Week: National Holistic Insitute
Holistic Junction is delighted to present National Holistic Institute as its featured Massage Therapy school of the week. National Holistic Insitute is conveniently situated near the beautiful Bay area in Emeryville, California. Incorporating world class training, National Holistic Institute's primary objective is to lay a success-oriented, academic and training foundation for its students by teaching a diverse variety of massage techniques. National Holistic Institute enables students to access and meet the needs of clients; and places strong instructional...
Holistic Junction's Featured School of the Week: National Holistic Insitute
Home loans > Holistic Junction's Featured School of the Week: National Holistic Insitute
Cover Up Your Wishes Financially With Secured Personal Loans
At present, loans are the platform on which your dreams, your wishes, your wants revolves and converts to reality. The increasing cost of living is diverting people towards loans to fulfill their needs. With lenders offering you secured personal loans at attractive interest rates taking a loan has become so easy.
Secured personal loans are secured against your home, car, boat or any other valuable property of yours. The value of property offered by you helps in determining the loan amount which you can get. Generally the loan amount lies between ?50000 to ?500000 depending upon the status and the requirement of the borrower.
The loan repayment is spread over a period of 5 to 25 years.
The best way to find a Secured Personal loans is to go online. With internet available at almost all the places you can easily search for the best secured personal loan for you. There are lots of websites...
Home loans > Cover Up Your Wishes Financially With Secured Personal Loans
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