| Eligible Properties |
 |
Resort properties include: for-sale residential lots, condominiums,
condominium hotels, hotels, vacation clubs, timeshares, fractional shares,
and private country clubs. |
|
| Loan Size |
|
$5 million - $30 million, though larger loans will be considered. |
|
| Maximum Leverage |
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Up to 85% loan-to-cost, with land at market value. |
|
| Minimum Sponsor Equity |
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15% |
|
| Interest Rate |
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Current pay and accrual structures are available. All-in fixed rates will
generally fall within the mid-teens. |
|
| Loan Term |
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36 - 60 months. |
|
| Funding |
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Will consider funding mezzanine on a pari passu basis with equity
with an appropriate equity guaranty. |
|
| Amortization / Prepayment |
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Terms will be structured to accommodate developer needs. |
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| Security |
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Second deed of trust and/or assignment of ownership interest. |
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| Recourse |
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Non-recourse, except for standard carve-outs. |
|
| Senior Debt |
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Acceptable senior lender and intercreditor agreement required. |
|
| Lender Fees |
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1.0% at closing and 1.0% at exit. |
|
| Other Costs |
|
Sponsor is responsible for all third-party reports, legal fees, travel
expenses, and other out-of-pocket expenses. |
For More Information Contact: |
John Lustgarten
310-571-4249
e-mail |
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