Lending Programs

TurnCap is your direct lending partner for commercial real estate financing, specializing in bridge to perm multifamily and commercial loans.

Bridge to Perm – Multifamily 

TurnCap’s bridge to perm loan program is designed to add value to Borrower’s transactions by privately funding loans in situations where conventional and institutional lenders are unable to quote. 

Loan Amount $10 – $45 million (Higher amounts considered on a deal by deal basis)
Maximum Loan Amount/Loan-to-Value Up to 85% loan-to-cost
Up to 80% of stabilized value
Up to 95% of estimated take-out financing
Minimum DSCR at Closing Minimum going-in DSCR equal to 1.10x (assuming a 5.5% interest rate and 30 year amortization)
Minimum DSCR based on Stabilized NOI: Minimum stabilized DSCR equal to 1.25x (assuming a 5.5% interest rate and 30 year amortization)
Interest Rate LIBOR + 4.50% – 5.50%
Index Floor 50 bps LIBOR floor
Term Up to 3 years, plus one (1), twelve (12) month extension available with an extension fee (longer term to be considered on a case-by-base basis)
Lender Origination Fee

> 24 Month Term – 1.0%
24-36 Month Term – 1.5%

Exit Fee 1% exit fee – exit fee may be reduced or waived if Bellwether provides take out permanent loan
Amortization Interest only
Prepayment Terms Loan is open to prepayment, subject to any applicable exit fee, after the 12th month of the loan term
Good Faith Deposit/Processing Fee Typically 1% / $5,000 due at application (reduced good faith deposit considered for larger transactions)
Recourse Non-Recourse with standard carve-outs available; will require full recourse or completion guaranty for capex in some situations
Reserves Lender may require Borrower to fund upfront interest reserves or capital improvement reserves at closing
Escrows Tax and insurance shall be collected monthly; ongoing replacement reserves to be determined based upon property condition report

Bridge to Perm – Commercial

TurnCap is your direct lending partner for commercial real estate financing, specializing in bridge to perm and alterative financing structures.

Loan Amount $5 – $30 million
Property Types Storage, Industrial, Office, Retail
Maximum Loan Amount/Loan-to-Value Up to 75% loan-to-cost
Up to 70% of stabilized value
Up to 85% of estimated take-out financing
Minimum DSCR at Closing Minimum going-in DSCR equal to 1.15x (assuming a 5.5% interest rate and 30 year amortization)
Minimum DSCR based on Stabilized NOI: Minimum stabilized DSCR equal to 1.30x (assuming a 5.5% interest rate and 30 year amortization)
Interest Rate LIBOR + 5.50% – 6.00%
Index Floor 50 bps LIBOR floor
Term

Up to 24 months, extension option available (0.5% – 1% extension fee’s) (Longer term loans can be considered)

Lender Origination Fee

> 24 Month Term – 1.0% paid at closing
24-36 Month Term – 1.5% paid at closing

Exit Fee 1% exit fee – Exit fee may be reduced or waived if Bellwether provides take out permanent loan
Amortization Interest only
Prepayment Terms Loan is open to prepayment, subject to any applicable exit fee, after the 12th month of the loan term
Good Faith Deposit/Processing Fee Typically 1% / $7,500 due at application (reduced good faith deposit considered for larger transactions)
Recourse Typically Full Recourse. Non-Recourse with standard “bad-Boy” provisions decided on a deal by deal basis (Completion guarantee required for CapEx)
Reserves Lender may require Borrower to fund upfront interest reserves or capital improvement reserves at closing
Escrows Tax and insurance shall be collected monthly; ongoing replacement reserves to be determined based upon property condition report 

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