BRIDGE / MEZZANINE

Sometimes borrowers need short-term assistance to reach long-term goals. Cohen’s crucial bridge/mezzanine solutions help borrowers prepare and reposition properties to qualify for FHA, Fannie Mae, and Freddie Mac loans
Fast closing to facilitate purchase or maturing existing debt
Available for all types of healthcare properties
No exit fee if permanent financing originated with Greystone
Your Cohen representative handles both bridge and take-out transactions
Commercial back securities Loans
DESCRIPTION
LOAN AMOUNT
$500,000 – $5,000,000
All property Types

Non-recourse, assumable subordinate financing for the acquisition or refinance of stabilized multifamily, retail, office, hotel, industrial, and self-storage properties financed simultaneously with Cohen CMBS mortgage loans.
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Healthcare Bridge loans
DESCRIPTION
$5 million to $35 million
ELIGIBLE PROPERTIES
Independent living, assisted living and skilled nursing properties

This program is specifically designed for properties that are either stabilized or are in need of minor to moderate renovation or other value-add strategy.
Our bridge loan program can be used to finance stabilized properties while Greystone underwrites the permanent financing or fund moderate rehabilitation or retenanting where the Borrower requires to complete a value add strategy before securing permanent financing through an FHA, Fannie Mae, and Freddie Mac execution.
 
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Multifamily Bridge loan
DESCRIPTION
LOAN AMOUNT
$7.5 million to $75 million (larger or smaller upon request)
ELIGIBLE PROPERTIES
Multifamily and manufactured housing communities
This program is specifically designed for properties that are either stabilized or are in need of minor to moderate renovation or other value-add strategy.
Our bridge loan program can be used to finance stabilized properties while Greystone underwrites the permanent financing or fund moderate rehabilitation or retenanting where the Borrower requires to complete a value add strategy before securing permanent financing through an FHA, Fannie Mae, and Freddie Mac execution.
  1. Need a bridge loan
    When conventional financing fails to meet your needs, Bridge funding can help you bank on an opportunity. A Bridge loan can provide the flexibility and speed you require to act fast on a break. MEECORP’s Bridge loans can be structured as short-term, interest-only loans with a possible exit into permanent financing. PROPOSALS QUOTED WITHIN 24 HOURS.
  2. Mezzanine loans
    If a first mortgage falls short and your current lender won’t allow subordinate financing, it may be time to step up to the Mezzanine. COHEN’s Mezzanines are fast-closing commercial equity loans that can be structured as short-term, interest only instruments. Available with or without equity participation, these loans start as low as $1,000,000. PROPOSALS QUOTED WITHIN 24 HOURS
  3. Construction loans
    if you build it... We will arrange fast funding. At Cohen, sweat equity will land you a loan. Our competitive construction financing makes ambitious projects bankable. With LTV’s as high as 80%, why take on a partner? Opt for fast, flexible funding from Cohen investment partners. PROPOSALS QUOTED WITHIN 24 HOURSr.
  4. Small Balance Commercial Loans COMMERCIAL PROPERTY LOAN FROM $250K TO $1MM
    ometimes financing a small loan for commercial property is more complicated and difficult than a very large commercial loan. As it goes in capital markets, the costs are generally fixed as far as lenders are concerned leading to lenders spending the same amount of money, and sometimes even more time, to originate a $10,000,000 loan as a $1,000,000 loan.
  5. USDA 538 Loan Program RURAL MULTIFAMILY HOUSING FINANCING
    The USDA 538 Loan Program is a government guaranteed loan available to developers of Multifamily housing in rural areas. The Multifamily housing must be intended for low and moderate-income families. Under the program, Commercial Real Estate Loans, Inc. underwrites the loan; The USDA then provides a guarantee of up to 90% that covers the loan.r.
  6. MEZZANINE FINANCING AND PREFERRED EQUITY FOR COMMERCIAL PROPERTY
    Mezzanine financing is structured to increase leverage on commercial properties through inserting a layer of debt between the first mortgage loan and the owner’s equity. Mezzanine loans allow the lender to go higher on the capital stack than what traditional debt would normally allow, and are ideal for recapitalizations and refinancing when the current amount owed is higher than what can be obtained through conventional lenders. .

OUR FEATURES

Our Terms


  Bridge Lans  
Acquisition, Construction, Restructuring and Refinancing

LOAN AMOUNT: $10,000,000 and up.


BORROWER: Management and/or ownership should be experienced. Past or present credit problems, including Chapter 11 or Chapter 7 bankruptcies are workable.


LOAN TERM : 1 to 5 years, interest only.


PREPAYMENTS: Loans may be prepaid at any time after the first anniversary of the loan with no prepayment penalties.


INTEREST RATE: 8% TO 12%


COLLATERAL: First mortgage on land, office, multifamily, recreational, medical, warehousing, manufacturing, self-storage, hospitality (hotel/motels) or industrial properties, etc. -– non-income or income-producing, located anywhere in the USA and select countries around the world.


L-T-V RATIO: 40% to 75% of As-Is Value by independent third party MAI appraisal.1


USE OF LOAN: Proceeds may be used for land development, real estate acquisition, construction costs, equipment, working capital, closing costs or cash-out.


PROCESSING: Approvals within 24 hours, commitments within 48 hours, and closings in as little as 14 business days.


EXIT FEE: In lieu of equity, there may be a fee of between 1% and 5% of the loan amount.

COMMITMENT FEE: Typically between 1% and 3% of Loan Amount.


SUBMISSIONS: Brief property description • Schedule of all proposed capital expenditures • Sources and use of proceeds statements • Appraisal, where available

Mezzanine Loans


Acquisition, Construction, Restructuring and Refinancing

LOAN AMOUNT: $10,000,000 and up

BORROWER: Management and/or ownership should be experienced. Past or present credit problems, including Chapter 11 or Chapter 7 bankruptcies are workable.

LOAN TERM: 1 to 5 years, interest only.
PREPAYMENTS: Loans may be prepaid at any time after the first anniversary of the loan with no prepayment penalties.

INTEREST RATE: 10% TO 12%

COLLATERAL: Pledge of the stock of the borrowing entity, second mortgage on the real estate (if permissible), improvements and equipment. Office, recreational, medical, warehousing, manufacturing, hospitality (hotels/motels) or industrial properties. Typically income producing, located anywhere in the USA and in select countries around the world.

L-T-V RATIO: Up to 90% of the As-Is Value by independent third party MAI appraisal when combined with the first mortgage.1

DSC RATIO: Typically, a minimum of 2.0 of Excess Cash 2 over mezzanine debt service.

USE OF LOAN: Proceeds may be used for land development, real estate acquisition, construction costs, equipment, working capital, closing costs, cash-out, etc..

PROCESSING: Approvals within 24 hours, commitments within 48 hours, and closings in as little as 14 business days.

EXIT FEE: In lieu of equity, there may be a fee of between 1% and 5% of the loan amount.
COMMITMENT FEE: Typically between 1% and 3% of Loan Amount.

SUBMISSIONS: Property and area description • Three years operating statements • Sources and use of proceeds statement • Information on existing debt • Borrower’s financial statements • Schedule of all proposed capital expenditures • Appraisal, if available 
1 As-Is Value defined as a cash sale within a 180-day marketing period
2 Excess cash: NOI – 1st mortgage debt servic

Documents for Loan

 
Please provide information relevant to property type:

Brief statement of the prospective mortgage loan request (including loan amount, sources and use of funds, ‘as-is’ value, ‘as-complete’ value, budget, and exit strategy).

Brief description of the mortgaged property including location, square footage, acreage, number and type of units, year built and renovated, and parking information (including number of total spaces, covered and handicapped spaces).

Brief description of the Borrower, Principal and property manager including real estate experience and financial capacity.

Neighborhood map indicating location of the mortgaged property and competitive properties.
Copy of first mortgage loan commitment, if applicable.

Copy of Site plan or building layout/floor plan.

Set of color photographs (including aerial photographs, if available) of the mortgaged property and surrounding area including buildings and parking area.

Property operating statements and occupancy for the past two calendar years. For retail, industrial and office properties, include current year-to-date actual and remainder of the year budget. For multifamily, hotel, self-storage, nursing home, congregate care and mobile home park properties, include trailing 12-month statements. Each signed, dated and certified correct by the borrower.

For retail, industrial and office properties only-

Current rent roll (or other evidence of leasing status), signed, dated, and certified correct by the borrower/principal, detailing the following information for each tenant, where applicable:
Tenant name
Suite number
Square footage of leased space
Current annual base rent (with break out of amortized tenant finish)
Expense payment provision (pass thru or stop)

Schedule of all significant capital expenditures incurred during the past three years, and budgeted for the next 12 months for the Mortgaged Property. Each signed, dated and certified correct by the borrower/principal.

PROPOSALS QUOTED WITHIN 24 HOURS