Higher leverage and lower rates!!
· We offer simple and straight forward fixed/floating rate real estate bridge loan products with rates starting in the 6-9% range and conventional loan rates starting at 4.5%.
· Access to Capital --- Popular has access to billions of dollars in CRE, Multifamily and Hospitality lending capital and are committed to the CRE industry through the good times and the bad.
· Popular operates primarily as a nationwide direct lender, table funder, correspondent lender and mortgage banker offering “best execution” in the market often 75-80% LTC on bridge assets and 100% of rehab dollars.
· Popular offers 24-48 hour loan approvals and closing in 2-4 weeks.
A Midwest hotel owner had a partnership dissolution take place that resulted in the deflag of his hotel property and needed $2.5 million to resolve the partnership issue along with $1.5 million to reflag to a new IHG hotel product. Popular was able to navigate the complexity of the transaction including legal issues with the partnership and consider forward looking proforma financials to get comfortable with valuation. Popular provided institutional funds to reflag with a new $4 million loan at 75% of future stabilized value with a 5.75% 5 year fixed rate featuring a $1.5 million reflag line of credit. The asset was also in a small Midwest market created an additional challenge.
A nationwide hospitality investor and repeat sponsor secured a discounted purchase agreement on a non-flagged condotel property in the southeast which included over 800 acres and three golf courses including a waterpark and spa. The asset was extremely complex including 174 separate parcels. Another lender was engaged and failed to close. Popular secured high net worth capital at 75% LTC 100% of $8.5 million in PIP money for a 24 month bridge loan of $32 million which featured a fixed rate of 9.5% and 79% LTC of total project costs.
A nationwide multifamily investor acquired a 200 unit multifamily property at auction using high rate hard money at 12%. After 12 months of rehab the sponsor needed another $2.5 million in rehab dollars along with $6 million to payoff the high rate hard money loan. The sponsor, another repeat customer, contacted Popular for help. Popular secured institutional funds for $8.5 million at a floating rate of 6.5% for 24 months. The new bridge loan lowered the sponsors cost of capital and included a $2.5 million rehab line of credit allowing the sponsor to complete the rehab and stabilization of the subject property to prepare for sale. The “C” class condition demanded a full gut rehab of every unit and the rebuild of a fire damaged building creating more complexity in the capital raise.