With many banks reining in their construction lending, NEBO Capital is now pleased to be working with a nationwide bank lender that is very focused on providing construction loans from $2M-$15M for apartments, senior housing, and assisted living developments. The bank has stretched to fund $20M loan amounts on its own balance sheet, and will seek to partner with local community banks on even larger loans.
The bank’s program is at 4.5% fixed interest rate, plus 2 lender points in, and 3 lender points out that are waived if the lender can also place Agency or FHA permanent financing. The bank will lend up to 70-75% LTC, structured as a 3-5 year mini-perm loan. Additional important criteria are that the borrower have development experience, personal liquidity equal to 5-10% of the loan, and be putting some meaningful sponsor cash into the project. This lender is also fine with nationwide secondary and tertiary market locations.
Let NEBO Capital help you to get your apartment development financed out of the ground before the end of the year!
Call Scott Saliterman of NEBO today for questions on this program.