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A hybrid of debt and equity financing that is typically used to finance the expansion of existing companies. Mezzanine financing is basically debt capital that gives the lender the rights to convert to an ownership or equity interest in the company if the loan is not paid back in time and in full. It is generally subordinated to debt provided by senior lenders such as banks and venture capital companies.
Since mezzanine financing is usually provided to the borrower very quickly with little due diligence on the part of the lender and little or no collateral on the part of the borrower, this type of financing is aggressively priced with the lender seeking a return in the 20-30% range.
|Targeted loan sizes||$2M to $20M|
|Eligible Property Types||Multifamily, Retail, Office, Light Industrial, Self-Storage, Hospitality, Health Care, Mixed Use, Condominium and SFR Portfolios|
|Uses||DPO, refinance, acquisition, cash out, repositioning (TI’s & LC’s)|
|Term||1 to 3 years|
|LTV/LTC||Dependent upon situation and property type, but as much as 80% of cost.|
|Asset Driven||Credit underwriting is common sense, not FICO centric|
|Third Party Reports||Need environmental, but can use recent reports. Will either need appraisal or BPO ordered by our company.|
|Closing Time||Generally about 30 days, but can be rushed for time sensitive situations.|