Target Rock Partners has established a correspondent lending program that enables it to offer fixed rate, floating rate and mezzanine loans as well as equity. Terms are flexible, but typically follow the parameters listed below.  Financing options are available for the acquisition or refinance of retail, office, industrial, multifamily, hospitality, self storage and mobile home park properties.

FIXED RATE

 

Loan:  >$3,000,000

 

LTV:    75% maximum

 

Term:  5, 7, 10 years

 

Amortization:  30 years; Interest Only

 

Rate:  Call for quote

 

Fee:  Par

 

Recourse:  Non-recourse except for standard

carveouts

 

Prepayment:  Lockout then defeasance.  Yield Maintenance available case-by-case.

 

* Mezzanine financing available up to 85% LTV

and co-terminus with the first mortgage.

 

 

FLOATING RATE

 

Loan:  >$5,000,000

 

LTV:    90% maximum

 

Term:  1-3 years plus extensions

 

Amortization:  Interest Only

 

Rate:  Call for quote

 

Fees:  Varies per transaction

 

Recourse:  Non-recourse except for standard

carveouts

 

Lockout:  Minimum 12 month interest

 

Prepayment:  At any time subject to minimum interest and exit fee.

EQUITY

 

Joint Venture

Investment:  >$3,000,000

 

Split:  90/10 - possible 100%

 

Hold Period:  3-10 years  

 

Promote:  Negotiated waterfall  

 

Fee: Varies per transaction

 

Preferred

Investment:  >$3,000,000

 

Split:  80/20

 

Hold Period:  3-10 years

 

Preferred Return:  7%-10%

 

Promote:  Negotiated waterfall

 

Fee: Varies per transaction