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Target Rock Partners
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