Short Term Mezzanine Financing Loan Program

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Terms

Advantages

  • Excess proceeds if looking for FHA or Agency permanent debt but need short-term mezzanine financing
  • Typically combined with a third-party (non-Greystone) first mortgage bridge loan
  • No exit fee if financing originated via Greystone’s permanent debt options

Loan Purpose
This program is specifically designed for properties that are either stabilized or are in need of minor to moderate renovation or other value-add strategy where the client needs leverage above a first
mortgage bridge loan.

Our short-term mezzanine loan program can be used to finance stabilized properties while Greystone underwrites the permanent financing or fund moderate rehabilitation or retenanting where the Borrower requires short-term debt to finance renovations to complete a value add strategy and secure permanent financing through a FHA, Fannie Mae, and Freddie Mac.

Eligible Properties
Multifamily and healthcare (SNF, AL/IL)

Loan Amount
$1,000,000 - $15,000,000 (larger upon request)

Collateral
Pledge of the equity of the first mortgage borrower, secured by UCC filing. Intercreditor agreement with first mortgage lender required.

Loan Term
Typically up to 3 years (including extensions). Coterminous with First Mortgage Loan

Amortization
Generally interest-only (some amortization may be required after first two years of term)

Interest Rate
Fixed or floating rate. 12-15% coupon varying with LTV, DSCR, market and sponsor

Loan Commitment Fees
1.0%