Loan Criteria

Specific terms are determined on a deal-by-deal basis, but in general our current parameters are as follows:

Term: 3 – 18 months
Rate: 13% - 15%
Fees: 3% - 6% of the loan amount (may be included in the loan).
Due Diligence: No up-front fees, but a deposit to cover estimated due diligence costs and closing costs is due upon signing the term sheet. If the loan does not close, all unused monies will be refunded.
Loan Size: $150,000 to $1,500,000
Loan to Value: Up to 60% of the quick-sale value of the collateral with certain property types limited to less.
Repayment: Interest paid monthly with balloon at maturity.
Security Position: First mortgage position only.
Market Area: Contiguous 48 states, but primary focus is in the Southeast (AL, FL, GA, MS & TN).

Collateral

Below is a general description of the collateral on which Porter Bridge is currently lending:

Preferred Property Types: 
  • Commercial:
    		•  Office, retail, mixed use, multi-family, office/warehouse and light industrial.
  • Investment:
    		•  Non-owner occupied residential and residential rehabs. (Residential rehabs are evaluated based on “as is” LTV and “as completed” ARV (after repair value))
    Preferred Scenarios: Income producing, viable exit strategy (bank take-out, already listed for sale, equity investment, etc.), non-owner occupied.
    Difficult Property Types: Single use properties such as c-stores, hotels & restaurants, heavy industrial, manufacturing, residential lots, raw land.
    Other Collateral: Other types of collateral will be considered on a deal-by-deal basis, but the majority of loans closed are secured by real estate.

    Getting your loan funded

    Simply call us and tell us what you need. Generally, we’ll tell you immediately if we think we can help. If we can, we’ll gather additional details and issue you a written proposal within days. At that point, if you wish to proceed, we ask for an expense deposit to cover legal fees, due diligence, and title work. If you decide to decline our offer, we keep the deposit. If we are unable to close for any reason, we return the deposit minus our out-of-pocket expenses.

    Because we’ve minimized the paperwork involved in our lending process we can meet our clients’ tight financial deadlines. In fact, short-form appraisals are usually accepted. In many cases our insurance carrier will provide us with environmental insurance coverage, eliminating the need for you to complete a Phase II environmental report.

    Throughout this brief process, a Porter Bridge Loan representative will work closely with you to keep you informed. The end result is that you get the service you want, the funding you need, when you need it.