Lending Parameters

RYAN JANTZEN
Title: Co-Head of Origination

Contact: (212) 715-3180 or ryan.jantzen@laddercapital.com

ADAM SIPER
Title: Co-Head of Origination

Contact: (212) 715-3162 or adam.siper@laddercapital.com

 

  Bridge Lending Conduit Lending
Loan Amount $10,000,000 to $275,000,000+ $2,000,000 to $450,000,000+
Loan Term Generally 2 to 3 years, with extension options on case by case basis 5, 7, and 10 year
Loan-to-Value Up to 75% of appraised value; higher leverage and mezzanine transactions considered on a deal-by-deal basis Up to 75% of appraised value; higher leverage mezzanine transactions considered on a deal-by-deal basis
DSCR Requirement To be determined on a deal-by-deal basis 1.25x on lender underwritten net cash flow
Amortization Interest only in primary term with varying schedules after extension Typically 30 year amortization with periods of interest-only up to full loan term considered on a deal-by-deal basis
Interest Rate Competitive LIBOR and fixed rate based pricing Competitive Swap / Treasury based pricing
Origination Fee / Exit Fee Generally 1% of the loan amount / generally 1% of the loan amount and may be waived if the loan is refinanced by Ladder None
TI/LC, CapEx and Other Reserves An amount adequate as determined by Borrower and Lender; Future Funding of Reserves may be available on a deal-by-deal basis Ongoing TI / LC and CapEx reserves collected, with caps offered or reserves waived on a deal-by-deal basis
Prepayment Flexible; Generally prepayable after short yield maintenance period Defeasance or yield maintenance, locked out for the earlier of (i) three years following the full funding of the loan and (ii) two years after the securitization of the loan
Recourse Non-recourse to key principals except for customary bad boy carve-outs Non-recourse to key principals except for customary bad boy carve-outs

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