ADAM SIPER
Head of Origination
(212) 715-3162 or
adam.siper@laddercapital.com
| BRIDGE | CONDUIT | |
|---|---|---|
| Loan Amount | $10MM –> $275MM+ | $5MM –> $450MM+ |
| Loan Term | 1 – 3 years + extensions | 5, 7, & 10 years |
| Asset Types | Multifamily, Industrial, Retail, Hotel, Office, & other asset classes (deal specific) | Multifamily, Industrial, Retail, Hotel, Office, & other asset classes (deal specific) |
| Security | First Mortgage | First Mortgage & Mezzanine |
| Borrower Entity | Single Purpose Entity | Single Purpose Entity |
| Loan-to-Value | < 75% LTV Higher leverage and mezzanine transactions considered on a deal-by-deal basis |
< 75% LTV Higher leverage and mezzanine transactions considered on a deal-by-deal basis |
| DSCR Requirement | Deal Specific | Typically, 1.30x on LCF UW NCF (1.25x for MF) |
| Amortization | IO + AM (deal specific) | IO + AM (deal specific) |
| Interest Rate | SOFR-Based Floating (S+265 floor) Select Fixed Rate |
Competitive Swap / Treasury based pricing |
| Origination Fee | 1.00% of the Loan amount | Generally par |
| Exit Fee | Typically, 1.00% of the Loan amount (deal specific). Exit fee may be waived if loan is refinanced by Ladder |
None |
| TI/LC, Capex, & Other Reserves | Determined by Borrower & Ladder (deal specific) | Upfront and/or ongoing TI/LC & Capex reserves (deal specific exceptions) |
| Prepayment | Flexible (no lockout) | Defeasance / yield maintenance |
| Recourse | Non-Recourse (standard carve-outs) | Non-Recourse (standard carve-outs) |