Fast Track Program
Funding in 45 days when:
(1) You have a maturing loan coming due
(2) Your seller won’t wait 6 months for you to close
(3) Your project is in lease-up. We underwrite balance sheet bridge loan and FHA-HUD permanent loan simultaneously. FHA-HUD loan pays off Fast Track when it’s ready to close.
(4) You want to buy out a partner
(5) Not for refinance cash-outs
Property types: apartments, mixed-use, mobile home parks, affordable, student, assisted living and skilled nursing facilities
Fast Track Bridge Loans: $7.5 Million to $75 Millon+; Must be simultaneously underwritten with pemanent FHA-HUD loan
Finance 90% of current value or 80% of stabilized value (not for cash-outs)
5.5% to 7% (4.75 to 5.75 over Libor)
Interest only
No upfront fees underwriting pricing and sizing loans; no application or 3rd party fees (such as appraisals) until borrower signs FHA-Hud, Fannie Mae or Freddie Mac terms sheet
Streamlined loan docs
Origination: 1 to 2 points
Term: 2 years + optional 2 month extension
No exit fee if Eagle originates your FHA-HUD loan
Loan commitment fee: 0.5% to 1%
Application fee: $15,000 plus $20,000 for appraisal, 3rd party reports and due diligence
Nonrecourse
Debt Service Coverage 1.00x; loan amount based on increased rents to 1.25x.
May require interest reserve
Cash required:10% to 15% for taxes, insurance & replacement reserves
Eagle is a correspondent lender for the largest FHA-HUD commercial lender in the USA. We close more than half of all FHA-HUD commercial loans; $100 Billon+ closed in past 30 years
To get started please click blue Fast Track Loan Link for FREE PRE-APPROVAL LOI within 48 business hours. Will take less than 6 minutes to complete online submission form. No upfront fees, credit cards, Social Security Numbers or credit checks are required.
