The Union Labor Life Insurance Company (ULL) provides first mortgages to meet the needs of the commercial
real estate community including construction, bridge and permanent financing. REIG currently manages over
$2.6B in real estate mortgages as of August 31, 2014.
If you have a project that meets the Lending parameters and are seeking a first mortgage financing, contact the appropriate Regional Manager responsible for the region in which the sponsor is domiciled.
$5 - $150 Million
- Construction: floating or fixed rate financing with initial terms up to 36 months with extension options.
- Immediate/Permanent: floating or fixed rate financing with up to 30-years amortization and initial terms of up to 10 years.
- Multi-Family (For Sale and Rental)
- Medical Office
(subject to change without notice)
- Construction Loans: Floating over Libor or Prime
- Immediates/Permanents: Fixed upon commitment approval at a spread over the corresponding treasury to the earlier of call or loan maturity.
Competitive with market conditions
ENVIRONMENTAL / ENGINEERING REVIEW
A satisfactory environmental assessment (Level 1 minimum) of the site is required. Plans and specs or property condition reports are reviewed for approval by third party construction consultants.
BORROWER / SPONSORSHIP
All borrowers must be single asset entities. The corporate and individuals within the borrowing
entity must evidence strong experience developing and managing the property type being considered.
LOAN TO VALUE
Up to 80% for Multi-Family Rental; 75% for all others.
LOAN TO COST
Up to 90% of cost loans are available for select properties.
- Construction Loans: Generally open to prepayment at any time.
- Permanent Loans: Prepayment Fees are negotiable.
All construction projects must be built by sub-contractors that are signatory to collective
bargaining agreements with Union Labor Life recognized trade unions.
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