J for Jobs – Lending Parameters
Ullico’s Real Estate Investment Group is always looking for prudent investment opportunities that benefit investors while creating work for organized workers. We offer conservative yet flexible underwriting, deal structuring and execution.
|Loan Size||$5 Million – $150 Million|
|Loan Types||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.
|Property Types||Multi-Family (For Sale and Rental)|
|Interest Rate||Construction Loans: Floating over SOFR or Prime Immediates/Permanents: Fixed upon commitment approval at a spread over the corresponding U.S. Treasury to the earlier of call or loan maturity.|
|Fees||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.|
|Prepayment||Construction Loans: Generally open to prepayment at any time.|
Permanent Loans: Prepayment Fees are negotiable.
|Labor Standards||All construction projects must be built by sub-contractors that are signatory to collective bargaining agreements with trade unions recognized by The Union Labor Life Insurance Company.|