Our client was looking to take out his construction loan and rate lock early when his project was only 60% leased, 48% occupied. We provided a long term fixed rate, non-recourse loan that allowed for a 120 day rate lock and funding so long as the project was 75% leased or better at closing. A hurdle that was easily met. Borrower acheived a sub 4.0% interest rate. The loan was placed with one of our Life Insurance companies who was familiar with the strentgh of the project, the market, and could structure the loan accordingly, allowing the borrower to benefit for the long term from the low, locked interest rate while not having to wait for full stabilization of his property.
