1) Share some details of the deal you are working on right now. Are there any specifics of it?
I am currently working on refinancing a vacant resort with proposals to re-develop into a multi-family or mixed-use property. The owners are looking to potentially redevelop then sell, or to sell some lots and redevelop the rest.
2) What product types do you lend on? (i.e., multifamily, office, retail, industrial, hotel, land, etc.)
I lend to multi-family and hospitality properties.
3) Can you describe your closing process?
Upon agreement of terms, we go through our due diligence process to confirm lendability and we have our attorney get with our borrowers’ attorneys to work up closing documents so we can get money out of the door.
4) What is your typical time to close deals?
We can typically close within 60 days. Sometimes sooner.
5) Does the property need to cash flow?
If the loan to value is lower than the need for cash flow is not as necessary.
6) Do you have a prepayment penalty?
Our prepayment penalty is the interest incurred in the first 12 months of the loan.
7) How is your company structured?
Urban Bay operates as a family office or a boutique firm. We have less than 10 people on the funding side of our business, and we all work together to get deals to closing.
8) What are your typical loan terms?
We specialize in bridge to agency financing (6-36 months), but we can do longer-term conventional financing if the deal is right.
9) Do you lend on acquisition, construction, value-add, and stabilized perm projects?
We absolutely will lend to these projects if we see potential in the improvements and additions the business is making.
10) What is the minimum and maximum loan amount that you have seen get approved and funded?
I prefer to work on deals from 5 million to 50 million. However, we have the investment power to fund any deal from 1 to 100 million.