Non-Recourse Lender for CRE Bridge Loans

iBorrow is a private commercial bridge lender specializing in quick closings and rehab/repositioning projects. Our extensive background in lending and large balance sheet lets us service borrowers with virtues that are often at odds: speed and stability. We stand by the terms and dates we set with our clients. No broken promises. All loans are non-recourse, so our primary concern with respect to underwriting is the value of the property and/or the sponsor’s business plan.

Please note that we do not offer loans for loans or ground-up construction projects.

Property Geographic Area Details

We lend in 36 States which have non-judicial foreclosure process

Loan Amounts

$2,000,000 to $40,000,000

Interest Rates

7.5% to 12%

Max Loan-To-Value

65.00%

Max Loan-To-Cost

65.00%

Origination Fees

1% to 2%

Loan Terms

6 months to 36 months

Lien Position

  • 1st

Loan Purpose

  • Investment Acquisition
  • Investment Refinance
  • Improve Subject Property
  • Value Add Project
  • Development Project

Property Occupancy

  • Vacant
  • Tenant Occupied 100%
  • Owner Occupied Commercial

Property Types and Loan Types

Collateral Types

  • Commercial Property

Property Types

  • Industrial
  • Mixed-Use
  • Multifamily

Loan Types

  • Commercial Bridge
  • Commercial Property Value Add

Purchase Loan

Max Loan-To-Purchase Price

65.00%

Borrower Must Have Property Under Contract

no

Will Provide Proof of Funds Letter

no

Will Consider Lending on Purchase from Auction

yes

Allowed Source of Borrower’s Equity

  • Own Cash
  • Partner
  • Equity in Subject Property
  • Equity in Another Investment Property

Rehab Value Add Loan

Experience Required

yes

Minimum Number of Value-Add Projects Completed by Borrower

4

Will Provide Funds for Renovation Costs

yes

Max LTC for Renovation Costs

65.00%

Interest Charged for Renovation Costs

Entire Amount of Total Project Costs

Typical Number of Days for Funds Draw

2

Details and Requirements

Typical Closing Time (Days)

21

Fastest Closing Time (Days)

14

Works With

  • Brokers
  • Borrowers

Payment Structure

  • Interest Only

Pre Payment Penalty

no

Will lend to a foreign national

yes

Will Allow Junior Position Mortgage(s) Behind Our Senior Mortgage

yes

Will Consider Collateralizing Multiple Properties in One Loan

yes

Will Consider Equity Joint Venture

no

Borrower Entity Types Considered

  • Individual(s)
  • LLC
  • Limited Partnership
  • Trust
  • Corporation
  • Non-Profit Corporation
  • Self-Directed IRA

Documentation Required

  • Financial Statements

Personal Guaranty (Recourse) Required

Never

Credit Check Required

yes

Credit Check Description

Credit score typically does not play in an important role in underwriting

Appraisal Required for Commercial Property

Always

Broker Price Opinion (BPO) Accepted for Commercial Property

Never

Fees

Deposit Required

$5,000.00 to $25,000.00

Deposit is an advance against third party expenses and legal. Any unused portion of the deposit is returned to borrower.

Fees which are mandatory for all new borrower clients

  • Deposit

Fees which are charged upfront prior to loan closing

  • Deposit

Fees which are paid to a third party company

  • Appraisal Fee
  • Environmental Report Fee

Legal Disclaimer

The actual interest rate may vary based on the loan selected, borrower experience, credit history, property type, location, and other factors determined by lenders. The rates advertised are not available in all states. Not all consumers will qualify for specific rates and terms offered to applicants. Rates are subject to change without notice. The lowest rate advertised should generally be considered an ideal lending scenario. The minimum period allowed for borrower repayment is six months and the maximum period of repayment is three years. The maximum annual percentage rate (APR) is fifteen percent. An example of the total cost of a loan: A two million dollar loan at eight percent interest-only APR, for one year, with origination fees of two percent, will cost a total of two hundred thousand dollars.

iBorrow provides non-recourse loans on all commercial real estate property types to borrowers who are looking for a fast, flexible, and reliable financing option. We focus on typically focus on transitional assets with a value-add component.

License

CA DRE Lic. #01844132

Year Established

2013

Office Locations

12100 Wilshire Boulevard, Suite 520, Los Angeles, California 90025

Primary Capital Source

  • Debt Fund We Manage

Alternative Capital Sources

  • Family Offices
  • Hedge Funds
  • Foundations

Loan Structure for Majority of Loans

  • Own Balance Sheet

Percentage of company’s lending business focused on private mortgage

100%

Percentage of Loans Secured by Commercial Property

100%

Total Number of Loans Funded to Date

60

2017 Number of Loans Funded

18

Will McCabe

Vice President of Originations

As Vice President of Loan Originations, Will McCabe is responsible for sourcing, underwriting, and structuring new loan opportunities. Also, Will plays a pivotal role in ensuring smooth execution through closing, managing the diligence process from start to finish. Will takes pride in providing borrowers and mortgage brokers with the highest levels of attention and responsiveness. He has originated in excess of $100MM in closed transactions nationwide.

License Information
CA DRE - 01924448

Loan Request

Short Description of your Loan Request or Property Address

This information is about yourself, not the subject property.

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(temp use, storage, billboard, parking, etc.)

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If Borrower is not seeking additional funds for the renovation, change the Loan Type to Purchase or Acquisition.

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(temp use, storage, billboard, parking, etc.)

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If Borrower is not seeking additional funds for the renovation, change the Loan Type to Purchase or Acquisition.

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how will the loan be paid off?

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