Why Borrowers Prefer Ice Lender

  • Surety of close
  • Speed of approvals and close
  • Direct access to lending principals
  • Construction funding availability
  • Stream lined construction funding process
  • Lender flexibility in deal structuring
  • Lender understanding of rehabilitation process and expertise in local markets
  • Competitive interest rates and fees

 

Loan Strengths from Lenders Perspective

  • First Lien Position
  • Assignment of Equity Interests
  • 50%-85% LTV
  • New York City income producing asset reposition
  • Borrower track records of multiple similar projects
  • Personal guarantee from strong borrowers
  • Sponsor with the expertise and ability to complete projects
  • Interest Reserves held based on borrower cash flows

 

Loan Amounts

$100,000 to $10,000,000

Interest Rates

9% to 12%

Max Loan-To-Value

90.00%

Max Loan-To-Cost

90.00%

Origination Fees

0% to 4%

Loan Terms

6 months to 24 months

Lien Position

  • 1st

Loan Purpose

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

Property Occupancy

  • Vacant
  • Tenant Occupied 100%

Property Types and Loan Types

Collateral Types

  • Residential Property

Property Types

  • 2-4 Units Residential
  • Condominium
  • Hotel
  • Mixed-Use
  • Multifamily
  • Single Family Residence

Loan Types

  • Private Money
  • Hard Money
  • Residential Bridge
  • Residential Fix and Flip
  • Residential Rehab and Rent
  • Residential Long-Term Rental

Specialty Loan Types

  • Condo Conversion

Purchase Loan

Max Loan-To-Purchase Price

90.00%

Borrower Must Have Property Under Contract

no

Will Provide Proof of Funds Letter

yes

Will Consider Lending on Purchase from Auction

yes

Allowed Source of Borrower’s Equity

  • Own Cash
  • Partner
  • Equity in Another Investment Property

Rehab Value Add Loan

Experience Required

yes

Minimum Number of Value-Add Projects Completed by Borrower

3

Will Provide Funds for Renovation Costs

no

Max LTC for Renovation Costs

0%

Residential Long-Term Rental

Minimum Loan Amount

$0

Maximum Loan Amount

$0

Minimum Interest Rate

0%

Maximum Interest Rate

0%

Minimum Origination Fee

0%

Maximum Origination Fee

0%

Minimum Loan Term

0 months

Maximum Loan Term

0 months

Maximum Loan-To-Value

0%

Maximum Loan-To-Purchase

0%

Maximum Debt-to-Income Ratio

0%

Will Lend on a Portfolio of Rentals

No

Minimum Property Value

$0

Maximum Property Value

$0

Details and Requirements

Typical Closing Time (Days)

30

Fastest Closing Time (Days)

3

Works With

  • Brokers
  • Borrowers

Payment Structure

  • Interest Only

Pre Payment Penalty

no

Will lend to a foreign national

no

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
  • Corporation

Documentation Required

  • Credit Report
  • Tax Returns
  • Bank Statements
  • Financial Statements
  • Loan Application

Personal Guaranty (Recourse) Required

Always

Credit Check Required

yes

Minimum Credit Score Required

600

Appraisal Required for Residential Property

Always

Broker Price Opinion (BPO) Accepted for Residential Property

Never

Fees

Deposit Required

$2,000.00 to $10,000.00

Due Diligence Fee

$250.00 to $5,000.00

Legal Fee

Renovation Construction Draw Fee

Established

2016

Office Locations

31W 34 Street, New York, NY, 10001

Primary Capital Source

  • Own Funds
  • Family Offices

Alternative Capital Sources

  • Individual Investors

Loan Structure for Majority of Loans

  • Own Balance Sheet

Alternative Loan Structures

  • Table Funding with Capital Partner

Percentage of company’s lending business focused on private mortgage

100%

Company’s Other Business Activities Besides Private Mortgage Lending

  • Residential Real Estate Investing
  • Real Estate Development

Percentage of Loans Secured by Commercial Property

0%

Percentage of Loans Secured by Residential Property

100%

Percentage of Residential Property Loans Which are Fix and Flip

50%

Percentage of Residential Property Loans Which are Buy and Hold

50%

Percentage of Residential Property Loans Which are Owner-Occupied

0%

Percentage of Loans Secured by Land

0%

Percentage of Loans Secured by a Business (not real estate)

0%

Percentage of Commercial Property Loans Which are Ground-Up Construction

0%

Percentage of Residential Property Loans Which are Ground-Up Construction

0%

Percentage of Residential Property Loans Which are Long-Term Rental (5+ years)

0%

Joseph Oved

Chief Executive Officer

Joseph’s responsibilities include managing Oved’s current portfolio of real estate, directing new acquisitions and evaluating new lending opportunities. Joseph channels his energy in building relationships with New York landlords, developers and tenants, leveraging those relationships to create new deal flow.

Joseph Bekar

Acquisitions and Leasing Specialist

Joseph provides real time market insight on a daily basis. He is an active actor in the buying, selling and renting of investment properties across NYC. Joe’s intimate knowledge of the market allows him to identify and secure loans and acquisitions for the company.

Joseph Benz

Loan Manager

...

Loan Request

Short Description of your Loan Request or Property Address

This information is about yourself, not the subject property.

$
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months

At the end of the form you can enter the additional properties.

(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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$
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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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$
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how will the loan be paid off?

acres

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