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Acquisition & Development

LOAN AMOUNT: $1,000,000 and up.

BORROWER: Owner/developer with track record.

LOAN TERM: 1 to 3 years, interest only.

PREPAYMENTS: Loans may be prepaid at any time, after a lockout period, with no prepayment penalties.

INTEREST RATE: Interest rates start at 12%. Interest is paid monthly on the amount drawn based on the disbursement schedule. Allowances are made for prepayments of interest during the construction period.

COLLATERAL: First-mortgage on land and existing structures. Borrower must personally guarantee all notes. On larger loans completion/construction bond by G.C. and/or Letter of Credit from investment grade institution.

L-T-V RATIO: Up to 50% of the As-Is Value1 by independent third party MAI appraisal and up to 60% of approved infrastructure development costs.

USE OF LOAN: Proceeds may be used for construction costs, real estate acquisition, and closing costs.

PROCESSING: Completed loan application, title report, appraisal, project overview, proposed building plans, cost projection for disbursement schedule, proof of funds for purchase of land, two years personal and corporate tax returns. Approvals within 24 hours, commitments within 48 hours, and closings in as little as 14 business days.

OTHER COSTS: Application Fee: $10,000 to $25,000, which is NON-REFUNDABLE if the letter of interest is in compliance with lender’s Commitment.

Commitment Fee: 3% of Loan Amount payable 1% to 3% percent at commitment and the balance at closing.

Exit Fee: Up to 8% of loan amount in lieu of equity.

SUBMISSIONS: Brief property description • Budget • Sources and use of proceeds statements • Appraisal, if available

1 As-Is Value defined as a cash sale within a 180-day marketing period.

MEECORP The Streetwise Commercial Lender Email Us at Address: 2115 Linwood Avenue - Suite 301- Fort Lee, New Jersey 07024

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