Seeking to build on the success of its one- to four-family rental finance business, FirstKey Lending has launched a new commercial real estate lending program that offers investors floating rate bridge loans from $1 million to $25 million.
Dubbed FirstKey Commercial, the new program is geared for investors looking to purchase, refinance or reposition commercial properties, including office, retail, multi-family, industrial, self-storage and flagged hospitality assets, the company says in a press release.
‘Given the breadth and depth of our team's commercial real estate expertise and experience and the current need for debt capital in the smaller balance commercial loan space, FirstKey Commercial is the next logical step in our continued efforts to expand our product offering and serve the needs of our entrepreneurial client base,’ says Randy Reiff, CEO of FirstKey Lending.
The new program offers competitive LIBOR-based pricing; LTV up to 75%; loan terms up to 3-years; interest only loans; and no minimum DSCR requirement.
