FAIRFIELD, CT Sterling Partners Capital has announced a new interim term mortgage loan program. The fixed or variable rate interim loan is designed to permit a property that has been operating below expectations to improve performance, achieve stabilization and become seasoned, all of which in combination enables a borrower to secure more traditional long term financing.
The Interim Term Loan amortizes over a 15-year term, even though the loan may be repaid any time after two years with little or no prepayment penalty. Loan amounts range from a low of $500,000 to a $5 million maximum. (12/4/00)