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By: Jeff Blumenthal Reporter, Philadelphia Business Journal Spring Garden Lending, the provider of bridge financing to local real estate developers led by former Valley Green Bank CEO Jay Goldstein, is entering uncharted territory with a longer term fixed rate financing product. Called Permanent Plus, the new loans offer up to 30-year fixed rate financing for real estate developers working on single family homes with one to four units and multifamily homes of five to eight units. Goldstein said the loan program will most likely top out at 16 to 20 homes per project, though a borrower could take out more than one loan at the same time. The high-water mark would most likely be around $5 million per loan. “This allows us to leverage existing relationships with clients and offer them a new product as well as attract new clients who hadn’t worked with us before,” Goldstein said. Goldstein admitted that the certainty of a 30-year fixed loan comes with higher interest rates abo ...
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