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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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