Revere Capital

About Revere Capital

Revere Capital is a direct portfolio bridge lender focusing on providing structured and diversified financing across a variety of asset classes. Revere’s experience and specialization in creative financing enables it to fund 1st mortgages, 2nd mortgages, mezzanine debt, debtor-in-possession (DIP) loans, and deliver preferred equity and equity investments when necessary. Although Revere is adept at funding real estate collateralized bridge loans, it also specializes in financing other commercial interests, consumer interests and insurance-backed interests. Revere will lend nationwide and will even consider deploying funds off-shore under the right circumstances.

The firm is headquartered in Dallas, Texas, but has offices and staff nationwide. Revere was founded in 2001 by industry veteran and seasoned financier Clark Briner, with the mission of building a diversified portfolio of highly attractive, high yielding and stable commercial real estate loans and assets while maintaining a strategic focus on the highest potential risk-adjusted returns. Revere has funded over $800 million since its inception.

Revere recently funded a $25 million bridge loan secured by an 816,000 square foot, 22 acre mall complex. Revere also recently provided a $15 million credit facility to a motorcycle leasing company, and a $20 million credit facility to a specialty finance company focused on the film and media industry.

Loan Programs

Revere funds short-term bridge loans and provides equity investments and specialty financing from $2 million to $30 million secured by investment residential real estate, commercial real estate, and other assets. Revere specializes in bridge loans, DIP financing, discounted payoff financing, secured and subordinated term and revolver loans, funding warehouse facilities and financing joint ventures. Revere is also an acquirer of one-off loans, whole loans, or loan pools and will enter into loan syndications and participations. Revere has differentiated itself through a number of unique program offerings such as auto loans, consumer leases, lease-to-own properties, manufactured housing, POS financing, investment loans, home improvement loans, aircraft and aircraft engine leases, equipment financing and leasing, factoring, municipal and government receivables, shipping and container financing, film industry financing, rail financing, pre-settlement litigation advances, vehicle service contracts and structural settlements.

Below is a sampling of reasons why a borrower would seek financing from Revere:

  • The borrower has complex, unique, difficult-to-value or esoteric collateral
  • The borrower needs a creative financing solution or has a variety of collateral that requires cross collateralization
  • The borrower has a storied transaction that requires a unique understanding and flexible financing structure
  • The borrower needs short-term, competitively priced financing that can close quickly
  • For the acquisition and re-capitalization of properties not ready for bank, CMBS or life company loans
  • For value-add properties requiring bridge debt to execute a business plan prior to sale, or refinance with conventional debt
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Bridge Loan Program Highlights / Guidelines

A bridge loan is a short-term loan that usually assists in bridging a borrower from a less favorable situation to a more favorable situation. For example, a borrower may take out a bridge loan to pull cash-out of his property to pay off lingering debt and improve a low credit score, so he can refinance into a permanent loan. Collateral is essential to Revere’s programs and borrowers without hard commercial real estate, investment residential real estate, equipment or other tangible collateral are not eligible for financing.

Loan sizes from $2 million to $30 million (higher case-by-case)

  • Loans secured by a variety of asset types including office, industrial, hospitality, retail, parking structures, self-storage, healthcare, land, multifamily, mixed-use, condominiums, mobile home parks and communities, marinas, heavy equipment, airplanes, collectibles, art, shipping containers, vehicles, contracts, receivables, notes, etc.
  • No set minimum credit score requirement
  • Loan-to-value (LTV) generally up to 70%, higher leverage may be considered on a deal-specific basis
  • Up to 3 year loan terms with extensions available
  • Interest rates are interest only and range from 5% to 14%
  • Loan origination fees are 1% to 4% of the loan amount
  • No prepayment penalties or commitment fees
  • Reserves for interest, capital improvements or leasing
  • Closings can occur in 14 to 21 business days

The Loan Process

LendVer did not shadow the application or loan process for Revere but its website offers basic information about how to get started. Applicants are encouraged to fill out a short online application form or to contact Revere directly to start an application.

Each prospective financing transaction is reviewed thoroughly by Revere’s team, and if the firm chooses to proceed it will issue a non-binding letter of interest. If the borrower decides to proceed with the LOI, usually a $10,000 refundable due diligence deposit will be required. Revere pursues a disciplined process that leverages comprehensive analysis with the goal of an expeditious and streamlined closing. Upon receipt of the signed LOI and due diligence deposit, Revere will conduct a physical site inspection as well as environmental and structural reviews. Revere will evaluate all pertinent documentation which may include but is not limited to the following:

  • Sources and Uses
  • Cost Basis
  • Capital Budget
  • Historical Financials
  • Operating Projections
  • Rent Roll and Leases
  • Business Plan
  • Personal Financial Statement

Assuming all of the information provided to Revere is amenable, loan closing typically occurs within 14 to 21 business days. Revere has in-house underwriting, processing and asset management which helps expedite the loan process. The borrower will communicate with the same point of contact at Revere throughout the funding process, which prompts open communication and faster funding. Revere prides itself on being “patiently consistent”, meaning it will execute in a quick manor with the fairest structure possible. Revere seeks to understand the story of each transaction, deliver a capital solution in the most efficient way possible, and manage the client relationship with the most integrity.

Pros

  • Revere doesn’t just finance real estate, but will consider financing almost any asset type (including airplanes, vehicles, art, etc.) as long as it makes sense from a fundamental perspective.
  • Revere can fund from $2 million to $30 million (higher case-by-case) in 14 to 21 business days, for a variety of unique transactions and collateral types.
  • Revere understands complex capital structures and when needed can provide 2nd mortgages, mezzanine financing, preferred equity investments and other specialty finance structures.
  • Revere offers affordable bridge financing starting at 5% with relatively long terms up to 3 years.
  • Revere has no prepayment penalties or commitment fees, and its focus on integrity and transparency make it a valuable financing partner for any borrower.

Cons

  • Loan sizes under $2 million are not considered (over $3 million is preferred), so Revere is a better option for borrowers with larger capital needs.
  • Revere is an alternative, non-bank bridge lender, meaning those borrowers seeking permanent financing or the most competitive terms will not be a good fit for the firm.

Why Revere Capital is the Best

Revere has operated as a premier nationwide bridge lender since 2001 and has funded over $800 million. Revere’s experience in the asset classes and markets where it lends enables it to close loans in 14 to 21 business days; and all processing, underwriting and loan servicing is done in-house. Revere offers loan sizes from $2 million to $30 million, providing capital to borrowers with a wide range of financing needs including for esoteric situations and collateral. Revere is experienced in providing bridge financing secured by outside-of-the-box collateral, and through unique finance structures. Revere does not shy away from funding special-purpose real estate such as land, marinas, or parking garages, and the firm will even finance heavy equipment such as airplanes, shipping containers and vehicles. Revere is the best option for larger, more complex bridge loan requests or for financing needs secured by unique collateral.

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