Lanyard Financial Corporation has been involved in mortgage secured lending since 1999. The principal focus of the lending business consists of bridge loans in amounts of approximately $750,000 to $15,000,000 with first mortgage security against real property in situations generally “but not exclusively”.
Lanyard’s lending program focuses on interest-only loans with a term of one year, extendible for one additional year at the option of the borrower. A reserve to cover interest not payable from cash flow can be arranged from loan proceeds. A project reserve to cover development costs can also be established from loan proceeds for development projects in certain circumstances. Second mortgage loans can be arranged in cases where lending value is relatively low in regard to the value of the underlying security. Fees are payable by the borrower from the proceeds of each loan arrangement.