Which construction quote costs least
Two sample quotes in the comparison's shape; live term sheets are entered as they arrive.
Regional Bank
Bank, received Tuesday, September 22, 2026
- Amount
- $33,922,00065.0% of cost
- Rate, index and spread
- Term SOFR, 1 month + 275 bp
- Floor
- 3.00% on the indexBelow the stated reading
- All-in rate at the stated index
- 5.90%Today's index; the model underwrites 7.00%
- Fees
- 0.75% origination0.00% exit; 0.25% per extension
- Term and extensions
- 42 months + 2 x 12Fully extended month 66
- Reaches the month 61 refinance
- Yes, 2 extensions used
- Recourse
- Completion guarantee and standard non-recourse carve-outs from the sponsor principals. No repayment guarantee.
- DSCR and debt yield tests
- 1.20x DSCR from stabilization; 1.15x to extend; in-balance at each draw
- Prepayment
- Open after month 18, no penalty
- Interest
- $6,768,982
- Origination fee
- $254,415
- Exit fee
- $0
- Extension fees
- $169,611
- All-in cost
- $7,193,008
- Effective annual cost
- 6.27%on the average drawn balance
- Rank
- 1 of 2
Meridian Debt Fund
Debt fund, received Friday, September 25, 2026
- Amount
- $36,500,00069.9% of cost
- Rate, index and spread
- Term SOFR, 1 month + 450 bp
- Floor
- 3.75% on the indexBinds at the stated reading
- All-in rate at the stated index
- 8.25%Today's index; the model underwrites 7.00%
- Fees
- 1.00% origination0.50% exit; 0.50% per extension
- Term and extensions
- 48 months + 2 x 12Fully extended month 72
- Reaches the month 61 refinance
- Yes, 2 extensions used
- Recourse
- Non-recourse with carve-outs; completion guaranty
- DSCR and debt yield tests
- No coverage covenant; 7.5% debt yield on in-place NOI to extend
- Prepayment
- 18 months of minimum interest, open after
- Interest
- $10,184,429
- Origination fee
- $365,000
- Exit fee
- $182,500
- Extension fees
- $365,002
- All-in cost
- $11,096,931
- Effective annual cost
- 8.99%on the average drawn balance
- Rank
- 2 of 2
North Star Credit Union
Credit union, not received
- Amount
- Awaiting quote
- Rate, index and spread
- Awaiting quote
- Floor
- Awaiting quote
- All-in rate at the stated index
- Awaiting quote
- Fees
- Awaiting quote
- Term and extensions
- Awaiting quote
- Reaches the month 61 refinance
- Awaiting quote
- Recourse
- Awaiting quote
- DSCR and debt yield tests
- Awaiting quote
- Prepayment
- Awaiting quote
- Interest
- Awaiting quote
- Origination fee
- Awaiting quote
- Exit fee
- Awaiting quote
- Extension fees
- Awaiting quote
- All-in cost
- Awaiting quote
- Effective annual cost
- Awaiting quote
- Rank
- Awaiting quote
| Term | Regional BankBank, received Tuesday, September 22, 2026 | Meridian Debt FundDebt fund, received Friday, September 25, 2026 | North Star Credit UnionCredit union, not received |
|---|---|---|---|
| Terms as quoted | |||
| Amount | $33,922,00065.0% of cost | $36,500,00069.9% of cost | Awaiting quote |
| Rate, index and spread | Term SOFR, 1 month + 275 bp | Term SOFR, 1 month + 450 bp | Awaiting quote |
| Floor | 3.00% on the indexBelow the stated reading | 3.75% on the indexBinds at the stated reading | Awaiting quote |
| All-in rate at the stated index | 5.90%Today's index; the model underwrites 7.00% | 8.25%Today's index; the model underwrites 7.00% | Awaiting quote |
| Fees | 0.75% origination0.00% exit; 0.25% per extension | 1.00% origination0.50% exit; 0.50% per extension | Awaiting quote |
| Term and extensions | 42 months + 2 x 12Fully extended month 66 | 48 months + 2 x 12Fully extended month 72 | Awaiting quote |
| Reaches the month 61 refinance | Yes, 2 extensions used | Yes, 2 extensions used | Awaiting quote |
| Recourse | Completion guarantee and standard non-recourse carve-outs from the sponsor principals. No repayment guarantee. | Non-recourse with carve-outs; completion guaranty | Awaiting quote |
| DSCR and debt yield tests | 1.20x DSCR from stabilization; 1.15x to extend; in-balance at each draw | No coverage covenant; 7.5% debt yield on in-place NOI to extend | Awaiting quote |
| Prepayment | Open after month 18, no penalty | 18 months of minimum interest, open after | Awaiting quote |
| All-in cost over the expected hold (illustrative) | |||
| Interest | $6,768,982 | $10,184,429 | Awaiting quote |
| Origination fee | $254,415 | $365,000 | Awaiting quote |
| Exit fee | $0 | $182,500 | Awaiting quote |
| Extension fees | $169,611 | $365,002 | Awaiting quote |
| All-in cost | $7,193,008 | $11,096,931 | Awaiting quote |
| Effective annual cost | 6.27%on the average drawn balance | 8.99%on the average drawn balance | Awaiting quote |
| Rank | 1 of 2 | 2 of 2 | Awaiting quote |
How all-in cost is calculated
All-in cost over the loan's expected life, closing to the month 61 refinance. Interest: each month's opening drawn balance from the model's draw schedule, scaled by the quote's amount over the $33,922,000 requested, times the all-in rate over twelve. All-in rate: the higher of SOFR at the stated 3.15% reading (held flat) and the quote's floor, plus the spread. Fees: origination and exit on the quoted amount; each extension needed to reach month 61, at its fee on the balance that day. Ranked lowest first; a loan that matures before the refinance ranks last. A larger loan costs more interest and replaces equity; the equity is not priced here. Illustrative arithmetic, not a forecast of what the loan will cost. Permanent quotes from the life company and the agency lender are compared at the refinance, not here.
Send the request
Sample lenders, no outreach has occurred. Each draft fills in the package figures; you send it.
Drafts only. Apolis sends nothing; you send from your own mail.
Sample Regional Bank
Regional bank, construction lending with recourse options. Asked for: construction loan.
cre-lending@sample-lakesbank.example.com. Sample lender, no outreach has occurred.
Sample North Star Credit Union
Credit union, member business lending, may syndicate participations. Asked for: construction loan.
commercial@sample-northstarcu.example.com. Sample lender, no outreach has occurred.
Sample Heartland Life Insurance
Life company, fixed-rate permanent loans on stabilized assets. Asked for: permanent loan at the refinance.
mortgage-loans@sample-heartlandlife.example.com. Sample lender, no outreach has occurred.
Sample Meridian Debt Fund
Private debt fund, higher leverage construction and bridge loans. Asked for: construction loan.
originations@sample-meridiandebt.example.com. Sample lender, no outreach has occurred.
Sample Agency Lending Partners
Agency multifamily lender, permanent loans at stabilization. Asked for: permanent loan at the refinance.
multifamily@sample-agencylending.example.com. Sample lender, no outreach has occurred.