What is the formula to calculate 350 basis points?

GENERAL TERMS AND CONDITIONS:
1) The loan amount will be up to $12,175,000.00.
2) The Use of Proceeds will be for development of subject property.
3) The interest rate shall be libor plus 350 basis points.
4) The loan term shall be 24 months.
5) The collateral shall be a first mortgage on the subject property.