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.

A basis point is 1/100 of a percentage point. So 350 basis points is 3.5%.

The LIBOR rate varies depending on the length of term, either 3-month, 6-month, or 1-year - right now it vaires from about 2.4% to 3.2%, depending on the term. So this loan would cost you somewhere between 5.9% and 6.7%.

Excellent Answer, Thank you so very much.