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Eligible
Properties: Flagged properties in major markets
with stabilized income and expenses.
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Loan Sizes:
$5million +
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Programs:
Fixed Rate: 5, 7 and 10-year terms with maximum 30 years
amortization. Interest only periods available.
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Floating
Rates: 2 to 5-year terms interest only
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Loan
Pricing: Fixed Rate: Fixed over corresponding
Treasury
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Floating
Rate: Based on spread over LIBOR
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Minimum DSCR:
1.4X
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Maximum Loan
to Value: Up to 65% depending on DSCR and
Sponsorship
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Recourse:
Both full-recourse and non-recourse with standard
carve-outs.
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Prepayment:
Defeasance or Yield Maintenance (for additional fee).
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Loan Fees:
$10,000 - $15,000 to cover lenders loan processing and
closing costs. Unused portion generally refunded to
borrower.
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Origination
Fee: Typically 1% of Loan Amount
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Closing
Costs: Borrower is required to pay all third-party
due diligence and closing costs.
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Third Party
Reports: Phase I, Property Condition Report,
Seismic (as applicable), MAI Appraisal.
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Impounds:
May be required for taxes, insurance, and replacement
reserves.
