ELIGIBLE PROPERTIES:

Existing self- or mini-storage facilities with a stable occupancy of comparable properties.

LOAN SIZES:

$1million - $20million

LOAN TERMS:

5, 7, 10 and 15 years fixed

PRICING:

Rate based on spread over comparable-term Treasuries or swap curve.  Spread based on property quality and coverage ratios.

MAXIMUM AMORTIZATION:

30 Years

MINIMUM DSCR:

1.35x

OCCUPANCY:

85% minimum

MAXIMUM LTV:

75%

RECOURSE:

Full, partial or non-recourse with standard carve-outs.

PREPAYMENT:

Defeasance, Yield Maintenance or Graduated Prepayment Premium.

INTEREST RATES:

Fixed and variable rates are available.

ORIGINATION FEES:

From 0%

THIRD PARTY REPORTS:

Appraisal, Phase I, Property Condition Report and Seismic (as applicable).

ESCROWS:

May be required for taxes, insurance and replacement reserves.

ASSUMPTION:

Typically assumable subject to review and approval of the new borrower’s financial position.