FIXED-RATE GUIDELINES:
Designed for Borrowers looking for non-recourse balance sheet financing with leverage up to 75% LTV, and very attractive pre-payment terms.
ELIGIBLE PROPERTIES:
Office, Retail, Multifamily and Industrial. Hotels (selective, full service only). High quality CTLs may also be considered.
PREFERRED LOAN SIZE:
$10 million to $35 million with other loan amounts considered on a case by case basis.
TERM:
5 and 7 year terms offered.
LEVERAGE:
Not greater than 75% LTV/LTC (70% for Hotels).
DSCR:
Not less than 1.20x (P&I) on in-place cashflow using a 30-year amortization; 1.30x on Hotels.
PROPERTY QUALITY:
High quality stable assets with solid tenancy and no major rollover risk. No non-credit, single-tenant deals.
MARKETS:
Strong/Stable primary and secondary markets. No tertiary markets.
SPONSORSHIP:
High quality, experienced real estate owners and operators with strong credit.
ASSUMABILITY:
Assumable with Lender’s Consent.
SPREADS:
Highly competitive. Subject to deal specifics.
ORIGINATION FEES:
Not typical, but deal specific.
PREPAYMENT TERMS / PENALTIES:
5-year tem:
Years 1 and 2 - locked out; Year 3 - 2pts; Year 4 - 1pt; Year 5 - open
7-year term:
Years 1,2, and 3 - locked out; Year 4 - 3pts; Year 5 - 2pts; Year 6 - 1pt; Year 7 - open
RESERVES:
Taxes, insurance, rollover and replacement reserves will be underwritten and collected.
OTHER STRUCTURE:
No guarantees, Master Leases or earnouts; carveouts to a warm body or entity with strong financials required.
EARLY RATE LOCKS:
30 day early rate lock will be offered with no MAC. 2 pts of margin required.
MEZZANINE DEBT:
Mezzanine debt may be considered on a case by case basis.
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