ELIGIBLE PROPERTIES:
Garden, mid-rise and high-rise apartments.
LOAN TERMS:
5, 7 or 10 years.
PREFERRED LOAN SIZE:
$3 million and larger.
MAXIMUM LTV:
75 - 80% LTV for 10-year terms
70 - 75% LTV for 7-year terms
Up to 70% LTV for 5-year terms.
MINIMUM DSCR:
1.25x based on fixed-rate sizing.
INTEREST RATES:
Risk-based pricing that floats over 1-month or 3-month LIBOR or 1-month or 3-month Freddie Mac Reference Bills.
INTEREST RATE CAP:
Embedded in spread.
AMORTIZATION:
Up to 30 years. Partial or full term interest-only periods may be available.
PERSONAL RECOURSE:
Non-recourse except for standard carve-out provisions.
TRANSERS/ASSUMPTIONS:
Allowed during the life of the loan subject to CWCapital approval.
PREPAYMENT:
1-year lock-out then 1% thereafter. Declining schedules also available.
CONVERSION OPTION:
Streamlined conversion to fixed-rate loan options available after the lockout period.
SUPPLEMENTAL MORTGAGES:
Available for qualifying properties.
ESCROWS:
Monthly escrows for real estate taxes, property insurance and replacement reserves are required.
APPLICATION FEE:
Greater of $2,000 or 0.1% of the loan amount.
FINANCING FEE:
Typically 1% of the loan amount.
CLOSING EXPENSES:
Standard transaction costs, including legal, title insurance, survey, and appraisal, environmental, and engineering reports.
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This is a summary of general program terms, which are subject to change. This is not a commitment to lend.