ELIGIBLE PROPERTIES:
Existing independent and assisted living properties.
LOAN TYPE:
Fixed and adjustable rate. Bond credit enhancement available.
TERM:
5 to 30 years.
PREFERED LOAN SIZE:
$5 million and larger.
MAXIMUM LTV:
Up to 75%.
MINIMUM DSCR:
1.30x to 1.45x depending on property type.
INTEREST RATES:
Determined by market rates at the time of rate lock. Rates vary
by loan-to-value ratio and debt service coverage.
AMORTIZATION:
Typically 30 years. Partial or full-term interest-only periods
may be available.
PERSONAL RECOURSE:
Non-recourse except for standard carve-out provisions.
ASSUMABILITY:
Assumable, subject to CWCapital approval and a 1% transfer fee.
PREPAYMENT:
Yield maintenance.
SUPPLEMENTAL MORTGAGES:
Available for qualifying properties.
ESCROWS:
125% to 150% of estimated cost of required repairs, if any, as determined by the physical inspection.
Monthly escrows for real estate taxes, property insurance and replacement reserves are required.
APPLICATION FEE:
Based on estimated underwriting costs for appraisal, architectural/ engineering report, environmental assessment, management operations review and other loan processing costs.
FINANCING FEE:
Typically 1%.
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.