Multifamily and Commercial Properties
Short-Term Financing

ELIGIBLE PROPERTIES: 
Multifamily, manufactured housing, industrial, office, R&D/flex, retail and hotels (preferably full service).

LOAN TYPE:
Floating rate mortgages with terms of 24 to 60 months.

PREFERRED LOAN SIZE:
$10 million and larger. Smaller loans will be considered on an exception basis.

MAXIMUM LOAN:
Amount equal to the lesser of:

1. 75%-85% of appraised stabilized value; or
2. 1.05-1.20x stabilized DSCR based on fixed-rate constant (depending on property type and risk assessment).

INTEREST RATES:
Market determined spread over one month LIBOR. Rates vary by loan-to-value ratio, debt service coverage, property type and quality and underwriting risk assessment.

AMORTIZATION:
Generally interest only.

RECOURSE:
Typically non-recourse with the exception of standard recourse carveouts, completion guarantee (if applicable) and environmental indemnity.

PREPAYMENT:
Minimum 12 to 18-month lockout and/or spread maintenance with declining prepayment penalties thereafter.

SUBORDINATE FINANCING:
May be considered for funding by an affiliate of CWCapital. Permissibility of third-party mezzanine financing determined on a case-by-case basis. No second mortgages permitted.

FINANCING FEE:
Generally not less than 1% to CWCapital.

PRELIMINARY SUBMISSION PACKAGE:
Include the following in your request for a loan quote:

1. Property description and location map.
2. Representative color photographs.
3. Current rent roll and year-to-date operating statement.
4. Operating history - prior 3 years, if available.
5. Current year operating budget.
6. Schedule, scope, description and budget of any planned improvements.
7. Projected 3 year operating income and expense analysis.
8. Existing debt and cost basis.
9. Sponsor resume.