Property Type
|
All hotel and motel property types |
Loan Amount
|
$1,000,000 - $800,000,000 |
Interest Rate
|
Fixed at the comparable Term U.S. Treasury plus competitive
spreads (subject to market change); locked two days
before closing; early rate lock also available |
Loan Term
|
5, 7, 10 years; longer terms available on a case-by-case
base |
Amortization
|
Up to 30 years; older properties will receive a maximum
amortization of 25 years |
Maximum LTV
|
Refinance; up to 75% (with cash out) |
Acquisition
|
85% of loan to purchase price up to $5,000,000 |
Minimum DSCR
|
1.4x for most hotel and motel properties |
Appraisal Report
|
required; a summary appraisal format is acceptable |
Environmental Regulations
|
Environmental reports are not required, however, environmental
insurance is required |
Escrows
|
Required for monthly real estate taxes and property
insurance; replacement reserves are underwritten but
not collected; tenant improvements and leasing costs
are generally not required but evaluated on a case-by-case
basis |
Non-Recourse
|
Except for standard carve-outs; can be recourse under
$5,000,000 |
Assumable
|
Subject to approval and a 1% fee |
Security
|
First mortgage on fee simple interest |
Prepayment
|
Two year lockout from the time of securitization;
defeasance for the remaining term, with the last six
months open to prepayment without penalty |
