| Property Type |
All industrial property types |
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
basis |
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:
75% of loan to purchase price |
Minimum DSCR
|
1.3x for industrial/warehouse 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 |
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 |
