Property Type
|
All retail, office, industrial, warehouse and residential property |
Loan Amount
|
$1,000,000 - $1,000,000,000 |
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 |
Construction for only up to 2 years then permanent to 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, 1x for residential |
| 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 |
| Supplemental Financing |
Not permitted |
