loan amounts
|
Small Balance
- $1,000,000 to
$5,000,000
Standard - $1,000,000 to
$25,000,000
|
eligible property types
|
Office / Retail / Industrial / Self Storage / Mixed Use /
Single-Tenant |
ineligible property types
|
Special Use properties unless the use is part of a
multi-tenant property; car wash; restaurants; bars; health
club/spa; church; school; hospital; B&B; adult
entertainment; auto sales; vacant land |
loan terms
|
Fixed Rate Terms: 3, 5, 7,
10 yrs; Amortization 30 yrs
|
max ltv
|
75-80% in most markets; 70% in smaller/tertiary markets
CLTV - no seller or subordinate financing allowed
|
Min dscr
|
1.20x - 1.25x
|
min occupancy
|
Typically 85% |
prepayment penalties
|
Typically Step-Down; Yield Maintenance available
|
recourse
|
All loans are typically full recourse; non-recourse
available at lower LTV
|
rate lock
|
60-day rate lock available
|
tax & insurance escrows
|
Not required
|
assumability
|
Loans are typically assumable subject to lender approval;
subject to a 1.0% assumption fee
|
msa / markets
|
Nationwide. MSA requirements are typically 20,000 population
within a 25 mile radius |
borrower characteristics
|
Net worth: typically equal to
or greater than the loan amount
Liquidity: 3-6 months
post-closing liquidity (including 1031 accommodator acct) |
min. fico
|
Typically 660 or above; lower scores may be acceptable
based on mitigants
|
replacement reserves
|
Typically $0.10 - $0.30/SF (underwritten, not collected) |
ti / lc's
|
Tenant Improvement and Leasing Commissions are typically
$0.10 - $0.30 /SF/YR (underwritten, not collected) |
rent reserves
|
May be required based on rollover risk |
estoppels / snda
|
May be required |
|
|
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