Flexible loan terms
Certainty of execution
Speed in processing and underwriting
5 to 30 years
Up to 30 years
Fixed- and variable-rate options available
Maximum LTV 80%
Minimum DSCR = 1.25x
Properties must have stabilized occupancy (typically 90%) for 90 days prior to funding.
Loan commitments for pre-stabilized properties will be considered on a case-by-case basis.
Supplemental Loans are available.
Loans may be voluntarily prepaid upon payment of yield maintenance for fixed-rate loans and declining prepayment premium for variable-rate loans.
30- to 180-day commitments. Borrowers may lock the rate with Streamlined Rate Lock option.
30/360 and Actual/360.
Non-recourse execution is available for most loans greater than $750,000. Standard carve-outs required for “bad acts,” such as fraud and bankruptcy.
Replacement reserve, tax, and insurance escrows are typically required.
Standard third-party reports required, including Appraisal, Phase I Environmental Site Assessment, and Property Condition Assessment.
Loans are typically assumable and subject to review and approval of the proposed new borrower’s financial capacity and experience.