Financing Program For Office Properties
|$750,000 and larger
|7 to 10 year balloon and 15 year self-amortizing terms
|Up to 25 years
|Typically a lock out period followed by a yield maintenance formula or defeasance option
|Non-recourse, except for standard lender carve outs
|All properties must be owned by a single asset or single purpose entity
|Debt Service Coverage:
|Loan to Value:
|Up to 75% based on a MAI appraisal
|Minimum 85% economic occupancy
|Yes. One time right with lender’s approval and the payment of a 1% fee and out-of-pocket costs.
|Required for taxes, insurance and replacement reserves. May be required for re-leasing costs depending on the roll-over schedule.
|Rates are fixed five days prior to closing
|To be determined by lender
|Approximately $20,000 or other such amount determined by the lender to cover the costs of all third party reports (including environmental, building condition and appraisal), travel expenses and other out-of-pocket expenses
|1% of the loan amount, payable at loan commitment
|60 – 80 days to close from receipt of due diligence material. Quote available within five days of receipt of preliminary information.
|All final submissions must include an Argus Valuation-DCF data file. If you have not modeled your submitted project in Argus Valuation-DCF, you must engage us or a third party to model your project. However, on a preliminary basis, please feel free to submit your proforma in any format.