| Loan Amount: | $750,000 and larger |
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| Market: | Nationwide |
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| Loan Term: | 7 to 10 year balloon and 15 year self-amortizing terms |
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| Amortization: | Up to 25 years |
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| Prepayment: | Typically a lock out period followed by a yield maintenance formula or defeasance option |
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| Recourse: | Non-recourse, except for standard lender carveouts |
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| Borrower: | All properties must be owned by a single asset or single purpose entity |
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| Debt Service Coverage: | Minimum 130% to 135% |
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| Loan to Value: | Up to 75% based on a MAI appraisal |
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| Subordinate Financing: | Prohibited |
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| Occupancy: | Demonstrated stable history with a minimum 85% economic occupancy |
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| Assumability: | Yes. One time right with lender’s approval and the payment of a 1% fee and out-of-pocket costs. |
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| Escrows: | Required for taxes, insurance and replacement reserves. May be required for re-leasing costs depending on the roll-over schedule. |
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| Rate Lock: | Rates are fixed five days prior to closing |
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| Application Fee: | $5,000, payable to the lender |
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| Underwriting Requirement: | 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. |
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