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Financing Program For Retail Properties

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