| Loan Amount: | $750,000 and larger |
|---|
| Market: | Nationwide |
|---|
| Loan Term: | 7 to 10 year balloon and 15 year self-amortizing terms |
|---|
| Amortization: | Up to 30 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 135% |
|---|
| Loan to Value: | Up to 70% based on a MAI appraisal |
|---|
| Subordinate Financing: | Prohibited |
|---|
| Occupancy: | Minimum 80% |
|---|
| 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 |
|---|
| Processing Deposit: | 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 |
|---|
| Financing Fees: | 1% of the loan amount, payable at loan commitment |
|---|
| Processing Time: | 60 – 80 days to close from receipt of due diligence material. Quote available within five days of receipt of preliminary information. |
|---|
| 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 roject. However, on a preliminary basis, please feel free to submit your proforma in any format. |
|---|
