CONDUIT PROGRAMS:
Apartment Loans & Commercial
Real Estate Loans
Small Conduit Loans | | Large
Conduit Loans
Health Care Facility Loans
Small
Commercial and Apartment Conduit Loans
| Loan Size |
$500,000 to $3,000,000 |
| Property Types |
Apartments, Mobile Home Parks, Anchored or Unanchored Retail, Office,
Industrial, Self-Storage Facilities and Hotels. Minimum 80% Seasoned Occupancy. |
| Term / Amortization |
Terms of 5, 7, 10, 15 or 20 years. Amortization Periods to 30
Years for newer Apartments and Mobile Home Parks. Fully Amortizing to 20 years.
Schedules are subject to Property Age and Condition. |
| Interest Rates |
Fixed Rates with Spreads ranging from 185 to 295 basis points over
corresponding Treasuries, dependent upon Property Type, Debt Service Coverage and
Underwriting Criteria. |
| Loan Fees |
Points - 0.5% to 1.0% plus normal third
party expenses. |
| Loan-to-Value |
Up to 80% for Apartments and Mobile Home Parks, 75% for Office,
Industrial and Retail, 70% for Self-Storage and 65% for Limited Service Hotels (Flagged.) |
| Liability Provisions |
Non-Recourse except for standard carve-outs with respect to fraud,
waste, misapplication of funds, environmental issues, property taxes, etc. |
| Debt Coverage |
Minimum of 125% for Apartments and Mobile Home Parks, 130% for
Office, Retail and Industrial, 135% for Self-Storage Facilities and 160% for Hotels. |
| Application Fees/Deposits |
$1,000 Non-Refundable Application Fee (after initial Letter of
Interest), $5,500 Expense Deposit towards underwriting expenses (Appraisal, Environmental
& Engineering Reports, etc.) $2,500 Legal Deposit payable upon acceptance of
Commitment. |
| Prepayment Provisions |
4 year lockout (2 years after closing of a mortgage-backed securities
offering d by the subject loan) with Defeasance thereafter. |
| Assumptions |
One time with Lender Approval and a 1.0% Assumption Fee |
| Closing Timing |
Approximately 60 days from Receipt of Conditional Commitment Letter |
| Secondary Financing |
None Allowed |
Large
Apartment and Commercial
Conduit Loans
| Loan Size |
$2,000,000 to $50,000,000+ |
| Property Types |
Apartments, Mobile Home Parks, Anchored or Unanchored Retail, Office,
Industrial, Self-Storage Facilities and Hotels. Minimum 80% Seasoned Occupancy. |
| Term / Amortization |
Terms of 5, 7, 10, 15 or 20 years. Amortization Periods to 30
Years for newer Apartments and Mobile Home Parks. Fully Amortizing to 20 years.
Schedules are subject to Property Age and Condition. |
| Interest Rates |
Fixed Rates with Spreads ranging from 155 to 285 basis points over
corresponding Treasuries, dependent upon Property Type, Debt Service Coverage and
Underwriting Criteria. |
| Loan Fees |
Points - 0.5% to 1.0% plus normal third
party expenses. |
| Loan-to-Value |
Up to 80% for Apartments and Mobile Home Parks, 75% for Office,
Industrial, Self-Storage and Retail, 70% Hotels |
| Liability Provisions |
Non-Recourse except for standard carve-outs with respect to fraud,
waste, misapplication of funds, environmental issues, property taxes, etc. |
| Debt Coverage |
Minimum of 125% for Apartments and Mobile Home Parks, 130% for
Office, Retail and Industrial, 135% for Self-Storage Facilities and 145% for Hotels. |
| Application Fees/Deposits |
$3,500 Non-Refundable Application Fee (after initial Letter of
Interest), $15,000 Expense Deposit towards underwriting expenses (Appraisal, Environmental
& Engineering Reports, etc.) $8,500 Legal Deposit payable upon acceptance of
Commitment. |
| Prepayment Provisions |
4 year lockout (2 years after closing of a mortgage-backed securities
offering d by the subject loan) with Defeasance thereafter. |
| Assumptions |
One time with Lender Approval and a 1.0% Assumption Fee |
| Closing Timing |
Approximately 60 days from Receipt of Conditional Commitment Letter |
| Secondary Financing |
Usually None Allowed. (For loans over $10,000,000 on Class A
properties, Secondary Financing may be Considered.) |
Commercial
Health Care Facility Loans
| Loan Size |
$1,500,000 to $50,000,000+ |
| Property Types |
Existing Congregate Care, Skilled Nursing and Assisted Living
Facilities. Minimum 50 Beds. |
| Term / Amortization |
Terms of 10, 15, 20 or 25 years. Schedules are subject to
Property Age and Condition. |
| Interest Rates |
Fixed Rates with Spreads ranging from 195 to 320 basis points over
corresponding Treasuries, dependent upon Property Type, Debt Service Coverage and
Underwriting Criteria. |
| Loan Fees |
Points - 0.5% to 1.0% plus normal
third party expenses. |
| Loan-to-Value |
Maximum of 75% for all Property Types. |
| Liability Provisions |
Non-Recourse except for standard carve-outs with respect to fraud,
waste, misapplication of funds, environmental issues, property taxes, etc. |
| Debt Coverage |
Minimum of 130% for Congregate Care, 135% for Assisted Living and
140% for Skilled Nursing Facilities. |
| Application Fees/Deposits |
$3,500 Non-Refundable Application Fee (after initial Letter of
Interest), $12,500 Expense Deposit towards underwriting expenses (Appraisal, Environmental
& Engineering Reports, etc.) $8,500 Legal Deposit payable upon acceptance of
Commitment. |
| Prepayment Provisions |
4 year lockout (2 years after closing of a mortgage-backed securities
offering d by the subject loan) with Defeasance thereafter. |
| Assumptions |
One time with Lender Approval and a 1.0% Assumption Fee |
| Closing Timing |
Approximately 60 days from Receipt of Conditional Commitment Letter |
| Secondary Financing |
None Allowed. |
|
