Thu, May 15, 2008
    







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Small Balance
Interim FL
Investment Banking
HealthCare


Eligible Properties:

Office, Retail, Multifamily, Industrial, Warehouse, Self Storage, Manufactured Housing and Hotel

Loan Term:

Any term from 5 – 20 years
Eligible Collateral:

First Mortgage, non-recourse; no personal guaranties required, except for standard commercial lender carve-outs.

Loan Amount:

$1,000,000 – minimum, No maximum

Transaction Costs:

Expenses include the cost of an Appraisal, Phase I Environmental and Engineering reports, title insurance and Lender legal fees.

Interest Rate:

Interest rates are fixed and locked two days before closing. Early and extended rate lock options available.
Minimum DSCR:

  • 1.20x minimum
       (1.40x minimum for Hotels)
  • Loan To Value:

  • Up to 80% – Multifamily, Anchored Retail, Office
       (Up to 75% for Hotels)
  • Fees:

    Processing Fee – $5,000 non-refundable

    Deposits:

    2% of loan balance by commitment or rate lock. A deposit is required with loan application ($10,000 or 1/2 of 1%) and the balance upon acceptance of the Commitment.
    Loan Commitment:

    Within 10 business days of an executed application, receipt of related funds, requested Borrower data and third party reports.

    Reports:

    Environmental: Phase I (including wetlands, asbestos, PCB’s, lead in water or paint and radon)
    Engineering: Property Condition Report, Seismic (as applicable)
    Appraisal: Full narrative FIRREA and USPAP compliant and MAI certified

    Recourse:

    Non-recourse, with the exception of standard carve-outs.

    Prepayment:

    Maximum two year lockout after sale of loan, then subject to defeasance, with the last three months open to prepayment with no fee.

    Entity:

    Mortgagor may be in the form of a corporation, a limited liability company or a limited partnership, but in any case must be organized as a Special Purpose Bankruptcy Remote entity.

    Closing Costs:

    Borrower is required to pay all third party due diligence and closing costs.




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