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Office, Retail, Multifamily, Industrial,
Warehouse, Self Storage, Manufactured Housing and Hotel
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Any term from 5 – 20 years
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First Mortgage, non-recourse; no personal guaranties required, except for
standard commercial lender carve-outs.
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$1,000,000 – minimum, No maximum
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Expenses include the cost of an Appraisal, Phase I Environmental and Engineering
reports, title insurance and Lender legal fees.
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Interest rates are fixed and locked two days
before closing. Early and extended rate lock options available.
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1.20x minimum
(1.40x minimum for Hotels)
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Up to 80% – Multifamily, Anchored Retail, Office
(Up to 75% for Hotels)
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Processing Fee – $5,000 non-refundable
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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.
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Within 10 business days of an executed
application, receipt of related funds, requested Borrower data and third party
reports.
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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
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Non-recourse, with the exception of standard
carve-outs.
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Maximum two year lockout after sale of loan, then
subject to defeasance, with the last three months open to prepayment with no
fee.
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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.
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Borrower is required to pay all third party due
diligence and closing costs.
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