Property
Type: Apartments, Assisted Living Care Facilities, Hotels, and Truck
Stops. Retail and Office Properties with substantial
pre-leasing. Other property types are available on a
case-by-case basis.
Loan
Security: First fee mortgages encumbering completed projects along with
customary assignments and pledges.
Loan
Amount: $2,000,000 to $35,000,000 per property. Larger loans are case by
case.
Construction
Term: Twelve (12)
to Twenty-four (24) months. Mini-Perm Term Twenty-four (24)
months to Thirty-six (36) months.
Construction
Amortization:
None. Interest Only during the term.
Mini-Perm
Amortization:
Twenty (20) Years.
Maximum
LTV: 75%.
Maximum
LTC: 80%
Minimum
DSCR: 1.25:1 minimum.
Recourse: Full Recourse including standard lender carve-outs, which are
required at 100%. Stabilization achievement during the
mini-perm may allow a release of Recourse.
Market
Feasibility: A
Market Feasibility is required that will support the
construction of the property and its viability in the
market.
Subordinate
Financing: None
permitted. FF&E cannot be financed or leased.
Other
Conditions: A
non-refundable application fee is required. Origination fees
range from 3 points to 3 ½ points. Each transaction may
have specific lender requirements.
Interest
Rates: Priced at
WSJ Prime plus a premium. Pricing is based upon the
transaction and can range from ½% to 2 ½% over the Index.
*All
lending terms and conditions are subject to change.
