Property
Type: Multi-tenant light industrial, warehouse, and office/warehouse
properties that have good location, occupancy, and
maintenance and no environmental risk.
Loan
Security: First fee mortgages encumbering completed projects along with
customary assignments and pledges. Leaseholds considered on
a case-by-case basis.
Loan
Amount: $500,000 to $35,000,000 per property.
Term:
Ten (10) Years.
Amortization: Up to Thirty (30) years, or five (5) years less than the remaining
life as determined by the Appraisal and Property Condition
Report.
Maximum
LTV: 80%
Minimum
DSCR: 1.25:1
Recourse: Non-Recourse, except for standard lender carve-outs, which require
100%.
Replacement
Reserves:
Typically, minimum of $0.10 to $0.25 per square foot
annually, or as scheduled in the Property Condition
Assessment Report. Monthly escrow is required. Tenant
Improvements/ Leasing Commission Underwriting requires the
use of tenant improvements and leasing commissions
determined by the lease maturities of the specific property.
An Escrow may be required based upon the rollover risk
analysis.
Other
Conditions: See
Standard Terms and Conditions.
Interest
Rates: See the
most current Pricing Matrix. Rate Buy-Downs are available.
*Al
l lending terms and conditions are subject to change.
