Property
Type: Unanchored multi-tenant retail and outlet mall properties that have
good location, occupancy, and maintenance.
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: 75%
Minimum
DSCR: 1.30:1
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 Lending Provisions.
Rent
Roll: Most recent detailed year end, trailing twelve months, and current
(not more than 30 days old)
Interest
Rates: See the
most current Pricing Matrix. Rate Buy-Downs are available.
*Al
l lending terms and conditions are subject to change.
