Loan Programs

• Property Type: Self Storage properties of 500 units, or more, with good locations, construction, 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. Larger loans are case by case.

• 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 minimum.

• Recourse: Non-Recourse, except for standard lender carve-outs, which require 100%.

• Occupancy: Historical three years, most recent year-end, trailing twelve months, and current (not more than 30 days old) Occupancy with annual averages. Minimum 80% average historical occupancy required.

• Commercial Space: Permitted providing commercial space does not exceed 20% of square footage, or 20% of effective gross income. If either occurs, pricing and structure may change.

• Replacement Reserves: Typically, minimum of $25 - $50 per unit annually, or as scheduled in the Property Condition Assessment Report. Monthly escrow is required.

• Other Conditions: See Standard Lending Provisions.

• Interest Rates: See the most current Pricing Matrix. Rate Buy-Downs are available.

*Al l lending terms and conditions are subject to change.