 Property Type: |
Anchored multi-tenant retail 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: |
80% |
| Minimum DSCR: |
1.25:1 minimum. |
| 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 Commissio: |
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. |
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| Tel: 800-366-7769 Fax: 830-796-4774 loan.inquiries@Great-Eastern.com |