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For a current pricing matrix, complete our On-Line Form
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 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:
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None. Interest Only during the term. |
| Mini-Perm Amortization:
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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. |
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ALL terms are subject to change.
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