 Property Type: |
Branded Convenience Stores, Independent and Franchised Truck Stops, Car Washes, Automotive After Market, Independent and Franchised Restaurants, Day Care, Health Clubs, Funeral Homes, Medical Related Clinics, and Golf Course properties that have good location, sales, maintenance and no environmental risk. Preference to multiple properties and locations. |
| Loan Security: |
First fee mortgages encumbering completed projects along with customary assignments and pledges. Leaseholds considered on a case-by-case basis. |
| Loan Amount: |
$1,000,000 to $35,000,000 per property. |
| Term: |
Leasehold: Ten (10) Years. Fee Simple: Twenty (20) Years |
| Amortization: |
Full Amortization with the term. |
| Maximum LTV: |
75% |
| Minimum DSCR: |
1.45:1 |
| 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. |
| Other Conditions: |
Requires that 10% of the loan amount to be pledged as Credit Enhancement. Standard Terms and Conditions also apply. |
| Interest Rates: |
See the most current Pricing Matrix. Rate Buy-Downs are not available. |
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| Tel: 800-366-7769 Fax: 830-796-4774 loan.inquiries@Great-Eastern.com |