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For a current pricing matrix, complete our On-Line Form
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 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%.
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| 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 Terms and Conditions. |
| Interest Rates: |
See the most current Pricing Matrix. Rate Buy-Downs are available. |
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ALL terms are subject to change.
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