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For a current pricing matrix, complete our On-Line Form
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| Applicable to Multifamily, Anchored and Unanchored Retail,
Office, Industrial, Mobile Home Parks, Hotel, and similar Properties. |
 Borrowing Entity: |
A New Single Asset/Special Purpose Entity that is Bankruptcy Remote. |
| Assumption: |
Permitted with the payment of an Assumption Fee, typically 1% plus legal
expenses, and with lender's credit approval. |
| Rent Roll: |
Most recent, detailed, year-end, trailing twelve months, and current (not
more than 30 days old) |
| Tax & Insurance: |
Monthly escrow is required. |
| Vacancy: |
Underwritten economic minimum of 5% to 10%, Actual, or Market, whichever is
higher. Minimum 80% average historical occupancy, which is 60%. |
| Operating Statements: |
Three years of historical operating statements, trailing twelve months, tax
returns, and current year-to-date. |
| Documentation: |
Multifamily requires Standard FNMA note and mortgage with applicable
riders. All other properties require standard note and mortgage affidavits, and
ancillary documents. |
| Survey: |
ALTA standard required and ordered by lender by an approved surveyor. |
| Title Insurance: |
ALTA standard with applicable riders. Lender orders title through First
American Title Insurance Company. |
| Subordinate Financing: |
Typically, not permitted. Lender will consider prior approval with fully
subordinated, non-foreclosable cash flow only. |
| Prepayment Penalty: |
Closed with a lockout for one-half of the loan term, followed by full yield
maintenance to term. No penalty if prepaid during the final 6 months of term.
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| Application Fee: |
$3,500 to $10,000 required based upon each property size and complexity.
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| Origination Fee: |
Pricing range is Par to two percent (2%) of the loan amount. |
| Commitment Fee: |
A commitment fee deposit may be required dependent upon the transaction.
The loan commitment fee is applicable to the origination fee, or refundable at
the loan closing, according to the pricing and terms of the transaction. |
| Third Party Reports: |
Includes lender's fees, inspection costs, Environmental Site Assessment
Phase I, Property Condition Assessment, Appraisal, and any such related
expenses. All Reports are ordered, controlled, and completed through
consultants approved and authorized by the Lender. An Escrow Deposit of $7,500
to $15,000 will be required. Any remaining balance shall be credited, or
refunded at the loan closing. |
| Lender's Legal: |
Typically range $4,000 to $15,000 dependent upon the complexity of the
borrowing entity and property. |
| Other Conditions: |
See the specific Property Program for other applicable conditions. Each
transaction is also subject to additional terms and conditions. |
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ALL terms are subject to change.
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