Unanchored Retail Property Program

For general and specific inquiries, complete our On-Line Form

Property Type:	Unanchored 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:	Five (10), Seven (7) or Ten (10) Years Terms.
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%. Loan to Cost up to 80%.
Minimum DSCR:	1.25:1 minimum. Preferred 1.30:1 to 1.35:1.
Recourse:	Non-recourse, except for standard lender carve-outs, which require 100%.
Prepayment Penalty:	Typically, Defeasance or Yield Maintenance with a limited period closed to prepayment. Alternative prepayment penalties may be available in specific situations.
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 Commission:	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:	Properties with strong long term tenants and leases can be considered for lower DSCR and higher LTV/LTC. See Standard Terms and Conditions.
Interest Rates:	Fixed at Closing for the Loan Term. Rate Buy-Downs are available.
Costs:	Borrower pays all costs for third parties, inspections, applications, legal, title, and closing. Specific transactions must be analyzed to provide these costs.

ALL terms are subject to change.

Documentation Requirements

Demographic and market information on the subject’s competitive market area.

· Brief Description of the Mortgaged Property, including square footage, number and type of units, year built, and/or renovated, description of construction details, HVAC, and paving information, including total number of spaces, covered, and handicap spaces.

Brief description of the Borrower, Key Principal, and Property Manager including real estate experience and financial capacity, including the most recent three (3) years financial statements and income tax returns on Borrower and Key Principal.
Current Tri-Merge Credit Reports on Borrower and Key Principal.
Neighborhood map indicating location of the Mortgage Property and competitive properties.
Copy of site plan, building layout, and floor plans.
Set of color photographs (including aerial photograph, if available) of the Mortgaged Property, surrounding area, building interior and exterior, and parking areas.
Property Operating Statements and Occupancy for the (i) past three (3) calendar years, (ii) current year-to-date actual and remainder of the year budget, and (iii) the trailing 12-month statements.

For retail, industrial, and office properties:

Current Rent Roll (or other evidence of leasing status) showing for each tenant, where applicable:

* Tenant name

* Suite Number

* Square footage of leased space

* Current Annual base rental rate (with break-out of amortized tenant finish)

* Expense Payment provisions (pass thru or stop)

* Stated options or fixed renewals

* Estimated current market rental rate of the space

* Current Status of concessions (build-out, free rent, etc.)

* Lease commencement and expiration date

* Percentage Rent/breakpoint (Retail Only)

* Current Sales per square foot (Retail Only)

* Vacant Space

Schedule of all significant capital expenditures including costs (i) incurred during the past three (3) years, and (ii) budgeted for the next twelve (12) months for the Subject Property.
Information on comparative properties including size (square footage, # of units), year built, distance from subject, rental rates, and occupancy rates.
Copies of most recent appraisal, engineering and environmental reports (Do not order new reports.)
Statement of how the loan proceeds will be used. (Cash Out must be explained and detailed.)
Information on current debt, lender, officer, address, telephone, fax, email, original amount, interest rate, current balance, terms, maturity, P&I, Tax & Insurance Escrows, next payment date, and payment history.
Date acquired (if refinancing), original purchase price, and capital improvement costs since acquisition.
Description of all major tenants, Gross Annual Sales, and financials, if available, for most recent three (3) years.

Great Eastern Investments, L.L.C.
Tel: 800-366-7769 Fax: 830-796-4774
loan.inquiries@Great-Eastern.com

Documentation Requirements

Copyright © 1997-2005 Great Eastern Investments