Loan Amount: | $1 million to $300 million; single properties or multi-property portfolios. |
Property Types: | Single or Multi Tenant Retail, Warehouse/Distribution and Corporate Office properties on separate tax parcel. |
Term/Amortization: | Typically fully amortizing with Lease term or amortization beyond loan term. |
Interest Rate: | "On-the-run" UST (matched to average life) plus a spread. Interest calculation is 30/360. |
Maximum LTV: | No traditional LTV restrictions. (not to exceed 100% LTV). |
Minimum DSCR: | 1.00x to 1.15x for leases without landlord obligations; 1.05x for all others. |
Residual Value Insurance: | Residual Value Insurance (RVI) will be required for amortization that goes beyond the loan term. NO EXCEPTIONS. |
Lease Enhancement Insurance: | If required - 40 basis points. One-time cost at closing. |
Tenant Credit Ratings: | BBB or better (Moody's or S&P's) |
Rate Lock: | Locked at commitment. |
Escrows: | Dependent upon landlord obligations. |
Ownership Interest: | Special Purpose Bankruptcy Remote Entity (SPE). |
Liability: | Non-recourse, except for standard carve-outs. |
Time to Close: | 30 to 60 days, subject to receipt and review of due diligence materials. |
Lender Fees: | 1%-3% |
Closing Fees | $10,000 - $30,0000 |
Third Party Reports: | Appraisal and Environmental Reports (plus Seismic if in an earthquake zone). Engineering report not required. |