| Loan to Value: |
Up to 80 % (mezzanine debt may be available for a higher LTV) |
| Debt Coverage Ratio: |
1.20 - 1.25 x (minimum) |
| Interest Rate: |
call for pricing |
| Term: |
10 years |
| Amortization: |
30 years |
| Recourse: |
None (except for standard carve-outs) |
| Transferability: |
Available with Lender's approval and payment of a 1% transfer fee |
| Prepayment: |
Closed during the first 2 years; thereafter open-subject to defeasance or yield maintenance |
| Borrowing entity: |
Single asset entity preferred |
| Funding: |
60-90 days (a longer forward may be available) |
| Application Fee: |
1/2% to 1% with application (refunded at closing) |
| Rate Lock Fee: |
2% with rate lock agreement (refunded at closing) |
| Lender's Processing Fee: |
Varies-we have some small loan programs where the lender's closing costs are capped at $10,000-$14,000 |
| Broker's Placement Fee: |
1% |
| Third Party Reports: |
Appraisal, Environmental & Structural Report (cost for all reports may be included in the Lender's Processing Fee) |
| Escrows: |
Taxes & Insurance
Replacement reserves are usually $175 - $250 per unit annually |
