Everything you need to get started with your commercial real estate loan
NASB aims to make your commercial real estate loan experience smooth and efficient. In order to provide general guidelines and parameters for the products offered, the following information may prove useful.
General Terms and Pricing
Amount - Up to $15,000,000
Interest Rate - Fixed or Adjustable interest rates, or spread over the Wall Street Journal Rate or corresponding U.S. Treasury Bill, to be determined based upon individual project and risk profile
Rate Lock - Locked at commitment
Term - Five to 10 years
Amortization - Five to 20 years; 25 years may be available for newer properties, specific property types, or longer leases
Loan-to-Value - Up to 85% of appraised value; Credit tenant properties may qualify for higher LTV
Application Fee - None
Asset Types - Multifamily, Single Tenant/Credit Tenant, Multi-Tenant Retail with National Tenants, Quick Serve Restaurants/Casual Dining with long term corporate leases, or other property types on a case by case basis. NASB also provides construction lending for build-to-suit projects with executed qualifying leases
Debt Coverage - 1.25 times based on stabilized net operating income, with exceptions subject to lender’s approval
Prepayment - No lockout; Fee is typically from 1% to 3% depending on rate and term
Operating Reserves - Typically none except for Multi-family properties; determined on individual project or loan structure basis
Security - First lien position and lease assignment. NASB may consider other collateral in some instances, subject to lender’s approval
Recourse - Typically full recourse. Properties with credit tenants or low LTV may qualify for reduced or non-recourse
Subordinate Debt - Allowed with Lender’s approval
Standard Provisions - Third party reports (appraisal, survey, etc.); Escrows for taxes and insurance; Minimum occupancy requirements; Annual financial reporting on property operations, borrowers, and guarantors
Assumption - Subject to lender’s consent and payment of assumption fee
Underwriting - Underwriting decisions made within 48 hours of submission of complete package
Closing - 60-day allowance; Average closing with the submission of all third-party reports and appropriate documentation is 35 Days.
Personal Financial Statement