General Terms & Pricing for Commercial Real Estate

Amount

Up to $15,000,000

Interest Rate

Fixed interest rate, or spread versus U.S. Treasury security to be determined based upon individual project risk

Rate Lock

Locked at commitment

Term

5 to 20 years

Amortization

5 to 20 years; 25 years may be available with newer properties or certain property types

Loan-to-Value

Up to 85% of appraised value; Credit tenant properties according to tenant

Application Fee

None

Asset Types

Multi-family, Single, Tenant/Credit Tenant, Office, Quick Serve Restaurants/Casual Dining with long-term corporate leases

Debt Coverage

1.20x based on stabilized net operating income; exceptions on lender’s approval

Prepayment

No lockout; Fee is typically from 1% to 3% depending on rate and term fixed

Operating Reserves

Typically none; determined on individual project/loan structure

Security

First lien position, lease assignment; other collateral upon lender’s approval

Recourse

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 and borrowers

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; Typical closing within 48 hours of submission of all third-party reports and appropriate documentation