​Eligible Locations

MSA's within the U.S. and its territories exhibiting strong economic and property- type specific fundamentals

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Property Types

Stabilized property types including Office, Retail, Industrial, Multi-Family and Hotel. Self-Storage and Mobile Home Parks will be considered on a case-by-case basis

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Loan Amount

$5,000,000 to $175,000,000

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Loan Term

5, 7, and 10 year loan terms

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Amortization

Typically 30 years (shorter terms may be required based on property type and use)

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Loan To Value

Up to 75% of FIRREA appraised value

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DSCR

Minimum 1.25x DSCR on underwritten net cash flow. Mezzanine debt will be permitted up to a 1.10x DSCR

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Origination Fee

Par to 1.0% of loan value

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Processing Fee & Expense Deposits

$5,000 Processing Fee (may vary depending on transaction) Expense Deposit sufficient to cover third party, legal and out-of-pocket expenses
 

​Reserves

Tax, Insurance and Replacement Reserves required

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Sponsor / Borrower

Creditworthy individual(s) or entity acceptable to Lender with sufficient liquidity and net worth

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Borrowing Entity

Single asset or special purpose entity required depending on loan size

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Recourse

Non-recourse, with the exception of industry standard “bad boy” carve outs

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Assumability

Permitted subject to lender approval and an assumption fee

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Prepayment

Defeasance with 2-year lockout and 90 day open period during the 90 days prior to scheduled maturity date. Yield Maintenance available on a case-by-case basis​