​Loan Amount

$1,500,000 - $3,000,000 ($5,000,000 maximum in select markets)

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Liability & Assumability

Non-recourse; With consent of Lender and payment of 1% transfer fee

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Minimum Debt Cover

125% of principal and interest payments

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Maximum LTV

80% - purchase or refinance

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Available Loan Terms

5, 7, 10, 15, 18, 20 or 30 years

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Maximum Amortization

30 years

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Prepayment Terms

Yield Maintenance

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Mixed Use

Up to 35% of the total building area can be commercial space, and up to 20% of the income can be derived from commercial leases

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Minimum FICO Score

680 minimum for each Key Principal

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Minimum Liquidity

Nine (9) months of monthly principal and interest payments
 

​Minimum Net Worth

Equal to the proposed loan amount

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Acceptable Markets

Major urban centers nationally

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Appraisal Fee

None

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Application Deposit

$4,500

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Inspection Fee

$750

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Processing Fee

Greater of $1,500 or 10 bps

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Origination Fee

Greater of 1% or $2,500. Par pricing available

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Document Fee

$550

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Rate Lock Deposit

1% for a 30 day rate lock (2% requirement for loans greater than $3,000,000)

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Occupancy

Minimum of 90% for 90 continuous days

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Supplemental Mortgages

Available one year after loan closing

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Monthly Replacement Reserve Impounds

Typically waved

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Typically Not Required

Legal Opinion, Replacement Reserve Impounds, Property Needs Assessment and Environ- mental Reports