Fixed at the comparable Term U.S. Treasury plus competitive spreads (subject to market change); locked two days before closing; early rate lock also available
Loan Term
5, 7, 10 years; longer terms available on a case-by-case base
Amortization
Up to 30 years; older properties will receive a maximum amortization of 25 years
Maximum LTV
Refinance: up to 80% (with cash out)
Acquisition
80% of loan to purchase price up to $5,000,000
Minimum DSCR
1.2x for most mobile home park properties; appraisal report required; a summary appraisal format is acceptable
Environmental Regulations
Environmental reports are not required, however, environmental insurance is required
Escrows
Required for monthly real estate taxes and property insurance; replacement reserves are underwritten but not collected; tenant improvements and leasing costs are generally not required but evaluated on a case-by-case basis
Non-Recourse
Except for standard carve-outs; can be recourse under $5,000,000
Assumable
Subject to approval and a 1% fee
Security
First Mortgage on fee simple interest
Prepayment
Two year lockout from the time of securitization; defeasance for the remaining term, with the last six months open to prepayment without penalty
Supplemental Financing
Not permitted
If you are interested in a commercial loan that falls outside of these parameters, please contact us.
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