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Loan Amounts: |
Minimum
$5,000,000 |
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Qualifications: |
Existing,
income-producing properties needing to be renovated, leased, re-tenanted
and/or repositioned within its market.
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Property Types: |
Multi-Family
Office
Retail
Industrial
Self-Storage
No hotels, healthcare, assisted
living properties or movie theaters.
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Term: |
Up to 24-months
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Index: |
30-day LIBOR
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Spread: |
Call for pricing
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Interest Rate Floor: |
None to 5.5% (Deal dependent)
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Lock Out: |
None
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Prepayment: |
0.5% prepayment penalty if
refinanced in the first six months; open to pre-payment without
penalty thereafter.
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Amortization: |
Interest Only
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Loan to Value: |
Multi-family
Office
Anchored Retail
Unanchored Retail
Industrial
Self Storage |
up to 80%
up to 75%
up to 80%
up to 75%
up to 75%
up to 70%
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Extension Option: |
One time option available for
up to 12 months
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Fees |
Call for pricing
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Minimum DSCR: |
Multi-family
Office
Anchored Retail
Unanchored Retail
Industrial
Self Storage
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1.10x
1.15x
1.10x
1.30x
1.15x
1.10x
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All minimum
DSCR based on artificial 8.50% constant and assumes 25% recourse.
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Typical Closing: |
45 – 60 days
from receipt of executed application and Good Faith Deposit.
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Recourse: |
25% recourse
including standard carve-outs for "bad boy" acts and
environmental.
Non-recourse
available at higher minimum DSCR levels and on a case-by-case basis only.
Call to discuss. |
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Origination Fee: |
1.00 - 1.50% of
loan amount (depending on borrower strength, property type and market).
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Exit Fee: |
1.00% of outstanding balance
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Required Reports: |
MAI Appraisal
Phase I
Environmental Assessment Report
Physical
Condition Assessment Report
All reports to
be ordered by BSC and prepared by approved vendors only. |
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Assignment / Assumption: |
None
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Required Escrows: |
Real estate
taxes, insurance, replacement reserves, capital improvement reserves
& tenant improvements and leasing commissions (when applicable). |
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Special Underwriting Criteria: |
In addition to
standard real estate underwriting criteria, emphasis will be focused on
the following:
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Heavy market analysis to
ascertain property will stabilize and qualify for a permanent loan
takeout.
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Property must be located in
a primary market that is both strong and active; no secondary markets.
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Tenant’s space must be
fungible and easily re-let if tenant vacates.
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Suite 402