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 | MINIMUM LOAN:
$1,000,000.00 to $75,000,000.00. |
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| LOAN TERM:
Up to 30 Years. |
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| AMORTIZATION: Up to 30
Years. |
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| MINIMUM DSCR:
1.15x |
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| MAXIMUM LTV:
80% of values as rental projects. |
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| INTEREST RATE:
Fixed. |
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| ELIGIBLE PROPERTY TYPES:
Cooperative projects - minimum five units. |
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| ELIGIBLE BORROWER:
Single Asset Cooperative Corporations. |
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| OCCUPANCY REQUIREMENT:
90% Physical Occupancy with no limit on sublets.
Loans greater than 65% LTV require 90% pre-sales. loans less that
65% LTV require 60% pre-sales. |
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.
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| TAX AND INSURANCE ESCROWS:
Monthly Deposits Required. May be waived if certain criteria are met. |
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| REPLACEMENT RESERVES:
Underwritten at a minimum of $150 per unit per
annum - Monthly deposits may be waived if certain criteria are
met. |
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| RECOURSE: In Most Cases Non-Recourse With Standard
Exceptions For Fraud and Misrepresentation. |
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| COMMERCIAL SPACE:
Maximum 20% of net rentable area and maximum 20% of
effective gross income. |
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.
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| REQUIRED REPORTS: MAI
Appraisal, Property Condition Assessment, Phase I and others if applicable. |
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| PREPAYMENT:
Defeasance or Yield Maintenance. |
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| . |
| ASSUMABLE: Subject to Approval and
Fee. |
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| SUBORDINATE FINANCING:
Not allowed. |
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| . |
| SUPPLEMENTAL LOANS:
N/A |
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.
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| PRICING:
Tiered Pricing Matrix. More favorable terms available
for higher DSC and lower LTV. |
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.
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RATE LOCK: Standard 10
day
rate lock periods. |
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| CLOSING COSTS:
Deposit required for third party reports, processing
costs, title and legal.
Travel and other standard costs if an when applicable. |
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| . |
| ORIGINATION FEE: Minimum
2%. (In Addition to Closing Costs). |
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| . |
| GOOD FAITH
DEPOSIT: Case by Case Basis. Applied to Origination Fee post closing, less
legal and related costs. |
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| MINIMUM LOAN:
$3,000,000.00. |
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| . |
| LOAN TERM:
12 to 36 Months. Extension options available. |
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| . |
| AMORTIZATION:
Interest only or fixed principal paydowns. |
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| . |
| MINIMUM DSCR:
1.10x "As Is" - 1.20x - 1.25x at Exit. |
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| . |
| MAXIMUM LTV:
90% "As Is" - 75% - 80% at Exit. |
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| INTEREST RATE:
Floating rate over LIBOR index. Spread varies based
on risk and terms. |
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| ELIGIBLE PROPERTY TYPES:
Apartments, Office, Retail, Hospitality, Industrial
and others. |
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| ELIGIBLE BORROWER: Single Asset Entity. |
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| . |
| SPONSORSHIP:
Good overall credit with sufficient liquidity and demonstrated
experience completing similar projects. |
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|
.
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| TAX AND INSURANCE ESCROWS:
Monthly Deposits Required. |
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| . |
| REPLACEMENT RESERVES:
Monthly deposits
Required. |
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| . |
| SECURITY:
First mortgage lien on subject property. If
applicable, additional credit enhancement (recourse, other collateral,
letter of credit or other guarantees) to be determined. |
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| . |
| REQUIRED REPORTS: MAI
Appraisal, Property Condition Assessment, Phase I and others if applicable. |
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| . |
| SUBORDINATE FINANCING:
Mezzanine if provided by CFG or an approved third
party lender. |
|
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| SUPPLEMENTAL LOANS:
Eligible for secondary financing after 12 months
subject to approval. |
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| . |
| CLOSING COSTS:
Deposit required for third party reports, processing
costs, title and legal.
Travel and other standard costs if an when applicable. |
|
| . |
| ORIGINATION FEE: Minimum
1% to 3%. (In Addition to Closing Costs). |
|
| . |
| GOOD FAITH
DEPOSIT: Case by Case Basis. Applied to Origination Fee post closing, less
legal and related costs. |
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| Above terms and conditions are subject to
change at any time without prior notice. Other terms and conditions apply.
If you have any questions, please don't hesitate to
contact us. Thank you. |
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