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 | MINIMUM LOAN:
$1,000,000.00. |
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| LOAN TERM:
10, 15, 18, 25 and 30 Years. |
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| AMORTIZATION: Up to 30
Years. |
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| MINIMUM DSCR:
1.35x for Congregate Care. 1.40x for Assisted
living facilities. (Minimum DSC reduced by five bsp for tax exempt
bond financed projects). |
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| MAXIMUM LTV:
75% (80% for tax exempt bond financed projects). |
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| INTEREST RATE:
Fixed. |
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| ELIGIBLE PROPERTY TYPES:
Congregate Care and Assisted Living Facilities.
Projects with nursing units ineligible. |
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| ELIGIBLE BORROWER: Single Asset Entity. |
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| OCCUPANCY REQUIREMENT:
90% Physical Occupancy for 60 days at application
90 days at commitment. |
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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 10% of net rentable area. |
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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:
Eligible for secondary financing after 12 months
subject to approval. |
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| PRICING:
Tiered Pricing Matrix. More favorable terms available
for higher DSC and lower LTV. |
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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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| 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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| TO APPLY ONLINE
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