 | MINIMUM
LOAN:
$5,000,000.00 |
|
| LOAN
TERM:
5 to 30 Years |
|
| AMORTIZATION:
Up to 30 Years |
|
| MINIMUM
DSCR:
1.35x to 1.40x (Minimum DSC reduced by
five bsp for tax exempt bond financed
projects) |
|
| MAXIMUM
LTV:
Case by Case |
|
| INTEREST
RATE:
Fixed |
|
| ELIGIBLE
PROPERTY TYPES:
Congregate Care and
Assisted Living Facilities, Nursing
Homes and Seniors Housing |
|
| ELIGIBLE
BORROWER:
Single Asset Entity |
|
| OCCUPANCY
REQUIREMENT:
Up to 90% Physical Occupancy
for 60 days at application 90 days at
commitment |
|
| TAX
AND INSURANCE ESCROWS:
Monthly Deposits Required. May be
waived if certain criteria are met |
|
| REPLACEMENT
RESERVES:
Underwritten at a
minimum of $150 per unit per annum -
Monthly deposits may be waived if
certain criteria are met |
|
| RECOURSE:
Case
by Case. In Some Cases
Non-Recourse With Standard Exceptions
For Fraud and Misrepresentation |
|
| COMMERCIAL
SPACE:
Maximum 10% of net
rentable area |
|
| REQUIRED
REPORTS:
MAI Appraisal, Property
Condition Assessment, Phase I and
others if applicable |
|
| PREPAYMENT:
Defeasance or Yield
Maintenance |
|
| ASSUMABLE:
Subject to Approval and
Fee |
|
| SUBORDINATE
FINANCING:
Not allowed |
|
| SUPPLEMENTAL
LOANS:
Eligible for secondary
financing after 12 months subject to
approval |
|
| PRICING:
Tiered Pricing Matrix.
More favorable terms available for
higher DSC and lower LTV |
|
| RATE
LOCK:
Standard 10 day rate
lock periods |
|
| CLOSING
COSTS:
Deposit
required for third party reports,
processing costs, title and legal.
Travel and other standard costs if an
when applicable |
|
| ORIGINATION
FEE:
PAR to 3% (In Addition
to Closing Costs) |
|
| CONSTRUCTION
FINANCE: Construction
financing may be available at (TBD
LTV) of project
cost. Term (interest only) 12 to 36
month depending on the project.
Upon project's 90% occupancy it may qualify for refinancing under above
stated terms. Full recourse required
during construction period. Other
terms and conditions apply |
|
 |
