- MINIMUM
LOAN:
$5,000,000.00
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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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- ELIGIBLE
PROPERTY TYPES:
Nursing
Homes and Seniors Housing,
Congregate Care and
Assisted Living Facilities
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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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- ORIGINATION
FEE:
PAR to 3% (In Addition
to Closing Costs)
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