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Loan Type:
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Fixed-rate, non-recourse, permanent loan
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Amount:
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$250 thousand to $3 million
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Loan-to-Value:
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Maximum of to 75% (80% for Multifamily)
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Debt Coverage:
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Minimum of 1.25x (1.20 for Multifamily)
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Interest Rate:
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Competitive spread over the comparable
Treasury
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Term:
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7 to 10 years (15 and 20 years available for
fully amortizing loans)
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Amortization:
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25 to 30 years
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Rate Lock:
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Rate locked two (2) days prior to closing
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Commitment:
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Written commitment typically given upon
completion of underwriting and satisfactory review of Third Party
Reports.
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Placement Fee:
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1.0%, with a minimum of $10,000, payable to
Progressive Realty Group at closing.
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Deposit:
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$5,500, deposit covering cost of Third Party
Reports, payable at application.
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Recourse:
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Non-recourse, subject to standard carve-outs
(borrower may elect full or partial recourse for discounted pricing).
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Prepayment:
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Defeasance
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Secondary
Financing:
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Not permitted
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Assumability:
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Fully assumable with payment of a $5,000
assumption fee
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Borrowing Entity:
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SPE is preferred
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Ground Leases:
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Considered on a case-by-case basis
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Third Party
Reports:
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Appraisal, environmental and structural
reports are required. Each report will be subject to review and
approval by lender. Approximate cost for Third Party Reports, $5,500.
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Legal:
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Lender legal will be performed by lender
appointed counsel. Fixed cost for Legal, $2,000.
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TI/LC Reserves:
If applicable to property type, Tenant
Improvement and Leasing Commission Reserves will be calculated and
underwritten based on market conditions and tenant expiration schedule.
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Replacement
Reserves:
Replacement Reserves will be calculated and
underwritten based on engineering report findings.
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Tax and
Insurance:
Monthly tax and insurance escrows will be
collected
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Financial
Reporting:
Annual and quarterly financial statements
are required
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Documentation:
Standard documents will be utilized