|
Securitized Loan Programs
|
| Eligible Properties |
Multi-family, retail, industrial, and office properties, mixed
use, construction, undeveloped
|
| Non-recourse |
Sometimes available on larger project loans
|
| Loan Amount |
$200,000-$100,000,000
|
| Term |
3, 5, 7, 10 and 15 year
|
| Amortization |
15 to 30 years
|
| Interest Rate |
125 - 250 basis points over equivalent maturity Treasuries,
depending on property type and particular loan program
|
| Origination Fee |
0-3% payable at closing
|
| Rate Lock |
1 – 45 days prior to closing; 30 day forward lock available
after commitment
|
| Prepayment Penalty |
Varies from lender to lender. Normally required; However may
vary depending on lender.
|
| Escrows |
Required for taxes, insurance; may be required for obligatory
maintenance.
|
| Loan-to-Value |
Maximum 80% based on FIRREA appraisal, (higher LTV, sometimes
available through cross collateral)
|
| Debt Service Coverage |
1.15-1.30 minimum; lower debt service coverage available with
pricing adjustment
|
| Assumability |
One time right with lender’s approval and payment of 1% fee and
out-of-pocket costs (varies from lender to lender)
|
| Application Fee |
Includes cost of appraisal, EPA, administration costs.
|
| Processing Time |
40-90 days to close from receipt of application documents and
brokerage agreement.
|
|
|
|
