| Commercial Use |
Limited to 20% of Net Rentable Area and Effective Gross Income |
| Loan Term |
10 Year (Y/M) and 10 Year (D/S) |
| Prepayment Penalty |
Yield Maintenance (Y/M) and Declining Scale (D/S) (Loans are assumable) |
| Eligible Borrowers |
Single asset entities set-up as individuals or co-tenants, Partnerships, Corporations, LLC's, or Irrevocable Trusts |
| Borrower / Key Principle Recourse |
Determined by deal underwriting |
| Tax and Insurance Escrow |
Flexibility allowed to creditworthy applicants |
Minimum DSC
(Subject to applicable interest rate floors) |
1.20x |
| Rate Lock Good Faith Deposit |
2% of loan amount at Investor approval. 1% as Origination Fee, 1% returned to borrower at successful closing. |
| Replacement Reserves |
Underwriting: Minimum $200 per unit based on physical needs assessment (May not be required to fund) |
| Third Party Fees |
$7,500 non-refundable to cover Legal and Document Preparation, Environmental, Appraisal, Recording Fees, Investor Fees, and other related fees as required by investor. |
| Ineligible Properties |
Significant Rehab, Senior Housing, Manufactured Housing, Single Room Occupancy, Coops |
