|
|
|
Investor Loan Program
-
First lien position on
commercial or industrial real property, held in fee simple (or leased
fee with tenant), located within the 50 states.
-
Maximum loan
$6,000,000. If the property is special use, the maximum is $5,000,000.
Maximum exposure to one customer relationship will be $8,000,000.
-
Maximum maturity and
amortization will be 20 years. On an exception basis, amortization can
be extended up to 25 years.
-
Maximum LTV for
multi-purpose properties will be 75% and will not exceed 60% to 65%
for special use properties.
-
There must be a minimum
equity in the subject real property of at least 20% of the lower of
the purchase price or current appraised market value.
-
Property type
preferences include multi-use generic commercial, industrial, retail,
office, and medical service properties. All other property types
are considered special purpose. No gas stations, convenience stores,
or car washes are permitted.
-
Borrowers, who
presently neither own nor have previously owned rental income property
and/or have limited or modest sources of liquidity or income other
than the property being financed, are not eligible.
-
Both historical (two
years) and projected EBITDA (NOI) must exhibit a DSC ratio > 1.2x on
all loans.
-
Interest rates that are
tied to a short-term index (i.e. prime, LIBOR, or Commercial Paper)
are preferred. However, interest rates that re-price up to but not
exceeding ten (10) years are acceptable.
|
|
