One of our primary lending sources is offering the following lending program on a limited basis
Parameters
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Eligible Locations - US, with an emphasis on NY, NJ and PA
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Property Types - Stabilized property types including Office, Multi-Family, Retail, Industrial, Hotel and Self-Storage Facilities
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Loan Amount - $5,000,000 to $175,000,000
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Loan Term - 5, 7 and 10 year loan terms
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Amortization - Typically 30 years (shorter terms may be required based on property type and use)
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Loan to Value - Up to 75%
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DSCR Minimum - 1.25x DSCR
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Reserves - Tax, Insurance and Replacement Reserves required
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Recourse - Non-recourse, with the exception of industry standard "bad boy" carve outs
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Assumability - Permitted subject to lender approval and an assumption fee
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Prepayment
- Defeasance with 2 year lockout and 90 day open period during the 90
days prior to scheduled maturity date. Yield maintenance available on a
case-by-case basis
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