PRIME & CMBS/CONDUIT
| PRIME MORTGAGES | CMBS/CONDUIT | |
|---|---|---|
| Loan Amount | $2,000,000 to $200,000,000+ | $2,000,000 to $400,000,000+ |
| Loan Term | 5, 7 and 10 Year | 5, 7 and 10 Year |
| Asset Types | Medical, mixed-use, office, retail, industrial, multifamily, hotel and other asset classes to be considered on a case-by-case basis. | Medical, mixed-use, office, retail, industrial, multifamily, hotel, self storage and other asset classes to be considered on a case-by-case basis. |
| Security | First Mortgage, Mezzanine, Equity and FF&E on a case by case basis | First Mortgage |
| Borrower Entity | Single purpose entity | Single purpose entity |
| Loan-to-Value | Up to 80% 1st mortgage debt of appraised value. Higher leverage mezzanine transactions considered or equity on a case-by-case basis. | Up to 75% 1st mortgage debt of appraised value. Higher leverage mezzanine transactions considered or equity on a case-by-case basis. |
| DSCR Requirement | 1.15x on LCF underwritten net cash flow. | 1.25x on Lender underwritten cash flow. |
| Amortization | 30 or 40 year amortization | 30 year amortization with periods of interest-only up to full loan term considered on a case-by-case basis |
| Interest Rate | Starting at 3.99% Fixed, ARM at 6mo LIBOR + 115 or SWAP Rates | Competitive Swap, Fixed, LIBOR and Treasury based Pricing |
| Origination Fee | 1% of the Loan Amount | Up to 1% of the Loan Amount |
| Exit Fee | None | None |
| TI/LC, CapEx and Other Reserves | Ongoing TI / LC and CapEx reserves collected, with caps offered or reserves waived on a case-by-case basis | Ongoing TI / LC and CapEx reserves collected, with caps offered or reserves waived on a case-by-case basis |
| Recourse | Non-recourse except for customary bad boy carve-outs | Non-recourse except for customary bad boy carve-outs |
| Pre-Payment Penalty | Short lockout/yield maintenance period then no pre-payment penalty | Defeasance or yield maintenance, locked out for the earlier of (i) three years following the full funding of the Loan and (ii) two years after the securitization of the Loan |
Alpha Investment Inc.
201 E. Fifth St. Suite 1900
Cincinnati, OH 45202
201 E. Fifth St. Suite 1900
Cincinnati, OH 45202
