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 |
ALT-A & TIER 1 CONTSRUCTION-PERM
| ALT-PRIME MORTGAGES | TIER-1 CONSTRUCTION-MINI-PERM | |
|---|---|---|
| Loan Amount | $1,500,000 to $200,000,000+ | $3,000,000 to $200,000,000+ |
| Loan Term | 3, 5, 7 and 10 Year | 10 Year, inclusive of construction period |
| Asset Types | Medical, mixed-use, office, retail, industrial, multifamily, hotel, self storage 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 and equity is available, will also consider financing FF&E including medical equipment. |
| Borrower Entity | Single purpose entity | Single purpose entity |
| Loan-to-Value | Up to 85% 1st mortgage debt of appraised value. Higher leverage mezzanine transactions considered or equity on a case-by-case basis. | Up to 85% LTC 1st mortgage debt. Higher leverage mezzanine transactions considered or equity on a case-by-case basis. |
| DSCR Requirement | 1.15x on LCF underwritten net cash flow. | 1.15x on LCF underwritten net cash flow. |
| Amortization | Interest only | Interest only |
| Interest Rate | Starting at 4.625% Fixed, ARM at 6mo LIBOR + 215 | Starting at 3.99% Fixed, ARM at 6mo LIBOR + 215 |
| Origination Fee | 2% of the Loan Amount | 2% of the Loan Amount |
| Exit Fee | None | .5% conversion fee from construction to perm loan period due by borrower at C/O. |
| 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 | Interest reserves on a case-by-case basis, max LTV with IR's may not exceed 90% of AS COMPLETED VALUE, add .5% to origination if LTC exceeds 88%. |
| 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 | Short lockout/yield maintenance period then no pre-payment penalty |
BRIDGE & HARD MONEY MATRIX
| BRIDGE LENDING | HARD MONEY | |
|---|---|---|
| Loan Amount | $1,000,000 to $100,000,000+ | $1,000,000 to $50,000,000+ |
| Loan Term | 1, 2 and 3 Year | 6, 12, 18 & 24 months |
| Asset Types | Medical, mixed-use, office, retail, industrial, multifamily, hotel, self storage and other asset classes to be considered on a case-by-case basis. | Medical, mixed-use, office, retail, industrial, multifamily, hotel, self storage, land and other asset classes to be considered on a deal-by-deal basis. |
| Security | First Mortgage | First Mortgage |
| Borrower Entity | Single purpose entity | Single purpose entity |
| Loan-to-Value | Up to 75% of appraised value. Max Land LTV 55% of appraised value with entitlements 35% Max LTV of land with no entitlements. | Up to 65% of appraised value. Max Land LTV 55% of appraised value with entitlements 35% Max LTV of land with no entitlements. |
| DSCR Requirement | To be determined on a case-by-case basis. LTV lowered by 5% if underwritten net cash flow less than 1.15x DSCR | Not required sset based loan |
| Amortization | Interest only | Interest only |
| Interest Rate | 7.99% to 10.99% (Higher LTV and Lower DSCR effects rate, land only will be at 10.99% | 10.99% - 18% |
| Origination Fee | 3% of the Loan Amount | 5% of the Loan Amount, 8% on land only. |
| Exit Fee | .5% (Half of one percent) | 1% |
| TI/LC, CapEx and Other Reserves | Reserves available on a case-by-case basis | Reserves available on a case-by-case basis however loan may not exceed Max LTV |
| Recourse | Non-recourse except for customary bad boy carve-outs | Non-recourse except for customary bad boy carve-outs |
| Pre-Payment Penalty | 1 year | 6 months |
COLUMBUS OHIO LOCATION
200 E Campus View Blvd., Suite 200
Columbus, OH 43235
U.S.A.
200 E Campus View Blvd., Suite 200
Columbus, OH 43235
U.S.A.
MIAMI FLORIDA LOCATION
150 SE 2nd Ave, PH4
Miami, FL 33131
U.S.A.
150 SE 2nd Ave, PH4
Miami, FL 33131
U.S.A.
