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LOAN PROGRAM |
PROPERTY TYPE |
LOAN AMOUNT (1) |
INTEREST INDEX |
BPS |
SPREAD (3) |
INTEREST |
RATE (2) |
COMMENTS |
L-T-V (4) |
LOAN TERM (6) |
AMORTIZATION |
|
ACQUISITION & DEVELOPMENT CONSTRUCTION |
Commercial & Residential Development in
Metropolitan Areas |
$5,000,000 & UP |
90- Day LIBOR plus |
300 |
to 400 bps |
3.26% to |
4.26% |
Non-Recourse |
100% LTC or 90% LTV |
2 to 5 Years A&D Construction |
30 Year Perm Rollover Available |
|
MULTI-FAMILY |
Apartment 5+ Units & Student Housing |
$5,000,000 & UP |
90- Day LIBOR plus |
300 |
to 400 bps |
3.26% to |
4.26% |
Non-Recourse |
100% LTC or 90% LTV |
30 Years |
30 Years |
|
RETAIL |
Anchored or Unanchored |
$5,000,000 & UP |
90- Day LIBOR plus |
300 |
to 400 bps |
3.26% to |
4.26% |
Non-Recourse |
100% LTC or 90% LTV |
30 Years |
30 Years |
|
HEALTHCARE |
Senior & Assisted Living |
$5,000,000 & UP |
90- Day LIBOR plus |
300 |
to 400 bps |
3.26% to |
4.26% |
Non-Recourse |
100% LTC or 90% LTV |
30 Years |
30 Years |
|
OFFICE |
Office & Medical Office Buildings &
Complexes |
$5,000,000 & UP |
90- Day LIBOR plus |
300 |
to 400 bps |
3.26% to |
4.26% |
Non-Recourse |
100% LTC or 90% LTV |
30 Years |
30 Years |
|
INDUSTRIAL |
Industrial & Warehouse |
$5,000,000 & UP |
90- Day LIBOR plus |
300 |
to 400 bps |
3.26% to |
4.26% |
Non-Recourse |
100% LTC or 90% LTV |
30 Years |
30 Years |
|
FLEX BUILDINGS |
Reconfigurable/Mixed Use Capable |
$5,000,000 & UP |
90- Day LIBOR plus |
300 |
to 400 bps |
3.26% to |
4.26% |
Non-Recourse |
100% LTC or 90% LTV |
30 Years |
30 Years |
|
SELF-STORAGE |
Self-Storage Facilities |
$5,000,000 & UP |
90- Day LIBOR plus |
300 |
to 400 bps |
3.26% to |
4.26% |
Non-Recourse |
100% LTC or 90% LTV |
30 Years |
30 Years |
|
MOBILE HOME COMMUNITIES |
Mobile Home Parks |
$5,000,000 & UP |
90- Day LIBOR plus |
300 |
to 400 bps |
3.26% to |
4.26% |
Non-Recourse |
100% LTC or 90% LTV |
30 Years |
30 Years |
|
HOSPITALITY |
Flagged Full & Limited Service |
$5,000,000 & UP |
90- Day LIBOR plus |
300 |
to 400 bps |
3.26% to |
4.26% |
Non-Recourse |
100% LTC or 90% LTV |
30 Years |
30 Years |
|
BRIDGE |
Most Commercial Properties |
$1,000,000 to $50,000,000 |
N/A |
Not |
Applicable |
10.00% to |
13.00% |
2 to 4 Points |
Up to 75% |
1 to 3 Years |
Interest Only (5) |
|
HARD MONEY |
Most Commercial Properties |
$1,000,000 to $50,000,000 |
N/A |
Not |
Applicable |
10.00% to |
13.00% |
2 to 4 Points |
Up to 75% |
1 to 3 Years |
Interest Only (5) |
|
|
Additional Information |
NOTES
TO RATE SHEET:
(1)
Maximum loan amount based upon appraised value established by
approved MAI appraisal, and/or the DSCR. All Third Party Reports,
i.e., appraisal, credit report, environmental studies, property
condition report, title, and legal. will be ordered by CFoA, and will be
paid by Mortgagor.
(2)
Start Rate is based on Interest Index plus lowest bps in the spread
. Rate of Loan is adjusted predicated on LTV, property type,
condition of property, stabilization, credit, DSCR, and other loan
dynamics. Rates are effective at the time of rate lock-in.
Yield maintenance, defeasance, or stepped pre-payment fees may be required for early
payoff.
(3)
Spread will vary with Property Type. (A
bps is one-hundredth (.01%) of a percentage point.. 100 bps equals
1%)
(4)
Lower LTV can have a downward effect on Interest Rate.
Appraisal
and DSCR can affect the maximum loan available.
(5)
The loan has a balloon payment due at the end of the term.
(6)
For an Interest Only Loan, Valuation of Property, Paid in Cash
Equity, and Rent Roll are prime determining factors for loan.
(7)
The Combined Loan to Value (CLTV=First Lien and Mezzanine Loan)
cannot exceed as indicated. The Mezzanine Loan may require backend
payments, and lockout period.
REQUIREMENTS
FOR LETTER OF INTENT:
Refinancing:
-
Income
statement and budget reflecting a stabilized net operating profit
with explanation as to how achieved.
-
The
amount of the present debt for all mortgages, both first and second
mortgages.
-
The
original paid in equity provided at the initial acquisition date-no
matter how old.
-
Define
any rehabilitation, updating, or repairs that are going to be done
with the refinancing.
-
Outline
any other liens, major liabilities, etc. that are going to be paid
off with the refinance.
-
An
available appraisal or letter of opinion.
-
Digital
Photos of subject property and surrounding area.
Acquisitions:
-
Pro
Forma Net Operating Statement
-
Historical
income statements and budgets reflecting stabilized net operating
profit with explanation as to how it was arrived.
-
Define
any rehabilitation, updating, or repairs that are going with the
financing.
-
An
available appraisal or letter of opinion.
-
Digital
Photos of subject property and surrounding area.
New
Construction or Substantial Rehabilitation:
-
Pro
Forma Net Operating Statement
-
Land
Debt to Value
-
Simple
recap of Construction Costs
-
An
available appraisal or letter of opinion.
-
Digital
Photos of subject property and surrounding area.
Please
click this link to revisit our HOME
PAGE.
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Interest Rates Shown are computed as of: March 24, 2010
To update to the Proximate Market Conditions use the following formula
in conjunction with the Index Rates above.:
Interest Rates = Index
Rate plus Basis Point Spread or bps (A bps is one-hundredth (.01%) of a
percentage point.)
-
Transactional
Costs will vary with each loan, which include and may not be limited
to legal, title, survey, recording fees, appraisal, environmental
studies, structural engineering, site inspection, and other third
party reports. Transactional
Costs may also include mortgagee’s legal and audit costs.
-
Mortgagor
may be required to make annual contributions to reserves.
-
Fixed
Rate-No Points Loans are assumable
with the payment of 1% of the outstanding loan balance, subject to
credit and underwriting..
-
Fixed
Rate-No Points Loans required
a Special Purpose Entity, and Yield Maintenance.
-
A
non-refundable Project Analysis and Evaluation Fee is required for
each property prior
to the issuance of a Letter of Intent for each Loan Program, and
will vary depending upon the loan amount.
-
A
Due Diligence Fee
at execution of Term Sheet will be required.
-
Each
loan transaction is evaluated on a case-by-case basis and may have a
final term sheet that may or may not reflected the terms above.
-
The
Loan to Value Ratios (LTV) are based upon the lesser of the purchase
price or the appraised valuation of the property.
-
Some
transactions may be interagency.
Do not make financial decisions based upon this information and the
Commercial Mortgage Rates shown above. Capital
Funding of America assumes no liability for any errors or omissions made herein.
The
Mortgagor understands that the issuance of a Letter of Interest,
subsequent Term Sheet, or Loan are subject to Capital Funding of
America’s sole determination and discretion, without limitation or
exception.
*IMPORTANT:
Not all Programs are available through Capital Funding of America in
every state.
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