Property Types

LIHTC projects and/or those eligible for tax-exempt bond financing.

Commitment Types

Fixed and floating rate forward commitments or immediate funding of loans for takeouts and refinancing.
Credit Enhancement of bonds for forward commitments or immediate funding.

Loan Amounts

$500,000 to no maximum

Term/Amortization

10, 15, 25 and 30 years. 25 or 30 year amortization.

Interest Rates

Interest rates on loans funded with credit enhanced securities (including Fannie Mae Mortgage Backed Securities) are set by market rates plus guarantee and servicing fees. Rates on loans funded through a Fannie Mae or Freddie Mae cash purchase are quoted daily.

Debt Coverage Ratio

Minimum of 1.15x

Loan to Value

90% maximum

Personal Recourse

Non-recourse with standard "Carve-Outs" and Key Principal obligations.

Origination Fee

0% - 2%

Commitment Fee

Depends on loan amount (applied towards third party reports, processing, and closing costs)

Third Party Fees

Legal, appraisal, physical needs assessment, environmental study, etc. (Costs and reports vary with type of transaction.)

Minimum Occupancy Requirement

Would like to see 90% for previous 90 consecutive days for immediate funding. Can vary with type of transaction.

Assumability

Assumable with Lender approval and a fee of not less than .5%.