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Conduit
Fixed and Floating Rate Loans
Two Fixed Rate Programs
 1.
$5 million or less
• $1.0
million minimum for office, retail, industrial and multifamily properties
• $3.0
million minimum for hospitality and healthcare properties
2. Greater
than $5 million
• No
maximum
• Amortization:
15, 20, 25 or 30 years
• Maximum
loan to value:
Refinancing
- 75% of appraisal
Acquisition
- lesser of 80% of purchase price or 75% of
appraisal
• Floating
rate loans provided with terms from 1 to 5 years on
both stabilized
and
non-stabilized properties
• Available
for most property types - office, industrial, retail,
multifamily, hospitality,
healthcare
Fannie Mae Multifamily Fixed and Floating
Rate Loans
• Loan
amounts vary by loan and property type
• Terms:
6, 7, 10, 15, 20, 25, or 30 years
• Amortization:
25 years for senior and student housing;
30 years for
standard
multifamily
• Maximum
loan to value:
75%
for senior and student housing
80%
for standard multifamily refinancing
Up
to 83% for standard multifamily acquisitions
• 100%
loan to cost for new properties provided
80% loan to value is
realized
Life Company Fixed and Floating Rate Loans
Two
Fixed Rate Loan Programs
1.
$5 million or less
• $2.0
million minimum for office and retail properties
• $1.5
million minimum for industrial and multifamily
properties
• $2.0
million minimum for hospitality properties
• $3.0
million minimum for healthcare properties
2.
Greater than $5 million
• No
maximum
• Terms:
7, 10, 15 or 20 years
• Amortization:
15, 20, 25 or 30 years
• Maximum
loan to value:
Refinancing
- 75% of appraisal
Acquisition
- lesser of 80% of purchase price or 75% of
appraisal
• Floating
rate loans provided with terms from 1
to 5
years on both stabilized
and
non-stabilized
properties
Hospitality
• Properties
generally need a recognized franchise (flag), credible operating history
and
seasoned management
• Location can be metro or suburbs
• Construction
funds require substantial sponsors as well
as strong management
and
national flag
Healthcare
• Eligible
facilities include independent living, assisted living, congregate care,
skilled/intermediate
nursing
homes, medical offices
• Strong,
experienced management required
Interim/Bridge Loans
• $5.0 million minimum
• Interest
rates: adjustable, based on the debt service coverage
and
loan to value
quoted
as a spread over the 30-day
LIBOR
• Terms:
6 months to 36 months with extension
options of
up to 60
months
considered
• Maximum loan to value: 75%-80% based on risk/return
profile
Mezzanine Loans
• Amounts,
rates and terms tailored
to specific transactions
Construction Loans
• $2.0 million minimum, no maximum
• Up
to 100% of costs at 80% loan to value on Fannie Mae
• Non-recourse for large loans with strong
sponsorship
Equity Capital
• Up to 75% of required equity
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