Product overview

Eligibility
DUS quality properties excluding coops, manufactured housing communities, student housing and assisted living facilities

Loan amounts
$500,000 minimum. $3 million* maximum.

Term/amortization
5 to 30 year term
Up to 30 year amortization

Interest rates
Fixed or adjustable

Debt service coverage ratio
1.25x minimum (fixed)
1.00x minimum (ARM)

Loan to value
80% maximum

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

Ownership structure
Individual and cotenant borrowers are acceptable. Single asset entity is not required.

Prepayment   
Yield maintenance, defeasance or graduated prepayment

Origination fee
1%

Commitment fee
2% (refundable)

Third party fees
Includes legal, limited scope appraisal, engineering, and environmental fees

Minimum occupancy requirement
90% sustained for 90 consecutive days
(85% acceptable for special circumstances)

Replacement reserve impounds
Typically waived

Taxes and insurance impounds
Typically waived

Assumability
Assumable with lender approval and a 1% fee

Supplemental mortgages   
Available after 1 year (up to two available, plus one more upon sale)