General Loan Terms
Rates and Terms vary on a case-by-case basis, but here is a general outline of the products we offer.
This is just a sampling but to obtain a loan product specifically for your property, provide us some information by applying today. Our application does not run credit, ask for social security numbers, or request a processing fee. The application simply provides us with enough information to provide you terms.
| Fixed Rate Commercial Mortgages | Floating Rate Commercial Mortgages | |
|---|---|---|
| Loan Amount | $5,000,000 to $250,000,000 | $10,000,000 to $75,000,000 |
| Loan Term | 5, 7 and 10 Year | Generally 2 to 3 years |
| Asset Types | Shopping center and retail, warehouse and industrial, apartments and multifamily, single family, condo, and hotel. Other asset classes can be considered on a case-by-case basis | Shopping center and retail, warehouse and industrial, apartments and multifamily, single family, condo, and hotel. Other asset classes can be considered on a case-by-case basis |
| Security | First mortgage and Mezzanine | First mortgage |
| Borrower Entity | Single purpose entity | Single purpose entity |
| Loan to Value | Up to 75% of appraised value. Higher leverage mezzanine transactions considered on a case-by-case basis | Up to 75% of appraised value. Higher leverage and mezzanine transactions considered on a case-by-case basis |
| DSCR Requirement | 1.30x on LCF underwritten net cash flow. 1.25x for multifamily. | To be determined on a case-by-case basis |
| Amortization | Typically 30 year amortization | Interest only |
| Interest Rate | Competitive swap based pricing | Competitive LIBOR based pricing |
| Origination Fee | Generally par | 1%-2% of the Loan Amount |
| Exit Fee | None | Generally 1% of the Loan Amount. May be waived if the Loan is refinanced by Cent Banc |
| TI/LC, CapEx and Other Reserves | Ongoing TI/LC and CapEx reserves collected unless low leverage and strong sponsor | An amount adequate as determined by Borrower and Lender. Future Funding of Reserves may be available on a case-by-case basis |
| Underwriting Fee & Expense Deposit | Generally $7,500 underwriting fee. Expense deposit adequate to cover third party reports, legal fees and other customary costs | Generally $7,500 underwriting fee. Expense deposit adequate to cover third party reports, legal fees and other customary costs |
| Prepayment | Defeasance or yield maintenance, locked out for the earlier of (A) three years following the full funding of the Loan and (B) two years after the securitization of the Loan | Freely prepayable after short lockout/yield maintenance period |
| Recourse | Non-recourse to Key Principals except for customary carve-outs | Non-recourse to Key Principals except for customary carve-outs |
This is just a sampling but to obtain a loan product specifically for your property, provide us some information by applying today. Our application does not run credit, ask for social security numbers, or request a processing fee. The application simply provides us with enough information to provide you terms.
| Fixed Rate Commercial Mortgages | Floating Rate Commercial Mortgages | |
|---|---|---|
| Loan Amount | $5,000,000 to $250,000,000 | $10,000,000 to $75,000,000 |
| Loan Term | 5, 7 and 10 Year | Generally 2 to 3 years |
| Asset Types | Shopping center and retail, warehouse and industrial, apartments and multifamily, single family, condo, and hotel. Other asset classes can be considered on a case-by-case basis | Shopping center and retail, warehouse and industrial, apartments and multifamily, single family, condo, and hotel. Other asset classes can be considered on a case-by-case basis |
| Security | First mortgage and Mezzanine | First mortgage |
| Borrower Entity | Single purpose entity | Single purpose entity |
| Loan to Value | Up to 75% of appraised value. Higher leverage mezzanine transactions considered on a case-by-case basis | Up to 75% of appraised value. Higher leverage and mezzanine transactions considered on a case-by-case basis |
| DSCR Requirement | 1.30x on LCF underwritten net cash flow. 1.25x for multifamily. | To be determined on a case-by-case basis |
| Amortization | Typically 30 year amortization | Interest only |
| Interest Rate | Competitive swap based pricing | Competitive LIBOR based pricing |
| Origination Fee | Generally par | 1%-2% of the Loan Amount |
| Exit Fee | None | Generally 1% of the Loan Amount. May be waived if the Loan is refinanced by Cent Banc |
| TI/LC, CapEx and Other Reserves | Ongoing TI/LC and CapEx reserves collected unless low leverage and strong sponsor | An amount adequate as determined by Borrower and Lender. Future Funding of Reserves may be available on a case-by-case basis |
| Underwriting Fee & Expense Deposit | Generally $7,500 underwriting fee. Expense deposit adequate to cover third party reports, legal fees and other customary costs | Generally $7,500 underwriting fee. Expense deposit adequate to cover third party reports, legal fees and other customary costs |
| Prepayment | Defeasance or yield maintenance, locked out for the earlier of (A) three years following the full funding of the Loan and (B) two years after the securitization of the Loan | Freely prepayable after short lockout/yield maintenance period |
| Recourse | Non-recourse to Key Principals except for customary carve-outs | Non-recourse to Key Principals except for customary carve-outs |