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Commercial Construction/Conversion Loan

 

Loan Highlights

   
Loan Amount

$100,000 to $2,600,000

 

Property Types

Retail (anchored, shadow anchored and unanchored), Industrial,
Office, and Self-Storage

 

Term

12-Months, converted to 10-Year Mini-Permanent loan

 

Amorization

25-years

 

Interest Rates

Variable, converted to a fixed rate

 

Loan-to-Value

Generally not to exceed 75%

 

Prepayment

Lockout period as short as 24 to 36 months. Any prepayment
penalty will be based upon the remaining term of the loan.

 

Assumable

Subject to lender's approval; 1% assumption fee

 

Minimum Debt

Typically 1.25x or > Office/Indust.

 

Service Coverage

Typically 1.30x or >

 

Coverage Ratio

Typically 1.40x or >Retail/Specific

 


Closing

45 to 60 days from executed application assuming timely
receipt from borrower of all information requested.

 

Early Rate Lock

Available for no fee following executed application and
receipt of 2% refundable deposit.

 

 

 

 

 

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