| LOAN SIZE : |
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$1,000,000 to $20,000,000. First mortgages only. |
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| PROPERTY TYPE : |
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Multi-family, Mixed-use, Retail, Office, Light industrial, Investment grade single tenant, Multi-tenant commercial and Self storage. |
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| LOCATION : |
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Primarily targeting New York Tri-state region. We will consider other locations on an exception basis. |
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| LOAN TO VALUE : |
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Up to 80% LTV on Multi-family, 75% LTV on office & retail and 70% LTV on Self Storage, O/O properties or Light Industrial properties. Limited 10% cash-out available. |
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| DEBT SERVICE COVERAGE : |
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1.20x for Multi-family and 1.3x for Commercial. |
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| SELLER FINANCING : |
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Seller financing may be used for acquisitions in the form of Mezzanine debt only; no second mortgages are allowed. |
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| INTEREST RATES : |
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Interest rates are fixed 2 days prior to closing. Rates are set at a margin of 2 to 2.5% over the corresponding US Treasury rate for the term of the loan and floor rates will be applicable. |
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| POINTS : |
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1-2% of the loan amount payable at closing. |
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| TERMS : |
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1-3 year interest only, 5/20 & 10/25 are available for most property types. In addition 10/30 is available for Multi-family and solid B class office buildings. All loans over $1.25 million are non-recourse except for standard carve-outs. Owner occupancy may require limited recourse. |
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| APPLICATION COSTS : |
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Application costs including third party reports and processing costs should not exceed $15,000, but may vary due to deal complications. Summary appraisal reports, property condition reports and environmental phase 1 reports are required. All reports are to be ordered by BCF. |
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| COMMITMENT FEE & POINTS : |
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If a commitment is issued a non-refundable acceptance fee of 1% of the loan amount is earned & payable upon acceptance of commitment. Full credit will be given for any application deposit funds on account at closing only. This commitment fee will be fully credited against the 1% point due at closing. |
