Senior Lending guidelines.

  • Interest rates & term.
    • Fixed and floating rates at competitive, market-based spreads over Treasuries or LIBOR
    • Rate locked upon receipt of an executed application with appropriate deposits
    • Floating Rate: up to 5 years
    • Fixed Rate: 3 - 30 years
     
  • Loan size.
    • Typically $10 million to $300 million for single assets, higher for portfolio transactions
    • Will coordinate and structure co-investment arrangements for loans with higher proceeds
     
  • Co-Lending on Senior Debt.
    • Arrange club loans
    • Participate with a lead lender
     
  • Portfolio financing.
    • Financing available of $500 million+, higher with participants
    • Average allocated loan amount in pool per asset should exceed $10 million. Loan facility can be increased or reduced via property additions or releases
    • Fixed rate loans with a floating rate component allow for partial releases and prepayment flexibility
    • Loans may be partially collateralized via mezzanine positions
     
  • Parameters.
    • Loan to Value: Up to 75% for mortgages, higher for credit transactions
    • Debt Coverage Ratio: Minimum of 1.30X or greater once stabilized
    • High grade mezzanine debt may have less restrictive underwriting parameters
    • Non-recourse to borrower except for standard carve outs
     
  • Typical timing & deposits.
    • Transactions approved for commitment and rate lock in a quick and efficient manner
    • Typical commitment to closing: 30 to 60 days
    • Forward financing options available
    • Typically 2% to 3% refundable deposit required to lock rate
    • Non-refundable processing payment required for third party consultant reports
     
  • Consultant reports.
    • Appraisal
    • Property Condition
    • Environmental
    • Seismic, as applicable
     

*These guidelines are representative and not an offer.

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