Portfolio

Loan amount

from $250K to $5 Million

Interest rate

Starting at 5.67% on our 12 month libor ARM

Loan term

12 months libor, 3, 5, 7 & 10 year fixed hybrid. All loans amortized over 30 years

Prepayment penalty

5% declining

LTV

Up to 65% for purchases. LTV can be increased to 70% on selected markets

Minimum credit score

680

Minim DSCR

1.25. This may be increased based on risk of transaction

Refinance

Cash out refinance request are typically limited to 50% maximum

Upon conclusion of fixed rate terms loans will roll to 6 month ARM with interst rate adjustment capped at 1.00%

Stable current and historic cash is generally required

Borrower must be solid: Market experience, liquidity, net worth, personal credit. Full recourse for at least one key principal required

All programs are subject to pricing adjustment based upon loan size, property condition, age, maintenance and credit indicators

Rates are only for A&B Grade properties

Loans under $500,000 will have a rate spread increase of 35-60 bps

Maximum loan amount

$4,000,000.00
* 65% Multi-use
* 60% Semi-generic
* 55% Special use
Please see Quick Reference Table for property classification

$4,000,000.00
* 65% Multi-use
* 60% Semi-generic
* 55% Special use
* 55% Unanchored retail
Please see Quick Reference Table for property classification

Maximum LTV (1st lien)

25 years

20 years
25 years *
*On Exception Areas

Minimum personal credit

650 - No previous bankruptcy

650 - No previous bankruptcy

Acceptable markets

Urban/suburban areas

Urban/suburban areas

Avoid

* Gas station/C-store
* Car wash
* Auto dealership
* Night clubs
* Athletic/fitness centers
* Special-use start-ups
* Assisted living facilities

* Gas station/C-store
* Car wash
* Auto dealership
* Night clubs
* Athletic/fitness centers
* Special-use start-ups
* Assisted living facilities

Preferred characteristics

Multi-use
<75,000 SqFt

* Warehouse
* Office
* Manufacturing
* Medical offices

Minimum equity injection

10% - 25%

20%

Minimum EDSC

1.20X

1.40X

Management experience

Prior ownership & management preferred

Previous ownership required

Minimum prepayment penalty

Declining 5% for years 1-5

Declining 5% for years 1-5

Reasonable cap rate

8.5% - 9.5%

8.5% - 9.5%

Other sources of income DSC

If start-up, 1.20X from outside source

0.25X from outside source

Collateral (1st position)

Real property

Real property in all states except AZ, AL, AR, CA, FL, GA, IN, LA, OH, MI, MS & NV.
On above mentioned states, the borrower must occupy 25%, in order to qualify

Generic/Special Use
* Generic
* Office, warehouse (commercial & industrial)
* Light manufacturing & industrial
* Retail/mixed retail with office

65%

Depending on age, quality, location, size and financial strength

Semi Generic
* New automobile dealers
* Light automotive services
* Tire and brake centers
* Grocery stores
* Funeral homes

60%

Depending on age, quality, location, size and financial strength

Special-Use
* Bowling centers
* Restaurants
* Oil/lube centers
* School or day care
* Golf courses
* Dry cleaners
* Self-storage

55%

Depending on age, quality, location, size and financial strength

Refinances
* Multi-purpose
* Unanchored retail and special-use

65%
55%