Conduit / CMBS Loans

Loan Amount $3 – $75 million; may go higher in select cases
Term 5-10 years
Loan-to-value (LTR) Up to 75% on “As Is”
Debt Yield 7.5% – 11.0%  (based on underwritten cash flow)
Purpose Acquisition or refinancing on stabilized assets
Loan Type Fixed rate
Structure Senior Mortgage
Pricing Pricing will vary, rates will typically fall in 4.5% – 5.5%  range depending on leverage
Minimum DSCR 1.25x DSCR on underwritten net cash flow
Amortization 30 years or less
Recourse Typically non-recourse except for certain standard carve- outs
Fees Generally at Par
Prepayment Locked out followed by defeasance or yield maintenance
Property Types / Geography Multifamily, Retail, Office, Industrial, Self-Storage, Mobile Home Parks, and Hospitality properties located in primary and secondary markets throughout the U.S.