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| State and Municipal Leases, Companies with sales over $5,000,000, B2 and less rated companies (i.e.Dollar Store, etc.). |
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| Single asset, single purpose entity. |
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| Typically 5 years past the lease term. |
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| Tied to spreads over the ten-year Treasury. |
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| Multiple transfer permitted; 1% fee . |
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| Maximum 85% loan to value. |
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| Require appraisal, structural engineering and environmental reports. |
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| Based on credit quality of tenant, strength of the lease and location of the property. |
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| Typically carve out 5% management fee and 3% for property reserves. Escrow 1.25x of deferred maintenance. Insurance/Tax reserves required. |
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| Can secure a 6-month forward commitment for a one time 7% fee . |
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| For projects where the lease and loan term are not the same, will not loan more than 90% of the original construction cost. In arriving at the cost, the builder’s profit is deducted from the formula. |
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Include the following in your request for a loan quote:
1. Property description and location map .
2. Pictures.
3. Copy of Lease .
4. Operating history - prior 3 years, if available.
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