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Hotel/Motel Indicative Term Sheet
Property Types Include
-
Full Service - Luxury
- Full Service - Midscale
- Full Service - Resorts
|
- Limited Service - Midscale
- Limited Service - Economy
- Limited Service - Extended
Stay
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Loan Amounts |
$1,000,000 - $300,000,000 |
|
Interest
Rate
View Today's Rates |
Fixed at the comparable Term
U.S. Treasury plus competitive
spreads
(subject
to market change); locked two days before
closing. Early rate lock also available |
|
Loan Term |
3, 5, 7, 10
years; longer terms available on a case-by-case base |
|
Amortization |
Up to 30
years; older properties will receive a maximum
amortization
of 25 years |
|
Maximum LTV |
Refinance: up
to 85% (with cash out) |
|
Acquisition |
80% of loan to
purchase price |
|
New Construction |
80% LTC value
(completed) |
|
Minimum
DSCR |
1.2x for most
Multi-Family properties |
|
Appraisal
Report |
Required; a
summary appraisal format may acceptable |
|
Environmental |
Environmental
reports are not required: however, environmental
insurance is required |
|
Escrows |
Required for
monthly real estate taxes and property insurance;
replacement reserves are underwritten but not collected;
tenant
improvements and leasing costs are generally not
required
but evaluated on a case-by-case basis |
|
Non-Recourse |
Except for standard carve-outs |
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Assumable |
Subject to
approval and a 1% fee |
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Security |
First Mortgage
on fee simple interest |
|
Prepayment |
Two year
lockout from the time of securitization; defeasance for
the
remaining term, with the last six months open to
prepayment
without penalty |
|
Supplemental
Financing |
Will be allowed with approval after 12 months |
|
Fees |
$ 0.00 |
Application Fee |
|
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$ 0.00
(generally) |
Term Sheet Fee |
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Low to none |
Success Fee |
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To cover 3rd
Party Reports/Underwriting |
Expense Retainer |
|
THE REVIEW OF A
FILE DOES
NOT CONSTITUTE A FULLY UNDERWRITTEN LOAN FILE. ACCORDINGLY, THIS IS NOT A
COMMITMENT TO LEND MONEY. THIS CONDITIONAL LOAN UNDERWRITING IS BASED SOLELY ON
THE INFORMATION SUBMITTED. THIS LOAN FILE IS SUBJECT TO A SATISFACTORY
UNDERWRITING OF ALL ORIGINAL OR REQUIRED DOCUMENTS AND A QUALITY CONTROL
REVIEW. IF THE ITEMS OR DOCUMENTS SUBMITTED ARE NOT CONSIDERED SATISFACTORY, OR
THERE ARE CHANGES THAT WOULD ADVERSELY AFFECT THE FINANCIAL CONDITION OF THE
BORROWER, THE PHYSICAL CONDITION OF THE PROPERTY OR THE MARKETABILITY OF THIS
LOAN, THE APPLICATION MAY BE AMENDED OR CONSIDERED VOID IN THE SOLE DISCRETION
OF UNDEWRITERS PREFERRED COMMERCIAL TRUST AND/OR ITS INVESTORS. THIS RATE
SHEET IS NOT TO BE CONSTRUED AS A CONSUMER ADVERTISEMENT UNDER REGULATION Z
1026.24. NOT INTENDED FOR THE GENERAL PUBLIC. |
