Loan Term:
35 years
Interest Rate:
Fixed rate, fully amortizing
Non-recourse:
Non-recourse
Assumable:
Fully assumable
Prepayment:
10% year one, then declining 1% per year; and customizable
Commercial Space:
No commercial space greater than 20% of net rentable area and 20% of effective gross income of the property
Borrower:
A single asset SPE
Escrows:
Capital needs reserve will be maintained on a property-by-property basis
Third Party Reports:
Appraisal, Environmental Report, and Capital Needs Assessment
DSCR/LTV Requirements:
Property Type
Maximum LTV
Maximum LTC Acquisition
Maximum LTC Refinance
Minimum DSCR
For-Profit
80%
85%
100%
1.45
Not-For-Profit
85%
90%
100%
1.45
Mortgage Insurance Premium:
Initial MIP is 1% of the loan amount due to HUD at closing; then annual MIP is 0.65% annually thereafter. (Initial Green MIP is .25% of the loan amount due to HUD at closing; then MIP is 0.25% annually thereafter.)
