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ELIGIBLE PROPERTIES:
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Designed for all major commercial properties including
Apartments, Industrial Buildings, Office Buildings, Mobile Home
Parks, Retail, Self-Storage, Mixed Use, Branded Gas Stations and
Restaurants. Properties with value added opportunities, either
through renovations or repositioning. |
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LOAN SIZES:
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$2 Million to $20 Million |
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INITIAL MARGINS:
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| Apartments: |
6 Mo. LIBOR 2.50% - 3.25% |
| Commercial: |
6 Mo. LIBOR 2.75% - 3.50% |
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| Apartments: |
Prime Rate + .25% to 1.00% |
| Commercial: |
Prime Rate + .50% to 1.25% |
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CONVERSION:
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At Stabilization - Can convert to Fixed Rate over corresponding 3,
5, 7, 10 Year Treasury. |
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AMORTIZATION:
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Interest only, then amortizing, 25-30 years |
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MIN DSCR:
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1.20:1
to 1.25:1 |
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TERMS:
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Up to 10 year term |
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LOAN TO COST: |
Maximum 75% to 80% depending on the transaction. |
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HOLDBACK(S): |
Yes, For Upgrades/Renovations to subject plus TI/LI and Debt
Service Resources if applicable. |
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EARN-OUT: |
Upon stabilization, FBBH can provide additional equity to the borrower,
supported by the appraisal. |
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CONVERSION FEATURES: |
Upon stabilization, borrower can convert to market margin and fix
the rate with FBBH. (Prepay Recast) |
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LOAN-TO-VALUE: |
Up to 75% loan to value depending on the transaction. |
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RECOURSE:
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Flexible Recourse Options |
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PREPAYMENT:
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Flexible Prepayment Options |
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LOAN FEES:
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Each transaction is priced separately, typically .50% to 1%. |
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REPORTS:
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Appraisal, Phase 1 Environmental. (Additional reports may be required
for larger transactions.)
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CLOSING:
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30-45 days. Can price up to close faster. |
