3701 Maywood Court
214.924.6026
Carrollton, TX 75007
| Other Loan Types |
| Hotels |
| Offices |
| Apartments |
| Industrial |
| Mobile Home Park |
| Retail |
| Self-Storage |
| Mezzanine |
| Small |
 OFFICE
PROPERTIES |
|
| Eligible Properties: | CBD and suburban multi-tenant office properties are eligible. Should have a stabilized income. Unacceptable candidates include office condominiums, buildings that cannot be converted to multi-tenant uses and economically obsolete properties. |
| Eligible Property Locations: | Nationwide; located on main roadways with good visibility and access, or in primary office areas or demonstrated ability to complete and re-lease at market rates. Require solid market strength as determined by, among other factors, absorption and trends in population and employment. |
| Loan Size: | $1 Million - $15 Million; may consider up to $25 Million. |
| Debt Service Coverage: | 1.25 to 1.30, depending on property type. |
| Loan-to-Value Ratio: | Up to 75% |
| Loan Term: | 7 or 10 years |
| Amortization: | 30 years, or less, depending on major lease terms and expiration. |
| Tenancy: | Prefer multi-tenant or credit-tenant properties. Loans for single tenant properties will normally be amortized over the remaining term of the lease. |
| NOI Calculation: | Rents are the lesser of the contractual base rents or current market rents. Minimum vacancy of 5% or market. Recoveries on NNN rents must be consistent with market. Rent Roll - Require smooth lease expiration schedules so that the debt coverage ratio in any given year does not fall below break-even. May consider properties with significant rollover risk on a case-by-case basis. Management Fee - Minimum management fee of 5% of effective gross income. Reserves - $.10 to $.25 per square foot for structural reserves depending on property age and condition and adjusted in accord with the engineering report. Determine TIs/Leasing commission by rollover schedule and market-based TI/leasing commission requirements. |