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Fixed and Floating Rate CMBS Loan Programs

Writer's picture: Atlee MAHORN, MBAAtlee MAHORN, MBA

Loan Amount

$5,000,000 to $300,000,000+

Loan Term

5, 7, and 10 Year

Asset Types

Stabilized retail, industrial, office, hotel, multifamily, mobile home parks, self-storage and student housing

Geographic Scope

All of the U.S.

Borrowing Entity

Single purpose entity

Security

First Mortgage/Mezzanine

Loan-to-Value

Up to 75% of appraised value with total leverage up to 85%+ including mezzanine

Amortization

Typically 30-year amortization

Interest Rate

Fixed Rate; Swap based pricing

Prepayment

Defeasance or yield maintenance

Recourse

Non-recourse to Key Principals except for customary bad boy carve-outs

Loan Amount

$15,000,000 to $150,000,000+

Loan Term

Generally 2 to 3 years plus extensions

Asset Types

Stabilized or transitional retail, industrial, office, hotel, multifamily, mobile home parks, self-storage and student housing

Geographic Scope

All of the U.S.

Borrowing Entity

Single purpose entity

Security

First Mortgage/Mezzanine

Loan-to-Value

Up to 75% of appraised value with total leverage up to 85%+ including mezzanine

Amortization

Interest only

Interest Rate

SOFR based pricing with interest rate cap

Prepayment

Freely prepayable after short lockout/yield maintenance period

Recourse

Non-recourse to Key Principals except for customary bad boy carve-outs

Origination/Exit Fee

Determined on a loan-by-loan basis

Loan Amount

$5,000,000+

Debt Structures

Mezzanine Loans, B-notes and preferred equity

Asset Types

Conventional CRE asset types across the U.S.

LTV

Up to 90%

Interest Rates

Typically 9% to 12%

Term

3 to 10 years

Amortization

Typically Interest Only


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