ELIGIBLE PROPERTIES:
Garden, mid-rise and high-rise apartments.
LOAN TERMS:
5, 7, 10, 15, 20, 25 or 30 years.
PREFERRED LOAN SIZE:
$3 million and larger.
MAXIMUM LTV:
80%
MINIMUM DSCR:
1.25x
AMORTIZATION:
Up to 30 years. Partial or full term interest-only periods may be available.
INTEREST RATES:
Risk-based pricing.
PERSONAL RECOURSE:
Non-recourse except for standard carve-out provisions.
TRANSFERS/ASSUMPTIONS:
Allowed during the life of the loan subject to CWCapital approval.
PREPAYMENT:
Prepayable in full subject to yield maintenance.
SUPPLEMENTAL MORTGAGES:
Available for qualifying properties.
ESCROWS:
Monthly escrows for real estate taxes, property insurance and replacement reserves are required.
APPLICATION FEE:
Greater of $2,000 or 0.1% of the loan amount.
FINANCING FEE:
Typically 1% of the loan amount.
CLOSING EXPENSES:
Standard transaction costs, including legal, title insurance, survey, and appraisal, environmental, and engineering reports.
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This is a summary of general program terms, which are subject to change. This is not a commitment to lend.