PROGRAM SUMMARY:
CWCapital provides Freddie Mac multi-asset flow facilities for assets to be acquired or refinanced in the future. Facilities are structured to meet the unique needs of each client. Eligible loans include conventional multifamily, student housing, seniors housing, and acquisition upgrade / rehab for acquisition or refinance.
FINANCING OPTIONS:
- Variable Rate(floating over 1-month or 3-month Freddie Mac Reference Bills or LIBOR).
- Fixed-Rate.
- Interest Only / Partial Interest Only / 30-year Amortization.
- Bond Credit Enhancements.
TRANSACTION SIZE:
Minimum facility size is $100 million / Minimum individual loan size is $10 million.
MAXIMUM LTV:
Determined on a deal-by-deal basis.
MINIMUM DSCR:
Determined on a deal-by-deal basis.
LOAN TERMS:
5, 7 or 10 years.
PERSONAL RECOURSE:
Non-recourse except for standard carve-out provisions.
CROSS-COLLATERALIZATION:
Not required.
RATES:
Determined by market rates at the time of rate lock.
SUPPLEMENTAL MORTGAGES:
Available for qualified transactions, subject to CWCapital approval.
ASSUMABILITY:
Non-assumable (underlying mortgage[s] may be assumable subject to CWCapital approval).
PREPAYMENT:
Fixed-Rate:
• Yield Maintenance or Defeasance.
Variable-Rate:
• 1-year lock-out then 1% thereafter. Declining schedules also available.
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.
TYPICAL FACILITY FEES:
Collateral addition fee, substitution/release fee, and minimum usage fee determined on a deal-by-deal basis.
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.