|
Loan Terms: |
Loan Amount:
Ranges from $2,000,000 to $300,000,000 |
|
Interest Rates: |
Rate locked at
execution of Application/Commitment based
upon an appropriate spread over the
corresponding Treasury Bond yield. The
spread is a function of the location,
quality and income characteristics of the
property, and any credit enhancements |
|
Maturity: |
2 years to 25
years for fixed rate. 2 years to 7 years for
floating rate. |
|
Amortization: |
30 years or less |
|
Debt Service Coverage: |
1.25:1, but
will go lower as a function of amortization. |
|
Prepayment: |
A "lock-out"
period of 50% of the loan term is typically
required, with prepayment then allowed based
on prepayment fee equal to the greater of
one percent (1%) or yield maintenance |
|
Security: |
First
Mortgage/Deed of Trust. Loans are typically
non-recourse. Personal guarantees may be
used as a credit enhancement on "structured"
deals |
|
Rights to Transfer: |
Assumption may
be permitted subject to review of new
borrower and an assumption fee. |
|
Fee Schedule |
|
|
Application Fee: |
1% of the loan
amount submitted with the Loan Application |
|
Commitment Fee: |
2% of the loan
amount submitted with the executed Loan
Commitment (unless forward risk, then
greater percentage may be required). |
|
Transaction Fee: |
The Borrower
may elect to pay a fixed Transaction Fee. If
so, AEGON assumes responsibility for its
counsel’s legal fee (unless unusual
circumstances arise) and for the costs of
appraisal, Phase I environmental and
engineering reports. |
