Van Patten & Company, LLC
Conduit Program
PROGRAM OUTLINE
Permanent first mortgage loans for acquisition
financing and refinancing.
FINANCING SIZE
$2,000,000 - minimum, no maximum
PROPERTY TYPES
Multifamily, manufactured housing, office, retail,
industrial, warehouse, hospitality, self storage, independent living,
and other income producing property types.
LOAN TERM
Any term from 5 - 20 years
LOAN TO VALUE RATIO
- Up to 80% - multifamily, manufactured housing,
office, anchored retail
- Up to 75% - other retail and industrial
- Up to 70% - hotel and other property types
Mezzanine program available to increase leverage to
90%
DEBT SERVICE COVERAGE RATIO
- 1.20x minimum - multifamily, manufactured housing
or anchored retail
- 1.25x minimum - other retail, office and
industrial
- 1.40x minimum - hospitality and other property
Types
COLLATERAL
First mortgage, non-recourse; no personal guarantees
required, except for standard commercial lender carve-outs regarding
borrower fraud and other matters
FEES
Processing Fee - $5,000 - $7,500 non-refundable
Loan Fee - 1%
DEPOSITS
A deposit is required with the loan application
($10,000 or .5%) and the balance (1%) upon acceptance of the
commitment. A total deposit of 2% is required in connection with any
early rate lock.
LOAN COMMITMENT
Generally, within 30 business days of delivery of an
executed application, related fees and deposits, requested Borrower
data and third party reports
MINIMUM 3RD PARTY REPORT REQUIREMENTS
- Appraisal, phase 1 environmental and engineering
- all properties
- seismic - required for properties located within
seismic zones 3 or 4
PREPAYMENT
Two year lockout after sale of loan, then subject to
defeasance, with the last six months open to prepayment with no fee
FUNDING
Generally, 10-30 business days following execution
of commitment and receipt of satisfactory reports, and upon
satisfaction of all other closing requirements
TRANSACTION COSTS
Expenses include the cost of an appraisal, phase 1
environmental, engineering and seismic reports, title insurance,
lender legal fees and miscellaneous transaction costs
RATE LOCK
30-day rate locks are available after commitment
Information is available
on other Mortgage programs upon request.
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