Office, Retail, Multifamily, Industrial, Warehouse, Self Storage, Senior Housing and Hotel and Resorts
Loan Term:
Terms from 5 to 10 years (25 to 30 year amortization)
Eligible Collateral:
First Mortgage, non-recourse; no personal guaranties required, except for standard commercial lender carve-outs.
Loan Amount:
$1,000,000 minimum, No maximum
Transaction Costs:
Expenses include the cost of an Appraisal, Phase I Environmental and Engineering reports, Title Insurance, Special required Inspections, Due Diligence and Lender Legal Fees.
Interest Rate:
250-400 bps plus the 5 Year or 10 Year T-Bill, Interest rates are fixed and locked two days before closing. Early and extended rate lock options available, floor rates or caps may apply.
Minimum DSCR:
1.20x minimum (1.40x minimum for Hotels and Resorts)
Loan To Value:
Up to 80% ? Multifamily, Anchored Retail, Office (Up to 75% for other collateral types)
Fees:
Due Diligence Fee ? $5,000-$10,000 non-refundable
Deposits and Origination Points:
1.0%-2.0% of the loan amount by commitment or rate lock. A deposit is required with the loan application (the greater of $10,000 or 1/2 of 1.0%) and the balance upon acceptance of the Commitment.
Loan Commitment:
Within 15-20 business days of an executed application, receipt of related funds, requested Borrower data and third party reports.
Reports:
Environmental: Phase I (including wetlands, asbestos, PCB?s, lead in water or paint and radon), Phase 2 case by case Engineering: Property Condition Report, Seismic (as applicable) Appraisal: Full narrative FIRREA and USPAP compliant and MAI certified
Recourse:
Non-recourse, with the exception of standard carve-outs.
Prepayment:
Maximum two year lockout after sale of loan, then subject to defeasance, with the last three months open to prepayment with no fee.
Entity:
Mortgagor may be in the form of a corporation, a limited liability company or a limited partnership, but in any case must be organized as a Special Purpose Bankruptcy Remote entity.
Closing Costs:
Borrower is required to pay all third party due diligence and closing costs.
Initial Documentation Required to proceed to a Term Sheet/Letter of Interest:
Sponsorship Package -Bio's for all Principals (must include a list of current owned or previously owned real estate) -Financial Statements for Principals -Credit reports for all Principals (within the last 90 days) A completed Financing Request Form (see "Forms" tab at the top of this page). Executive Summary for the project or, Offer Memorandum on the subject asset if the transaction is an acquisition Color Photos of the subject property Current Rent Roll with detailed leasing terms and tenant information Detailed Sources & Uses of Funds Five Year Detailed Performa Asset/Business complete tax returns for the last three years Personal complete tax returns for the last three years on all Principals Current Asset/Business Balance Sheet and Profit and Loss Statement Previous Third Party Reports -Environmental -Engineering (property solutions report) -Appraisal -Owners Title Policy -General Inspections (roof, termite, etc.) -Survey Current Insurance Policies (copy of declaration page) Any other information you believe to be of importance please include
Palm Tree Financial cannot complete a proper review and ultimately produce terms and or a quote we can stand behind without a complete submission package from you. Kindly submit a complete package electronically, we prefer all packages to be submitted via email/electronically, we do have the capability to receive large files electronically. If you are not able to generate some of the required documentation, Palm Tree Financial does offer documentation services (e.g. Performas, Executive Summaries, Source & Uses of Funds, etc), please visit the tab at the top of our website "Documentation Services Offered" for more details.
If you are a referring Broker you must complete the PTFC Referral Agreement and accompany the Referral Agreement with your submission (this agreement is only required on your first submission). You can find PTFC's Referral Agreement under the "Partner with Us" tab at the top of this page). PTFC will not review any financing submission without an executed referral agreement by the referring Broker and or Third Party referring source.
General pre-screen turn times are 3-5 business days.
PALM TREE FINANCIAL WILL NOT REVIEW ANY PROPOSAL FOR FINANCING THAT IS NOT A COMPLETE SUBMISSION FILE.
