IBS CMBS Program

Lending Footprint

MSA's within the U.S. and its territories exhibiting strong economic and property-type specific fundamentals

MSA's within the U.S. and its territories exhibiting strong economic and property-type specific fundamentals

Property Types

Stabilized property types including Office, Retail, Industrial, Multi-Family and Hotel. Self-Storage and Mobile Home Parks will be considered on a case-by-case basis

High quality property types including Office, Retail, Industrial, Multi-Family and Hotel. Self-Storage and Mobile Home Parks to be considered on a case-by-case basis

Loan Amount

$10,000,000 to $75,000,000

$30,000,000 to $100,000,000

Loan Term

5, 7 and 10-year loan terms

3-year Initial Loan Term with Two 1-Year Extension Options

Amortization

Typically 30 years (shorter terms may be required based on property type and use)

Typically 30 years (shorter terms may be required based on property type and use)

Loan to Value

Up to 75% of FIRREA Appraised Value

Up to 80% of FIRREA Appraised Value

Debt Service Coverage

Ratio Requirement

Minimum 1.25x DSCR on CRE underwritten net cash flow. Mezzanine debt will be permitted up to a 1.10x DSCR

Minimum 1.25x DSCR on CCRE underwritten net cash flow. Mezzanine debt will be permitted up to a 1.05x DSCR

Origination

Par to 2.0% of Loan Amount

1-3% of Loan Amount

Processing Fee and

Expense Deposit

$15,500 Processing Fee (may vary depending on transaction)Expense Deposit sufficient to cover third party, legal and out-of-pocket expenses

                        TBD

Reserves

Tax, Insurance and Replacement Reserves required

Tax, Insurance and Replacement Reserves required

Sponsor

Creditworthy individual(s) or entity acceptable to Lender with sufficient liquidity and net worth

Creditworthy individual(s) or entity acceptable to Lender with sufficient liquidity and net worth

Borrowing Entity

Single asset or special purpose entity required depending on loan size

Single asset or special purpose entity required depending on loan size

Recourse

Non-recourse, with the exception of industry standard "bad boy" carve outs

Non-recourse, with the exception of industry standard "bad boy" carve outs

Assumability

Permitted subject to lender approval and an assumption fee

Permitted subject to lender approval and an assumption fee

Prepayment

Defeasance with 1-year lockout and 60 day open period during the 90 days prior to scheduled maturity date. Yield Maintenance available on a case-by-case basis

3-year lockout followed by declining prepayment fees; open for six months prior to maturity