3380 Tremont Road, Suite 220, Columbus, OH 43221 614-481-6074
  • CMBS
  • Life Company
  • Fannie Mae
  • HUD/FHA
  • Conventional Banks

CMBS Loans

Indicative Terms

  • Apartments
  • Hotel
  • Industrial
  • Mixed Use
  • Mobile Home Parks
  • Office
  • Retail
  • Self-Storage
  • Single Tenant
Loan Amount $2,000,000 and up
Loan-to-Value 75% (80% with Mezzanine Debt)
Loan Term 5 and 10 Years
Amortization 20-30 Years (I/O available on a select basis)
Origination Fee Customary 1%
Borrowing Entity A bankruptcy-remote Special Purpose Entity
Recourse Non-recourse, excluding the usual ‘bad boy’ carve outs
Reserves Required for Replacements, Tenant Improvements & Leasing Commissions
Prepayment Loans may be defeased after a lockout period
Assumability 1% for qualifying borrowers
Ownership Transfers Very limited, except for estate planning purposes
Cash Mgmt. Lock box is usually required and will be Springing or Hard

Life Company Loan Program

Indicative Terms

  • Apartments
  • Industrial
  • Mixed Use
  • Office
  • Retail
  • Single Tenant
Loan Amount $500,000 and up
Loan-to-Value 70 to 75% Maximum
Loan Term 5 and 25 Years
Amortization 15-30 Years (I/O available on a select basis)
Origination Fee Customary 1%
Borrowing Entity A bankruptcy-remote Special Purpose Entity
Recourse Non-recourse, excluding the usual ‘bad boy’ carve outs
Reserves Required for Replacements, Tenant Improvements & Leasing Commissions
Prepayment Negotiated per deal
Assumability Negotiated per deal
Ownership Transfers Very limited, except for estate planning purposes
Cash Mgmt. Lock box is usually required and will be Springing or Hard

Fannie Mae/Freddie Mac Loan Program

Indicative Terms

  • Apartments
  • Mixed Use
  • Mobile Home Parks
  • Senior Housing
  • Student Housing
Loan Amount $750,000 and up
Loan-to-Value 80% Maximum
Minimum DSCR 1.25 (may be lower for low LTV loans)
Loan Term 5, 7, 10, 12, 15 and 30 Years
Amortization 15-30 Years (I/O available on a select basis)
Origination Fee Customary 1%
Borrowing Entity A bankruptcy-remote Special Purpose Entity
Recourse Non-recourse, excluding the usual ‘bad boy’ carve outs
Reserves May be Needed
Prepayment Yield maintenance after a lockout period
Assumability 1% for qualifying borrowers
Ownership Transfers Very limited, except for estate planning purposes
Cash Mgmt. N/A

HUD/FHA Mortgage Insurance Programs

Lighthouse originates for FHA-approved Mortgagee and MAP/LEAN lenders that actively underwrite, fund and service FHA insured mortgage loans for multifamily housing, seniors housing, assisted living and skilled care properties nationwide. The FHA mortgage insurance programs are available to for-profit, non-profit and public owners. These programs provide long-term, fixed-rate, non-recourse financing for the following:

Section 207: New Construction or Substantial Rehabilitation of Multifamily Manufactured Home Parks
Section 221(d): New Construction or Substantial Rehabilitation of Apartments
Section 223(f): Acquisition or Refinance of Apartments
Section 232: New Construction of Substantial Rehabilitation of Skilled Care Nursing Homes, Intermediate Care, Assisted Living and Personal Care Facilities (Board and Care Facilities)
Section 232 pursuant to Section 223(f): Acquisition or Refinance of Skilled Care Nursing Homes, Intermediate Care, Assisted Living and Personal Care Facilities (Board and Care Facilities)
Section 223(a)(7): Refinance of Existing FHA Insured Mortgages (to Reduce the Interest Rate and Pay Associated Costs)
Section 241: Supplemental Loan Program for Renovation or Expansion of Existing FHA Insured Apartments, Nursing Homes, Assisted Living Facilities, and Personal Care Facilities.
Section 242: New Construction of Substantial Rehabilitation of Acute Care Facilities Including Critical Access Hospitals

Description:

As the mortgage insurance provider of HUD, FHA will insure mortgages to finance the acquisition, new construction, substantial rehabilitation and refinance of multifamily and healthcare properties nationwide. Loan commitments can be funded on a taxable basis or used as credit enhancement for tax-exempt bond issues. Properties insured by FHA can be either “market” rate (i.e. not subsidized), affordable housing, or low-income housing. HUD does not require low income tenancy set-asides nor does it impose rent limits on insured properties, though the use of tax-exempt bonds or low income housing tax credits can trigger these requirements.

Special Program Features:

  • Construction and Permanent Financing Available
  • Non-Recourse (HUD Takes a First Mortgage Lien)
  • Assumable
  • Up to 35 Year Term and Amortization (Refinance/Acquisition)
  • Up to 40 Year Term and Amortization (New Construction/Substantial Rehabilitation)
  • 83.3% to 90% LTV (Refinance/Acquisition)
  • 83.3% to 90% LTC (New Construction/Substantial Rehabilitation)

Conventional Bank Program

Indicative Terms

Conventional loans are available from a variety of commercial banks. Below are the general parameters that we consider representative of the lenders we represent.

  • Apartments
  • Hotel
  • Industrial
  • Mixed Use
  • Mobile Home Parks
  • Office
  • Retail
  • Senior Housing
  • Student Housing
Loan Amount $500,000 and up
Loan-to-Value 85% Maximum
DSCR Case-by-case, May be global
Interest Rate Fixed and variable rate options
Loan Term 5 and 10 Years
Amortization 15-30 Years (I/O available on a select basis)
Origination Fee Customary 1%
Borrowing Entity A bankruptcy-remote Special Purpose Entity
Recourse Typically Full Recourse
Reserves May be required for Taxes and Insurance
Prepayment Varies by lender
Assumability Typically not available
Ownership Transfers Very limited, except for estate planning purposes

Contact Us

3380 Tremont Road, Suite 220, Columbus, OH 43221 614-481-6074