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Conduit Loans
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Conduit Retail
Commercial Loan Program
Overview
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CommercialBanc
provides commercial
property loans for
the acquisition or
refinance of
retail properties
and shopping centers
including: local or
regional mall,
grocery, big box,
anchored,
unanchored, shadow
anchored, single and
multi-tenant, and
similar type
properties. |
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Conduit retail
commercial loans provided for
properties built
post 1980, or older
properties which
have been renovated
and have strong
historical
performance.
Properties should
have good visibility
and access from
major arterials,
with strong
demographic and
sales trends. |
CommercialBanc
Conduit Retail
Loan Guidelines
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Eligible Properties |
Anchor
retail: anchored by a major national retailer,
department store, home improvement, grocery, drug,
community centers, or
discount retailer.
Shadow anchor: at least one anchor tenant that is not
part of the collateral but close in proximity that
provides a steady draw to the property. Tenant mix
should complementary.
Unanchored retail: strong desirable locations preferred
with strong complimentary tenant mix where space is
readily convertible to new tenants.
Investment grade and non-investment grade single tenant
properties. |
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Tenant Mix |
Tenant mix
should be diverse yet complimentary. Major tenant lease
terms must comply with the loans fixed term period.
Properties with restaurants, fitness centers, dry
cleaners and other similar business types may have
underwriting restrictions. |
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Loan Size |
Loan sizes
starting at $1 million |
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Pricing |
Tiered
pricing based on LTV and DSCR
105-145 above comparable "on the run" Treasury rates
Rate buy downs are available |
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Location |
Located in
mid to large market sectors and small market sectors
with strong sponsorship. |
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Loan Terms |
5-20 year
fixed terms with 25-30 year amortizations |
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Personal Guarantees |
Non-recourse with standard carveouts |
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Loan-to-Value |
Maximum 80% |
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Rate Lock |
30-day
forward lock available with U/W approval
2% commitment deposit credited at closing. |
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Occupancy Requirements |
Stabilized
properties with staggered lease expirations. |
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Impounds |
Taxes,
insurance, tenant improvements, replacement reserves,
125% for needed repairs. |
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Preliminary Submission
Package For a Conduit Retail Loan: |
Include the following in your request for a
conduit retail loan quote:
1. Property description and location map
2. Representative color photographs
3. Current rent roll and year-to-date operating statement
4. Operating history - prior 3 years, if available
5. Current year operating budget
6. Existing debt and cost basis
7. Sponsor resume |
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