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Conduit Loans
Quick Links |
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Conduit
Self Storage Loans |
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CommercialBanc
Conduit Self Storage Loan Program
Overview
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CommercialBanc
provides permanent
fixed rate financing
for the acquisition
or refinancing of
stabilized self
storage and
mini-storage
properties. |
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CommercialBanc
offers attractive
fixed rate pricing
starting at 110 BPS
above the comparable
"on the run"
Treasury rates for
self storage loan
sizes above $1
million through its
Conduit Self Storage
Loan Program. The
conduit program
offers low interest
rates, high leverage
to 80% LTV, and
requires no personal
guarantees. |
CommercialBanc
Conduit Office Loan Guidelines
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Eligible Properties |
Self
storage and mini-storage properties that are stabilized
and are located in high traffic metropolitan areas.
Construction should be concrete block, brick, or wood
framed. Preference is shown towards single story
facilities unless a drive-up access is provided.
Metal building self storage facilities accepted on a
case-by-case basis with limits in both term and
amortization.
Mezzanine and Bridge self storage loans are available on
a case-by-case basis for properties in the "lease-up"
phase or that require substantial rehabilitation.
Contact CommercialBanc's Capital Markets Group at
1-866-706-BANC for additional information. |
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Minimum Loan Size |
$1 million |
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Pricing |
Tiered
pricing based on LTV and DSCR
110-165 above comparable "on the run" Treasury rates. |
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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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Prepayment |
Defeasance or Yield Maintenance |
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Personal Guarantees |
Non-recourse with standard carveouts |
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Loan-to-Value |
75-80%
maximum |
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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 |
90%
stabilized properties, 12 month trailing cash flow must
support minimum DSC requirements. |
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Impounds |
Taxes,
insurance, and future replacement reserves. |
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Third Party Reports |
Appraisal
Phase One Environmental
Property Inspection
ALTA Land Survey |
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Underwriting |
General
underwriting parameters include: 10% vacancy factor
assumed, $0.15/Square foot used for replacement
reserves, and 5% management fee used in determining DSC. |
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Preliminary Submission
Package For a Conduit Self Storage Loan: |
Include the following in your request for a
conduit self storage 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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