| Commercial Mortgage Loans |
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From the initial clearing and applications process through closing and servicing, interaction with NYLIM Real Estate is characterized by responsiveness, attention to detail and dispatch.
Commercial Mortgage Investment Guidelines
Property Types
Loan Types
- Permanent
- Bridge
- Mezzanine
Interest Rates
- Fixed and floating rates at competitive, market based spreads over Treasuries or LIBOR.
- Rate locked upfront upon receipt of an executed application with liquidated damage deposit.
Loan Size
- $5 million minimum; typically $10 million to $100 million.
- Will coordinate and structure co-investment arrangements for loans with proceeds above $100 million.
- NYLIM Real Estate has been lead lender on deals up to $300 million in size.
Parameters
- Loan to Value: 75% or less, higher for credit transactions
- Debt Coverage Ratio: 1.25, using a 9.5% constant
Term
- Floating Rate: 3-5 years
- Fixed Rate: 5-25 years
Liability
- Non-recourse to borrower except for the usual carve outs.
- Recourse for the carve outs to be provided by an acceptable entity.
Deposits
- Typically 3% refundable liquidated damage deposit required to lock rate.
- Non-refundable processing payment with respect to third party consultant reports.
Typical Timing
- Application to Closing: 60-90 days
Consultant Reports
- Appraisal
- Property Condition
- Environmental Reports
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