Conduit CMBS Warehouse Loans

• 30-year amortization
• Up to 10-yr fixed rates
• Up to 75% leverage
• No restrictions on cash out refinances
• Non-recourse

Warehouse, light industrial, mixed, storage, packaging, research, manufacturing, and other similarly zoned property types.

Bankruptcy-Remote SPE (special purpose entity). Entities may be corporations, limited liability companies or limited partnerships.

Minimum loan size $3,000,000

Interest rates for CMBS office building loans are based on an index (5 or 10-year Swap) plus a spread. Where the interest rate falls in the spread range depends on:

• Loan size
• Property (e.g. quality, location, tenant strength, lease terms)
• LTV, DSCR and debt yield

View indicative interest rates for CMBS loans and conduit loan interest rates

Major markets preferred. Secondary and tertiary markets considered on a deal by deal basis assuming strong asset quality and sponsorship.

Up to 75%

1.30-1.50 minimum

25-30-year amortizations

8%-10%

Defeasance or yield maintenance

Non-recourse subject to standard carveouts

At commitment

Stabilized properties where tenant mix should be of strong quality as determined by stability of business and financial condition. Prefer rent roll with staggered expirations. Leases should be representative of the market.

Three years of operating statements are required with preference towards triple net leases. Lease expiration should be smooth with annual lease expirations in any given year to not fall below a 1.0x DSCR.

Taxes, insurance, tenant improvements, replacement reserves, 125% of cost for needed repairs.

Include the following in your request for a conduit CMBS self storage facility loan quote:

• Property description
• Representative color photographs or property website
• Current rent roll
• YTD and two prior years income and expense statements
• 12 month trailing income and expense statement
• 12 month operating budget
• Capital improvements summary
• Sponsor resume outlining experience owning and operating commercial real estate
• Management company bio

Conduit warehouse and industrial loan program underwriting guidelines are provided for informational purposes only and do not constitute, or should not be interpreted, to be an offer to make a loan, a loan approval, or any other language that implies that by meeting these basic requirements Crefcoa will provide borrower with a loan under these terms.