Multifamily Life Company Loans
Life Company Loans for Apartments and Commercial Real Estate
Nevertheless, Life Companies are less competitive regarding leverage, particularly cashing out a borrower on a refinance. Furthermore, Life Companies are frequently among the most competitive alternative for larger balance ($10MM and up) commercial real estate loans for properties including office buildings, retail centers, single tenant retail (big box stores, pharmacies, etc.), and other commercial properties.
Life companies typically concentrate on the best class/quality assets and in this capacity are extremely selective regarding financing.
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Sample Life Company Terms For Commercial Real Estate Loans
Size: $2 million and up
Term: 10 to 25 year loan terms (self amortizing options available)
Interest Rates: From 4.15%
Amortization: Up to 25 years
Maximum LTV: 75% (although often times capped at 65%)
Minimum DSCR: 1.25 x’s
Non-recourse with standard “bad boy” carve-outs
Interest only period available for certain properties
- Will consider loan modifications or special requests (i.e. secondary financing) during the loan term.
- Early rate lock (up to 90 days prior to closing).
- Tend to be less aggressive on max dollar deals.
- Tend to focus just on higher class assets.
- Less likely to do cash-out deals.