CMBS Conduit Hotel Loan Program Guidelines
|Loan Size||$5,000,000 to $500,000,000|
|Pricing||. Depends on loan to value and DSCR.|
. Flagged & Non-Flagged Hotel Properties.
|Loan Term||Up to 10 year fixed rate terms with balloon at end of term.
30 year amortizations.
|Borrower Entity||Single purpose entity|
|Loan-to-value||Up to 75% of appraised value.|
|Prepayment||Defeasance or yield maintenance.|
|Personal Guarantee||Non-recourse subject to standard carveouts. Loans are assumable.|
|Minimum DSCR||. Flagged Hotel Properties: 1.45.
. Non-Flagged Hotel Properties: 1.55.
|Fees||$15,000 - $25,000, due upon acceptance of letter of intent.|
|Third Party Reports||Appraisal, Phase One, PCNA, ALTA Land Survey|
|Eligible Properties||Flagged and non-flagged hotel including full-service and limited service. Property should be in strong market sectors with good historical performance. Experianced sponsorship and management preferred.|
|Preliminary Submission Package for a Conduit Hotel Loan||Include the following in your request for a conduit apartment loan quote:
. Property description and location map.
. Representative color photographs.
. Current year operating budget.
. Current rent roll and year-to-date operating statement.
. Operating history - prior two years.
. Sponsor resume.