Eligibility
Properties classified as Independent Living / Congregate Care and Assisted Living. Skilled Nursing facilities are not eligible.

Loan amounts
$3 million minimum. No maximum.

Term/amortization
10 to 25 year term
25 year amortization (standard)
30 year amortization (with waiver)

Interest rates
Fixed (standard)
Adjustable (with waiver)

Debt service coverage ratio
Ind. Living/Congregate Care
-1.35x minimum (conventional)
-1.30x minimum (bond deal)
Assisted Living (50% or greater)
-1.45x minimum (conventional)
-1.40x minimum (bond deal)

Loan to value
75% maximum (conventional)
80% maximum (bond deal)

Personal recourse
Non-recourse with standard "Carve-Outs" and Key Principal obligations

Prepayment   
Yield/fee maintenance, defeasance or graduated prepayment

Origination fee
1% / $20,000 minimum

Commitment fee
2% (refundable)

Third party fees
Includes legal, appraisal, engineering, and environmental reports. Seismic reports and survey may also be required.

Minimum occupancy requirement
90% sustained for 18 months (Ind. Living)
90% sustained for 24 months (Assisted Living)
(Sustained occupancy below 90% will be
considered on a case-by-case basis.)

Replacement reserve impounds
Required - not less than $300/unit

Taxes and insurance impounds
Required

Assumability
Assumable with lender approval and a 1% fee

Supplemental mortgages   
Available after 1 year (up to 2 available, plus 1 more upon sale and assumption)

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