Loan Term

7, 10, 15, 18, 25, and 30 year loan terms.

Amortization

30 years

Forward Commitment Period

Up to 24 months with one six month extension.

Rate Lock

The permanent loan rate is fixed prior to the start of construction or rehabilitation.

Prepayment

Prepayable in full at any time; subject to a yield maintenance formula.

Recourse

Non recourse, except for standard lender carveouts.

Borrower

All properties must be owned by a single asset or single purpose entity.

Debt Service Coverage

Minimum 125%.

Loan to Value

Up to 80% of the as-completed appraised value.

Subordinate Financing

Additional "earn out" financing is available after sixteen months following permanent loan closing based on actual property performance.

Occupancy

Properties must be 90% physically occupied for 90 consecutive days (at pro-forma rents or higher) prior to permanent loan funding.

Assumability

Yes, subject to Lender approval and the payment of a processing fee and a 1% assumption fee.

Reserves

Tax and insurance escrow are required.

Application Fee

$10,000. Covers the cost of all third party reports, travel expenses and other out-of-pocket expenses.

Timing

Commitments issued in 60 days or less.

Pricing

Contact your OneCap representative for a price quote.