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The Advantage Multi-Family and Commercial Loan Program is designed to fix closing costs and streamline loan documentation, while offering a choice of competitively-priced fixed and floating rate loans ranging from $500,000 to $10,000,000. Dedicated resources and an independent platform, coupled with our Advantage Bankers' expertise, help keep these deals smoothly on track, closing as expected. The Advantage Loan Program reflects Countrywide Commercial’s commitment to deliver a higher level of certainty.
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Loan Amount
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$500,000 to $10,000,000
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$500,000 to $10,000,000
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Term
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5, 7, or 10 year term
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Up to 30 years
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Prepayment
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Typical defeasance or yield maintenance,
prepayable in the last 3 months of the term
without penalty
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Prepayable from day one with a step-down
prepayment premium during the fixed-rate period,
zero thereafter. Prepayment options available.
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Streamlined Process
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The following are not required in most cases:
bankruptcy remote entities, legal opinion,
surveys (with acceptable title insurance)
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The following are not required in most cases:
single asset/bankruptcy remote entities, legal
opinion, tenant improvementor capital reserves,
surveys (with acceptable title insurance)
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Eligible Properties
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Multi-family housing, mobile home parks,
self-storage, retail, office, industrial and hotels
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Multi-family housing, mobile home parks,
self-storage, retail, office, and industrial
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Loan-to-Value
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Maximum 80%
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Maximum 80% (MF, MHP), 75% (all other property types)
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Minimum DSCR
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1.20x actual
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1.15x actual (MF, MHP with no cash out, 1.20x
for cash out), 1.25x for all other property types
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Amortization
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Maximum 30 years
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Maximum 30 years
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Recourse
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Non-Recourse, subject to standard “carve-outs”
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Typically Recourse; Non-Recourse under 65% LTV
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Rate Lock
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Available for up to 60 days
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Available for up to 60 days
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Interest Rate
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Fixed over the corresponding Treasury
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Initially floating or fixed for 3, 5, 7 or 10 years,
floating over LIBOR thereafter
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Indices
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5, 7, and 10 year Treasury
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6 month LIBOR; 3, 5, 7 or 10 year Treasury
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Origination Fees
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1%. Par to Mortgage Bankers
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1%. Par to Mortgage Bankers
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Assumable
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Yes
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Yes
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Floor and Caps
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N/A
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Floor equal to original interest rate minus 50
bps; 3% initial adjustable cap, 2% per annum
cap, 6% lifetime cap
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Application Fee
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$0 to $10,000 application fee includes all third party reports, credit reports, loan document preparation and closing costs; $0 available with increased spread. Additional good faith deposit
may be required, to be refunded upon closing of the loan.
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$3,000 to $5,000 application fee includes all third party reports, credit reports, loan document preparation and closing costs; $0 available with increased spread. Additional good faith deposit maybe required, to be refunded upon closing of the loan.
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Benefits
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Countrywide Commercial's Advantage Program clients derive a higher level of certainty from our key competitive strengths:
- Streamlined documentation
- Flexible prepayment options
- Competitively priced
- Advantage Program Specialists focused solely on these loans
- Local market knowledge
- Experienced Advantage Bankers & Underwriters
- Countrywide Financial's immense resources
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Exclusions
CRF currently does not offer loans secured by land, fast food franchises/restaurant-only properties, single-family housing developments, condominium
developments and/or conversions. CRF does not offer construction loans, although in certain circumstances minor property rehabilitation and/or tenant build-out
for otherwise income-stabilized properties can be accommodated.
Equal Housing Lender. ©2008 Countrywide Bank, FSB, Countrywide
Commercial Real Estate Finance Division. Member FDIC. Trade/service
marks are the property of Countrywide Financial Corporation,
Countrywide Bank, FSB, or their respective affiliates and/or
subsidiaries. Some products may not be available in all states. This is
not a commitment to lend. Restrictions apply. All rights reserved.
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