Bond financing is the "new" funding mechanism for large commercial real estate projects

and features loans based upon rated securities. For “A” properties secured by letters of credit

(LOC) which provide the credit enhancement for an “A” or better rating. Bonds access funds

from private and institutional investors through the sale of a security. Because of this spreading

of the risk our Investment Banker’s bond guidelines can be more flexible than Banks, the CMBS

market, Insurance Companies, Pension Funds or any other conventional lenders.

Features:

• $8 million and above loan amounts. Case by case down to $5 million.

• Western U.S. primarily, and nationwide considered on a case-by-case basis

• Purchases, Refinances and Construction/Perm loans

• Up to 100% financing

• Multifamily, Senior Housing, Student Housing, Assisted Living, Charter Schools

• Tax exempt bonds for municipalities, public related service providers and hospitals

• Funds just missed FNMA, FHLMC and FHA/HUD loans

Basic Underwriting Guidelines:

• 75% LTV (Stabilized value for construction projects)

• Typically 85% LTC

• 1.10X DSCR at the underwriting interest rate using a 30-year amortization

To submit for review:

• Executive Summary

• Property Photos, interior and exterior for existing properties

• Current 2 years taxes on entity and or extension

• Credit report for principals with 20% or more ownership

• Current property Balance Sheet & latest interim Income Statement dated within 60 days

• Current personal financial statement for any principal with 20% or more ownership

• Current two years personal tax returns for principals with 20% or more ownership

• Current Rent Roll

For Construction Loans:

• Pro-forma Income & Expense Statement

• Sources and Uses with detailed construction cost breakdown

• Construction and Draw Schedule

• Entitlement information

• Project renderings and site plan

• Developer resume’

• Contractor information

• Completion/Performance Bond information

• Appraisal

• Feasibility & Market Study