Niche: Construction-to-Perm Financing with most developers receiving 105-115% of cost financing
SINGLE TENANT FINANCING . . .
SINGLE TENANT Construction-to-Perm Financing
MINIMUM FINANCING AMOUNT: MAXIMUM FINANCING AMOUNT: TENANT RATING or FINANCIALS: 
LEASE TERM: LOAN-TO-COST: 

DEBT COVERAGE (min.): LOAN-to-VALUE: AMORTIZATION: LOAN TERM: FIXED RATES: POINTS: $5 million $300 million BBB- stable or better rated If unrated, tenant should have a minimum of $150 million in annual Net Income on a consistent basis Works best on 20+ year leases, but lesser terms can be considered Most developers receive 105-115% of cost financing There is no loan-to-cost restriction 1.00 (triple net leases) 1.05 (double net or gross leases) Up to 100% of leased fee value (LTV has never come into play on past financings) Generally equal to the lease term, but can be slightly longer on a case-by-case basis Equal to the lease term Generally in the Low-to-High 6s (depends on tenant credit, financials, industry and lease) 1
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