A lender specializing in lending on single-tenant CRE, particularly strong but non-investment grade tenants and secondary markets, recently reentered the market for new loans:
- Loan Size: $2-$15M
- Single tenant or owner occupied
- No government leases
- Tenant must have annual gross of $50M for owner occupied or $75M for investor deal (leased)
- BB minimum for office or industrial, BBB minimum for retail
- Fixed interest rates: approx 8.25% – 9.25%
- 1.20 DCR minimum
- Target LTV is approximately 65%, but will go to 75% in certain cases
- Rents will be marked-to-market for underwriting purposes
- Minimum 5 year term on lease, but would rather have 1-2 years of “overhang”
- 5 year term / 25 year amort
- No special purpose, restaurant, or fast food franchises
Bryan Shaffer George Smith Partners bshaffer@gspartners.com
