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Commercial Mortgages
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Loan Program Highlights
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Amount:
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$1 million and up
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Term:
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3, 5, 7, 10, 15, 20
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Amortization:
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10, 15, 20, 25, 30
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Rate:
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Fixed or Adjustable
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LTV:
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80% Senior; 10% Mezz
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Equity:
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Yes (case by case basis)
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Assumable:
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Yes
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Recourse:
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None (in most cases)
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Asset Types
AFR offers commercial mortgages for:
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Multi-Family
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Retail, Anchored & Unanchored
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Office Buildings
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Office / Retail
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Flagged Hotels
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Mobile Home Parks
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Warehouse / Flex Space
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Self Storage Facilities
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Industrial
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Marinas
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Healthcare Properties
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Construction
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Acquisitions & Development
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Conversions
We provide competitive rates and attractive terms on construction loans and land acquisition as well. AFR always
approaches loans creatively as our goal is to place financing to benefit the borrower with the best possible return
on his investment. We can structure loans with earn out provisions, mezzanine debt, cross collateralization and
equity participation.
Rates and Terms
Rates vary according to the property type and are based on a specific index. Generally, long term fixed rate loans
are priced based on a spread over the corresponding 7, 5, 10 or 20 Year U.S. Treasury Note. The corresponding
Thirty Day LIBOR is the base interest rate used, plus a spread on a floating rate loan. Short term loans are
usually based on prime rate or short term treasuries, as the base rate, plus a spread.
Our programs are designed to allow true expense factors as well as debt service ratios. Assumable, non-recourse
(except carve-outs), fully amortized loans with 5, 10 and 15 year terms with 20, 25 and 30 year amortizations
are available. Depending on the program, loan to values range from 80% on a senior debt to 90% with mezzanine
financing. Mezzanine pieces are provided as a percentage of total value of stabilized properties and range between
5% and 20% of the asset's value. Mezzanine debt is typically structured on a recourse basis, at a fixed preferred rate.
Terms may run for up to 5 years with possible options to extend.
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