BOERNER ASSOCIATES, INC.
Boerner
Associates, Inc.
Financial Services Division
Herndon, VA 20170-2733
Phone: (703) 437-3875(V/F)
Email to: boernermc@boernerassociatesinc.com
COMMERCIAL PROPERTY LOAN
BROKERAGE
Competitive Rates,
Competitive Terms
Review Our Rate Spreads and Compare Them to Other
Offers on Construction, Take-out, Permanent & Refinance Loans
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LOAN TYPES OFFERED
SECURITIZED LOANS 
APARTMENT BUILDING LOANS 
OFFICE BUILDING/PARK, LIGHT INDUSTRIAL
PROPERTY LOANS
MALLS & STRIP CENTER LOANS -
ANCHORED
MALLS & STRIP CENTER LOANS -
UNANCHORED
FREE STANDING RETAIL PROPERTY
LOANS
HOTEL & MOTEL LOANS
OWNER OCCUPIED BUSINESS LOANSOTHER PROJECT LOANS
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SECURITIZED LOANS
CREDIT TRANSACTIONS WHERE TENANTS HAVE BEEN RATED BY STANDARD &
POORS OR MOODY'S AT A RATING OF "BBB" OR BETTER
LOANS $2 TO $85
MILLION
LOAN AMOUNT: $10 to $85 million
TENANT RATING: "AA" and
above
TERM OF LOAN: To lease expiration
LEASE: Triple Net
RATE SPREAD:
85 to 125 basis points
LOAN AMOUNT: $5 to $10 million
TENANT RATING:
"AA" and above
TERM OF LOAN: To lease expiration
LEASE: Triple Net
RATE
SPREAD: 100 to 140 basis points
LOAN AMOUNT: $2 to $5 million
TENANT
RATING: "AA" and above
TERM OF LOAN: To lease expiration
LEASE: Triple
Net
RATE SPREAD: 125 to 150 basis points
LOAN AMOUNT: $10 to $85
million
TENANT RATING: "A"
TERM OF LOAN: To lease expiration
LEASE:
Triple Net
RATE SPREAD: 125 to 140 basis points
LOAN AMOUNT: $5 to $10
million
TENANT RATING: "A"
TERM OF LOAN: To lease expiration
LEASE:
Triple Net
RATE SPREAD: 140 to 160 basis points
LOAN AMOUNT: $2 to $5
million
TENANT RATING: "A"
TERM OF LOAN: To lease expiration
LEASE:
Triple Net
RATE SPREAD: 150 to 165 basis points
If you have a loan
proposal that involves a credit tenant as the lessee, you will need to keep in
mind that the lease and the expiration is a key factor, since the loan can only
be securitized if the lease term is sufficient to amortize the loan for a full
pay out over the lease term.
Another important factor is the lease
itself. If it is not "NNN", there must be stops that limit the lessors
expenses.
If a loan can not be securitized due to a short term remaining
on a lease, it will be treated as a brick & mortar transaction.
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TYPES
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APARTMENT BUILDING LOANS
Minimum loan
amount: $500,000
Age: 10 years or less
Term: 5-7-10 or 15
years
Amortization: up to 30 years
LTV: up to 80%
Interest Rate: 175 to
200 basis points over the treasury that relates to the term of the
loan.
Age: 10 to 15 years
Term: 5-7-10 or 15 years
Amortization: up
to 25 years
LTV: up to 80%
Interest Rate: 200 to 225 basis points over the
treasury that relates to the term of the loan.
Apartments that are 15
years and older will often be considered as "B" paper and the rate spreads,
depending on the actual age of the property, location, and condition, will vary
considerably.
Age: 15 years and older
Term: 5 to 10
years
Amortization: 20 to 25 years
LTV: 70% to 75%
Interest Rate: Will
vary from 225 to 350 basis points over the treasury that relates to the term of
the loan.
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OFFICE
BUILDING, OFFICE PARK, &
LIGHT INDUSTRIAL PROPERTY LOANS
Minimum
loan amount: $1,000,000
Age: 10 years or less
Term: 5-7 or 10
years
Amortization: up to 25 years
LTV: up to 75%
Interest Rate: 175 to
225 basis points over the treasury that relates to the term of the
loan.
Age: 10 to 15 years
Term: 5-7 or 10 years
Amortization: 20 to
25 years
LTV: 70% to 75%
Interest Rate: 225 to 250 basis points over the
treasury that relates to the term of the loan.
Age: 15 years and
older
Term: 5 to 7 years
Amortization: 15 to 20 years
LTV: 65% to
70%
Interest Rate: Will vary from 250 to 400 basis points over the treasury
that relates to the term of the loan. Un-less the property was construct-ed as a
class "A" building. The spread on an older project will probably range from 300
to 400 basis points.
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MALLS & STRIP CENTER LOANS -
ANCHORED
Minimum Loan Amount: $1,000,000
Age: 10 years or
less
Term: 5-7-10 or 15 years
Amortization: up to 30 years
LTV: up to
85%
Interest Rate: 165 to 200 basis points over the treasury that relates to
the term of the loan. Leases on anchor tenants must be long term, preferably
with 12 to 20 years remaining if a client is seeking to refinance. To acquire an
aggressive rate as low as 165 basis points over a treasury, the loan amount can
not be less than $5,000,000
Age: 10 to 15 years
Term: 5-7 or 10
years
Amortization: 25 to 30 years
LTV: 75% to 80%
Interest Rate: 200
to 225 basis points over the treasury that relates to the term of the
loan.
Age: 15 years and older
Term: 5 to 15 years
Amortization: 20
to 25 years
LTV: 75% to 80%
Interest Rate: Will vary from 225 to 350 basis
points over the treasury that relates to the term of the loan. The spread will
depend greatly on property condition, tenants, and lease terms.
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TYPES
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DATA REQUIREMENTS
MALLS & STRIP CENTER LOANS
- UNANCHORED
Minimum loan amount: $1,000,000
Age: 10 years or
less
Term: 5 to 7 years
Amortization: up to 25 years
LTV: up to
75%
Interest Rate: 200 to 225 basis points over the treasury that relates to
the term of the loan.
Age: 10 to 15 years
Term: 5 to 7
years
Amortization: 15 to 20 years
LTV: 65% to 75%
Interest Rate: 225
to 275 basis points over the treasury that relates to the term of the
loan.
Age: 15 years and older
Term: 5 to 7 years
Amortization: 20
to 25 years
LTV: 65% to 70%
Interest Rate: May vary from 250 to 400 basis
points over the treasury that relates to the term of the loan. The actual rate
will depend greatly on the age, loan amount, location, and condition of the
property.
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FREE STANDING RETAIL PROPERTY
LOANS
Minimum loan amount: $2,000,000
Age: 10 years or
less
Term: 5-7-10 or 15 years
Amortization: up to 30 years
LTV: up to
85%
Interest Rate: 165 to 225 basis points over the treasury that relates to
the term of the loan. Leases on anchor tenants must be long term, preferably
with 12 to 20 years remaining if a client is seeking to refinance. To acquire an
aggressive rate as low as 165 basis points over a treasury, the loan amount can
not be less than $2,000,000
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HOTEL
& MOTEL LOANS
Minimum loan amount: $1,000,000
Age: no
limits
Term: 5-7 or 10 years
Amortization: up to 20 years
LTV: up to
75%
Interest Rate: 350 to 400 basis points over the treasury that relates to
the term of the loan. Properties should be well located, preferably near a major
airport or in a metropolitan area.
NOTE: Non-franchised units must be
owner occupied and managed.
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OWNER OCCUPIED BUSINESS LOANS
PROPERTY
MUST BE AT LEAST
50% OWNER OCCUPIED
Minimum loan amount:
$500,000
Age: no limits
Term: 5-7 or 10 years
Amortization: up to
20 years
LTV: up to 75%
Interest Rate: 200 to 300 basis points over the
treasury that relates to the term of the loan. Pricing is much more aggressive
with depository relationships.
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OTHER PROJECT LOANS
The
projects, rates, and terms listed cover 90% of the successful project loan
requests submitted by borrowers. If you have a project that we have not listed,
call us for quotes, giving us as much information about the project as possible.
This information should include:
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1. project age
2. project type
3. location
4.
balance owed on present note
5. gross income (from P&L or ProForma)
6.
net operating income before debt service and expenses
7. purchase price (if
an acquisition) and the loan amount
8. borrowers net worth and liquidity
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