Office Building Loan Programs
Financing for urban and suburban office buildings of all types is available through Love Funding, which provides access to a selection of fixed and floating-rate financing programs. Building types include high and mid-rise central business district buildings, suburban single buildings or campuses and medical office buildings and clinics. Minimum loan size is $3,000,000. Financing is available for single properties or multi-asset portfolios.
Specific purpose loans are available for:
- Construction
- Acquisition
- Repositioning
- Permanent financing
- Refinancing
Available loan terms require a loan to value ratio of not more than 80% (up to 85% with a pricing premium) and debt service coverage ratio of not less than 1.15. Interim loans and bridge loans to reposition or re-tenant a facility can be arranged with current debt service coverage of 1.00 times or less. Loans are generally non-recourse, except for construction financing, and assumable with a 1% fee. Lenders will require reserves for capital replacement and the funding of tenant improvements and leasing commissions over the term. Escrows for the payment of taxes and insurance will be collected and held by the lender.
Depending on loan purpose, maturities vary and amortization schedules of 25 and 30 years are normal. Many loans will qualify for interest only payments for a portion of the loan term. All loans are typically closed to prepayment for a period of time after which prepayment is allowed with a penalty.
Our team has the expertise to help you maximize your retail investment and provides a level of service that is unmatched in the industry.