Retail
Love Funding provides access to a wide array of fixed and floating-rate financing programs for neighborhood and community shopping centers, whether anchored, shadow-anchored or unanchored. Concept properties such as life style centers and open air power centers are welcome. Special use properties on long term leases to credit tenants can be accommodated. 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 property can be arranged with current debt service coverage of 1.00 or less. Depending on the 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.
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. All loans are typically closed to prepayment for a period of time after which prepayment is allowed with a penalty.
Love Funding has assembled an impressive team of originators and underwriters with retail financing experience who can assist with your needs in this arena.