CMBS Conduit Program for Commercial Lending
The CMBS Conduit program offers commercial lending to eligible office, retail, industrial, multifamily, and hotel properties nationwide. The program offers Oppenheimer customers through a third party lender, an alternative financing option to traditional multifamily and healthcare programs for a variety of asset classes.
Single Asset Entity, Typical assets rated B minus and above, Average DSC ratio greater than 1.25 in the three most recent audited years.
Fixed: 5, 7, and 10 year terms with up to 30 year amortizations available.
Loan to value not to exceed 75%, $2 million and up.
Subject to market conditions, based on competitive swap based pricing
Closing and underwriting are performed simultaneously, closing usually within 60 days.
Non-recourse to key principals except for customary carve-outs.
Expense deposit required to cover third party reports, legal fees and other customary costs. Commercial Lending Originations fee generally at par. Underwriting fee generally $7,500.
- An appraisal, ESA and engineering assessment are required.
- Engineering assessment requires a 12 year escrow analysis for reserve calculation.
- 3 years of financial statements, current rent roll, property information and pictures, borrower description are required.
- NOI based off current rent roll using the greater of actual expenses (with a 4-5% management fee)
- Cash management requires hard lockbox processing.
This is a general outline of the program requirements. For complete information and to determine how your property can benefit from this accelerated financing opportunity, please contact your Oppenheimer representative at [email protected], or call (215) 631-9151.
“I have worked on many transactions with Oppenheimer Multifamily Housing & Healthcare Finance, Inc.; This institution has proven to be highly competent in all areas, responsive to clients’ needs, resilient in problem solving and well resourced with capable professionals of all disciplines, resulting in a great team that always delivers on time.”
Joseph H. Vives
Vives & Associates PLLC