Great Eastern Investments

Standard Terms and Conditions

For a current pricing matrix, complete our On-Line Form
Applicable to Multifamily, Anchored and Unanchored Retail, Office, Industrial, Mobile Home Parks, Hotel, and similar Properties.
Borrowing Entity: A New Single Asset/Special Purpose Entity that is Bankruptcy Remote.
Assumption: Permitted with the payment of an Assumption Fee, typically 1% plus legal expenses, and with lender's credit approval.
Rent Roll: Most recent, detailed, year-end, trailing twelve months, and current (not more than 30 days old)
Tax & Insurance: Monthly escrow is required.
Vacancy: Underwritten economic minimum of 5% to 10%, Actual, or Market, whichever is higher. Minimum 80% average historical occupancy, which is 60%.
Operating Statements: Three years of historical operating statements, trailing twelve months, tax returns, and current year-to-date.
Documentation: Multifamily requires Standard FNMA note and mortgage with applicable riders. All other properties require standard note and mortgage affidavits, and ancillary documents.
Survey: ALTA standard required and ordered by lender by an approved surveyor.
Title Insurance: ALTA standard with applicable riders. Lender orders title through First American Title Insurance Company.
Subordinate Financing: Typically, not permitted. Lender will consider prior approval with fully subordinated, non-foreclosable cash flow only.
Prepayment Penalty: Closed with a lockout for one-half of the loan term, followed by full yield maintenance to term. No penalty if prepaid during the final 6 months of term.
Application Fee: $3,500 to $10,000 required based upon each property size and complexity.
Origination Fee: Pricing range is Par to two percent (2%) of the loan amount.
Commitment Fee: A commitment fee deposit may be required dependent upon the transaction. The loan commitment fee is applicable to the origination fee, or refundable at the loan closing, according to the pricing and terms of the transaction.
Third Party Reports: Includes lender's fees, inspection costs, Environmental Site Assessment Phase I, Property Condition Assessment, Appraisal, and any such related expenses. All Reports are ordered, controlled, and completed through consultants approved and authorized by the Lender. An Escrow Deposit of $7,500 to $15,000 will be required. Any remaining balance shall be credited, or refunded at the loan closing.
Lender's Legal: Typically range $4,000 to $15,000 dependent upon the complexity of the borrowing entity and property.
Other Conditions: See the specific Property Program for other applicable conditions. Each transaction is also subject to additional terms and conditions.
ALL terms are subject to change.

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Great Eastern Investments, L.L.C.
Tel: 888-463-4422 Fax: 830-796-4774
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