ValueXpress has lowered the minimum loan amount for CMBS conduit loans to $1 million, effective immediately. On CMBS conduit loans between $1 million and $5 million, 5- and 10-year loan terms are available based on 25-year amortization (30 years for multi-family and manufactured housing communities). Qualifying assets are urban/suburban office, anchored and unanchored retail, multi-family, manufactured housing communities, credit single tenant, and self storage. Hospitality is not being considered in loan amounts of under $5 million at this time.
Desired markets include top MSAs and adjacent cities with populations of at least 50,000. Maximum LTVs are currently 65% for non-multi-family assets and 70% for multi-family and manufactured housing communities, with minimum net cash flow DSCR of 1.35 and 1.30, respectively. Asset quality is expected to be “B” or better. Typical CMBS conduit features apply, including yield maintenance pre-pay provision, escrows for taxes, insurance, capital improvements and TILCs (if applicable). Please visit our website valuexpress.com to obtain our latest term and pricing sheets for CMBS conduit loans.
“As the demand for commercial mortgage-backed securities continues to strengthen, originators are scrambling to find quality loans for CMBS pools,” commented Michael D. Sneden, Executive Vice President at ValueXpress. “I felt it would only be a matter of time until small balance loans would again be included in securitizations. ValueXpress has historically originated a significant amount of smaller balance CMBS loans and we are pleased to add the small balance product to our menu of CMBS options.” In addition, ValueXpress provides 75% LTV/1.25 DSCR CMBS conduit loans including hospitality loans in amounts above $5 million.