STANDARD LOAN PROGRAM: $500,000 to $20,000,000.
SMALL LOAN PROGRAM: $100,000 to $500,000.
TYPES OF PROPERTIES: Apartments, Office, Retail, Industrial, Mixed Use.
TERM: Up to 15 years with a 25 year amortization.
RATES: Market rates, currently in the 7 to 7 ½ % range.
LTV: 70% on most with up to 75% on apartments.
APPRAISALS/THIRD PARTY REPORTS: Willow will order any third party reports; MAI appraisals, environmental, engineering, etc.
UP FRONT COSTS: There is a small application fee, and Borrower must pay all 3rd party inspection/report fees.
UNDERWRITING STANDARDS AND DUE DILIGENCE: Normal bank underwriting criteria apply. Full package expected.
FEES AND POINTS: 1 to 2%, paid to Willow/Union.
GEOGRAPHICAL LOCATIONS: As of July 1, 2009 this program will be limited to the Eastern U.S. However, plans are to expand this program to the West Coast are under consideration.
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