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Assisted Living Real Estate Mortgages
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Brokers Welcome. We pay commissions.
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Call Greg Burckle 800-254-9659 ext 104
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USA Mortgage Corp. will make loans on Assisted Living Facilities using the following criteria:
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Amoritization: Up to 30-year maturity, up to 40-year amortization.
- Loan fees: From 1% to 2% of the loan amount (depends on the loan amount, difficulty of the loan, location and condition of the property).
- Interest Rate: Fixed starting at 10 Year Treasury Bill of plus 250 bps.
- Security: First Deed of Trust.
- Loan-to-value: Up to 80% or allowable debt service with reasonable expenses which include acceptable amounts included for reserve for replacement and management expense (90% of all debt).
- Debt Service Coverage: A minimum of 1.20:1 on debt - 1.10:1 minimum total debt. At funding, debt service is based on the current rents and income annualized and the appraiser's vacancy/credit loss and expenses. All appraisals must be dated less than 12 months prior to the closing.
- Maximum Loan: $7.5 million
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