Single Tenant Retail with 6 Years Remaining on the Lease
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1 Single Tenant Retail with 6 Years Remaining on the Lease Transaction Summary Date: October 2017 Property Description: A 12,000 SF build-to-suit constructed in 2007 Owners: The owners are a group of four investors with good financial strength and good commercial real estate experience. The Tenant: A nationally recognized tenant but the tenant does not have a credit tenant rating. Estimated Value: $5,110,000 Requested Loan Amount: $2,750,000 (54% LTV) Financing Issues: There were two financing issues: 1. When the property was constructed a 15-year lease was signed with the tenant. The existing loan is coming due next year and there are only six years remaining on the lease. The owners want a loan term equal to or longer than the lease term. Most lenders were reluctant to offer a term of six or more years. 2. Lenders were also concerned that the existing rental rate was above market. Financing Solutions: Twelve lenders were contacted. Four said they could get comfortable with the lease because of the financial strength of the owners. Shown on the following pages are four loan quotes.
2 OCT 2017 Lender #1 Lender #2 Lender #3 Lender #4 Loan Amount: $2,750,000 $2,750,000 $2,750,000 $2,750,000 Estimated Value: $5,110,000 $5,110,000 $5,110,000 $5,110,000 Loan To Value: 53.8% 53.8% 53.8% 53.8% Indicated Interest Rate 4.25% 4.25% 4.15% 4.50% Underwriting Criteria: Maximum LTV: 60% 75% 55% 60% Minimum DSCR: n/a Fixed/Variable Term: 5 Years + 5 Years 5 Years + 5 Years 3/3/ Years Variable Rate: 5 Yr FHLB % 5 Yr T % 1 Yr FHLB % n/a Loan Term: 10 Years 10 Years 10 Years 10 Years Amortization Method: Actual/360 Actual/360 30/360 30/360 Amortization Period in Years: Rate Lock: No Yes No No Monthly Loan Constant: % % % % Total Loan Fees (Lender/Mtg Broker): 1.50% 1.75% 1.00% 1.50% Application Deposit $7,500 $6,000 $5,000 $5,000 Are costs capped? No No Yes No To be used for: 3rd Party Reports & 3rd Party Reports & 3rd Party Reports 3rd Party Reports Third Party Reports Required Processing Fee Processing Fee Appraisal Yes Yes Yes Yes Environmental Yes Yes Yes Yes Property Condition Report No No No No Survey No No No No Deposit Relationship Required? Yes None None Yes Other Costs Processing Fee/Site Visit $1,000 $4,500 $0 $0 Lender's Legal Cost Estimate $0 $0 $0 $0 Escrow Impounds Property Taxes No Yes Yes No Insurance No Yes Yes No TI / LC Reserves No Yes No No Prepayment Penalty Financing for Single Tenant Retail Loan Quote Comparison Lock-Out Period None None None None Method of Prepayment 5,4,3,2,1 3,2,1,0,0 2,2,2,2,1,1 n/a Open Period Last 5 Years Last 7 Years Open Last 4 Years Last 10 Years Recourse/Non-Recourse Recourse Recourse Recourse Recourse Doug Marshall, CCIM Marshall Commercial Funding, Inc Call today for a no obligation loan quote (503) doug@marshallcf.com
3 Financing for Single Tenant Retail Estimated Sources & Uses Statement SOURCES Lender #1 Lender #2 Lender #3 Lender #4 Loan Amount 2,750,000 2,750,000 2,750,000 2,750,000 Cash From Borrower , Total Sources $2,750,820 $2,761,195 $2,750,000 $2,750,000 USES Cash To Borrower , Pay off existing mortgage 2,694,370 2,694,370 2,694,370 2,694,370 Repair Holdback Financing Charges Financing Fee 41,250 48,125 27,500 41,250 Appraisal 4,000 4,000 4,000 4,000 Environmental Report 2,000 2,000 2,000 2,000 Appraisal Review Fee Survey Processing Fee 1,000 4, Miscellaneous Lender Fees Title Policy Insurance 5,900 5,900 5,900 5,900 Escrow 1,800 1,800 1,800 1,800 Miscellaneous Closing Costs Total Financing Charges 56,450 66,825 41,700 55,450 Total Uses $2,750,820 $2,761,195 $2,750,000 $2,750,000
4 Financing for Single Tenant Retail Monthly Cash Flow After Debt Service No. of sq.ft. 12,000 Lender #1 Lender #2 Lender #3 Lender #4 INCOME 1. Rental Income $355,451 $355,451 $355,451 $355, CAM Reimbursements $24,902 $24,902 $24,902 $24, Vacancy & Credit Loss $0 $0 $0 $0 4. EFFECTIVE GROSS INCOME $380,353 $380,353 $380,353 $380,353 EXPENSES 5. Cleaning & Maintenance Insurance 3,970 3,970 3,970 3, Legal & Professional Fees Repairs Property Taxes 24,902 24,902 24,902 24, Utilties & Garbage Landscape Maintenance General & Administrative Management Fee Advertising Security Storage Capital Repairs 7,455 7,455 7,455 7, TI & LC Reserves TOTAL OPERATING EXPENSES $36,327 $36,327 $36,327 $36, % Expense/Effective Gross Income 9.6% 9.6% 9.6% 9.6% 16. Expense Per Unit or Square Feet $3.03 $3.03 $3.03 $ CASH FLOW BEFORE DEBT SERVICE $344,026 $344,026 $344,026 $344, Monthly Net Income $28,669 $28,669 $28,669 $28, Loan Amount $2,750,000 $2,750,000 $2,750,000 $2,750, Interest Rate 4.25% 4.25% 4.15% 4.50% 21. Amortization Method Actual/360 Actual/360 30/360 30/ Amortization in Years Less: Mortgage Payment $13,528 $14,898 $14,744 $15, CASH FLOW AFTER DEBT SERVICE $15,140 $13,771 $13,925 $13,383
5 Financing for Single Tenant Retail Before & After Tax Return on Equity PROJECTED TAXABLE INCOME Lender #1 Lender #2 Lender #3 Lender #4 NET CASH FLOW BEFORE DEBT SERVICE $344,026 $344,026 $344,026 $344,026 Annual Interest Expense 117, , , ,504 Cost Recovery (Depreciation) 104, , , ,816 TAXABLE INCOME $121,603 $121,933 $126,293 $116,706 CASH FLOW BEFORE & AFTER TAXES Net Operating Income $344,026 $344,026 $344,026 $344,026 Annual Debt Debt Service 162, , , ,425 CASH FLOW BEFORE TAXES $181,686 $165,252 $167,095 $160,601 Tax 30% 36,481 36,580 37,888 35,012 CASH FLOW AFTER TAXES $145,205 $128,672 $129,207 $125,589 RETURN ON EQUITY BEFORE TAX 7.7% 7.0% 7.1% 6.8% AFTER TAX 6.2% 5.5% 5.5% 5.3% DEPRECIATION AND TAX ASSUMPTIONS Estimated Value $5,110,000 Building Value as % of Total Value 80% Depreciation Schedule Apartments 3.636% Commercial Buildings 2.564% Ordinary Income Tax Rate: 30%
6 Lender #1 Amortization Methods - 3 Approaches Loan Amount: $2,750, /360 - interest calculated based on 30 day months Annual Interest Rate: 4.250% 2. Actual/360 - interest based on actual no. of days in the month Effective Interest Rate: 4.309% 3. Interest Only - no amortization of the loan Amortization Method: Actual/360 Amort Period (in Yrs): /01/18 $2,750, $13, $10, $3, $2,746, /01/18 $2,746, $13, $9, $4, $2,742, /01/18 $2,742, $13, $10, $3, $2,738, /01/18 $2,738, $13, $9, $3, $2,734, /01/18 $2,734, $13, $10, $3, $2,731, /01/18 $2,731, $13, $9, $3, $2,727, /01/18 $2,727, $13, $9, $3, $2,723, /01/18 $2,723, $13, $9, $3, $2,720, /01/18 $2,720, $13, $9, $3, $2,716, /01/18 $2,716, $13, $9, $3, $2,712, /01/18 $2,712, $13, $9, $3, $2,708, /01/19 $2,708, $13, $9, $3, $2,705, $162, $117, $44, Lender #2 Loan Amount $2,750,000 Annual Interest Rate: 4.250% Effective Interest Rate: Amortization Method: 4.309% Actual/360 Amort Period (in Yrs) /01/18 $2,750, $14, $10, $4, $2,745, /01/18 $2,745, $14, $9, $5, $2,739, /01/18 $2,739, $14, $10, $4, $2,734, /01/18 $2,734, $14, $9, $5, $2,729, /01/18 $2,729, $14, $9, $4, $2,724, /01/18 $2,724, $14, $9, $5, $2,719, /01/18 $2,719, $14, $9, $4, $2,714, /01/18 $2,714, $14, $9, $4, $2,709, /01/18 $2,709, $14, $9, $5, $2,703, /01/18 $2,703, $14, $9, $5, $2,698, /01/18 $2,698, $14, $9, $5, $2,693, /01/19 $2,693, $14, $9, $5, $2,688, $178, $117, $61,497.31
7 Lender #3 Loan Amount $2,750,000 Annual Interest Rate: 4.150% Effective Interest Rate: Amortization Method: 4.150% 30/360 Amort Period (in Yrs) /01/18 $2,750, $14, $9, $5, $2,744, /01/18 $2,744, $14, $9, $5, $2,739, /01/18 $2,739, $14, $9, $5, $2,734, /01/18 $2,734, $14, $9, $5, $2,728, /01/18 $2,728, $14, $9, $5, $2,723, /01/18 $2,723, $14, $9, $5, $2,718, /01/18 $2,718, $14, $9, $5, $2,712, /01/18 $2,712, $14, $9, $5, $2,707, /01/18 $2,707, $14, $9, $5, $2,702, /01/18 $2,702, $14, $9, $5, $2,696, /01/18 $2,696, $14, $9, $5, $2,691, /01/19 $2,691, $14, $9, $5, $2,685, $176, $112, $64, Lender #4 Loan Amount $2,750,000 Annual Interest Rate: 4.500% Effective Interest Rate: Amortization Method: 4.500% 30/360 Amort Period (in Yrs) /01/18 $2,750, $15, $10, $4, $2,745, /01/18 $2,745, $15, $10, $4, $2,740, /01/18 $2,740, $15, $10, $5, $2,735, /01/18 $2,735, $15, $10, $5, $2,729, /01/18 $2,729, $15, $10, $5, $2,724, /01/18 $2,724, $15, $10, $5, $2,719, /01/18 $2,719, $15, $10, $5, $2,714, /01/18 $2,714, $15, $10, $5, $2,709, /01/18 $2,709, $15, $10, $5, $2,704, /01/18 $2,704, $15, $10, $5, $2,699, /01/18 $2,699, $15, $10, $5, $2,694, /01/19 $2,694, $15, $10, $5, $2,689, $183, $122, $60,921.02
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