LOAN AMOUNT: Minimum $1,000,000.   LOAN TERM: Tied to lease term.   AMORTIZATION: 10-20 years depending on the cash flow, location of the property and quality of the construction. ELIGIBLE PROPERTIES: Minimum B2 rated tenant.   BORROWER: Single asset, single purpose entity.   ASSUMPTION: Multiple transfer permitted; 1% fee.   RECOURSE: Non-recourse.   ORIGINATION FEE: Typically 1%.   REPORTS: Require appraisal, structural engineering and environmental reports.   ASSUMABILITY: Assumable, subject to approval and applicable fees.   LOAN TO VALUE: 100% for Investment Grade if the loan term is the same as the lease term. 85% loan to value when the amortization is longer than the lease term.   DEBT COVERAGE RATIO: 1.03x’s for AAA and 1.10- 1.15x’s for B Tenants.   PRICING: Based on Credit Quality of Tenant and strength of the lease. Rates are lower when the lease term matches the loan term. Rates generally are 25 basis points higher when either the amortization is extended beyond the lease term or if the market and quality of the construction is average.   RESERVES: 1.25x of deferred maintenance. Insurance/Tax reserves required. FORWARD COMMITMENT: Can secure a 6-month forward commitment for a one time 7% fee. (Exa. $1,000,000 x.007 = $7,000). UNDERWRITING: For projects where the lease and loan term are not the same, the lender will not loan more than 90% of the original construction cost. In arriving at the cost, the builder’s profit is deducted from the formula.