Sierra Capital Partners :: Fixed Rate Financing

Fixed-Rate Program

Sierra Capital offers Fixed-Rate programs with terms between 5 and 30 years. Borrowers recognize competitive pricing as well as flexible prepayment structures which can be tailored to meet each Borrowers specific needs. Additionally, Borrowers can lock their interest rate up to 11 months in advance of the funding date (see Early Rate Lock and Extended Rate Lock Options).

Guidelines for Fixed Rate Program

Eligible Loans:

Refinance, acquisition and moderate rehabilitation financing of garden, mid-rise and high-rise apartments

Loan Amounts:

$5 million +

Maximum LTV:

Amortizing:	80% for terms > 7 yrs 75% for terms < 7 yrs
Full Term IO:	< 70%
Partial IO:	80% for 7 to 15 yr terms With up to 2 yrs IO 75% for terms > 10 yrsWith up to 5 yrs IO

Minimum DCR:

Acquisition
Amortizing:	1.20x (1.15x case-bycase)
Full Term IO:	1.50x IO
Partial IO:	1.20x
Refinance
Amortizing:	1.25x for terms < 7 yrs 1.20x for terms > 7 yrs
Full Term IO:	1.50x IO
Partial IO:	1.25x for terms < 7 yrs 1.20x for terms > 7 yrs

Interest Rate:

Risk based pricing

Standard Loan Term:

5, 7, 10, 15, 20, 25 or 30 years

Maximum Amortization Period:

30 years
(fully amortized loans are available)

Prepayment Provisions:

Prepayable in full subject to the greater of yield maintenance or 1%

Recourse Requirements:

Non-recourse except for standard carve-out provisions

Minimum Occupancy:

90% for 90 days prior to loan closing

Third Party Reports:

Required for appraisal, environmental report and engineering report

Replacement Reserves:

Generally required

Tax and Insurance Impounds:

Generally Required

Assumability:

Assumptions/Transfers allowed during life of loan with Lender approval and upon payment of a 1% transaction fee

Origination Fee:

Transaction Specific

Early Rate-Lock
Delivery Option:

Available