Non-conduit eligible loans.
These are guidelines only; terms and structure are customized on a deal-by-deal basis.

Permanent - Long Term Fixed Rate Program

Loan Size $25,000,000 to $300,000,000
Collateral First mortgage on Fee or Leasehold Interest. Properties must be constructed and cash flowing
Interest Rate Fixed or Floating
Term Generally 3 to 10 years
Amortization 25 to 30 year amortization
Minimum Debt Service Coverage 1.10x
Minimum Debt Yield (UNCF) 10% to 13% on stabilized UNCF depending on the market
Loan to Value Up to 75% LTV (80% with mezzanine debt originated by Starwood)
Recourse None, except for standard carve-outs
Prepayment Defeasance or Yield Maintenance
Assumability Generally assumable for 1% fee
Escrows Generally monthly escrows required for real estate taxes and insurance
FF&E Reserve Generally the greater of 5% of Total Income or engineer's recommendation; Near term PIPs also generally escrowed

Bridge Loan Program

Loan Size $25,000,000 to $300,000,000
Collateral First mortgage on Fee or Leasehold Interest. Properties must be constructed and cash flowing
Interest Rate Fixed Rate or Floating
Origination Fees Generally 1%
Exit Fee Generally 1%
Term 3 to 5 years (longer terms available)
Amortization Generally interest only with 25 - 30 year amortization in certain circumstances
Minimum Debt Service Coverage 1.10x (lower DSCR considered with adequate interest reserves at 1.20x)
Min Debt Yield (UNCF) 10.0% to 13.0% on stabilized UNCF (lower debt yields considered for prime markets or trophy assets); 8%-9% on As Is UNCF (Lower debt yields considered depending on mertis of the property, market, franchise, operator and stabilizaton risk)
Loan to Value Up to 75% LTV (80% with mezzanine debt originated by Starwood)
Recourse Determined deal by deal
Prepayment Call protection for term (excluding loan extension period) with prepayment penalty negotiated on a deal by deal basis to greater of 1% or spread maintenance
Assumability Loans are generally not assumable
Escrows Generally monthly escrows required for real estate taxes and insurance
FF&E & Capital Improvement Reserve Generally the greater of 5% of Total Income or engineer's recommendation; Any cost for renovation / PIP also escrowed
Interest Rate Caps Generally required for the initial term of the loan