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The commercial loan must be secured by one of these four major groups - (1) Multifamily; (2) Office; (3) Retail; or (4) Industrial.
The property should be either brand new or in pristine condition.
The property needs to be located in a primary location. A primary location is one of the very best locations in a gateway city in terms of traffic count, accessibility, and affluence of the neighborhood. In other words, a lot of Lexus'es, Mercedes, and BMW's need to be driving by. You will rarely find a life company lending in a city of less than 400,000 residents.
The loan amount must usually exceed $5M. You will occassionally see life companies making commercial real estate loans as small as $3M, but these small deals are usually made on properties leased on a triple net basis to some incredibly strong tenant, like Walgreens, CVS, Rite Aid, or some other national credit tenant. A national credit tenant is a company rated BBB or better by Standard & Poor's.
Life company loans rarely exceed 55% to 58% loan-to-value. They are designed for deals where the buyer is exchanging into the property with an enormous down payment.
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