Eligible Properties:
National Franchise, full and limited service hotel properties. Upscale, full service boutique hotels in strategic locations.

Eligible Property Locations:
Nationwide, but prefer Tier 1 Markets with CBD or airport locations; Suburban locations should demonstrate strong demand and ability to compete at market rates. Require solid market strength as is determined by, among other factors, RevPar trends, ADR comps, occupancy/breakeven and trends in population and employment.

Loan Types:
Acquisition, Refinance, Reposition, Construction, Take-out.Will also consider equity or mezzanine debt pieces on a case by case basis.

Loan Size:
$2 Million and up for long term debt, $3 Million and up for mezzanine loans and equity financing, $5 Million and up for bridge, $10 Million and up for construction.

Debt Service Coverage:
1.35 x minimum on senior CMBS debt. No DSCR’s may apply on subordinated, structured or development transactions.

Loan-to-Value Ratio:
Up to 75% LTV for first position debt, up to 95% LTV with mezzanine piece. Construction and bridge debt up to 90 % LTC, equity up to 95% LTC.

Loan Term:
Long term debt 5, 7 or 10 years, short term debt and equity financing 12-36 months, extensions available.

Amortization:
30 years or less depending on property specifics.

Recourse:
Construction Loans are typically full recourse for completion guarantee. Permanent financing is typically non-recourse subject to standard carve-outs.

Fees:
(Fee Schedule)

Origination Fees:
Origination Fees will vary based upon the transaction. Bel Air Capital will typically risk adjust its pricing based upon loan term, leverage, sponsorship suitability and other underwriting considerations.

Third Party Fees:
An appraisal, survey, seismic/engineering and environmental report are required. Existing reports may be acceptable, however will require lender approval. PSC may request updated reports if reports presented are dated.

Anchored / Unanchored :
Allowable anchors include supermarket-drug stores, discount department stores, dry goods, retail and home improvement stores. Financially healthy national, regional or local chains are acceptable. Anchor tenant leases should have at least five years remaining on their leases, as of the date of closing. Anchors should exhibit strong sales histories.

Unanchored centers should have a complimentary tenant mix. Stores in unanchored centers must have strong, stable sales histories. Not more than 25% of the leases should expire in any single year. Credit tenants with base lease terms exceeding five years beyond the final term loan typically will receive most favorable underwriting.

Submission Requirements:
(Schedule) Property and Ownership Description to include Resume, Net Worth and Experience of Key Principals.

Property Profit and Loss Statements for last 2 years and month by month for past 12 months.

If the property is a non-flagged property information on the management company.

Most current appraisal and market study.