BOERNER ASSOCIATES, INC.

Boerner Associates, Inc.
Financial Services Division
12007 Rosiers Branch Drive
Herndon, VA 20170-2733
Phones:(703) 437-6785(V)
(703) 437-3875(V/F)
Email to: boernermc@cox.net

COMMERCIAL PROPERTY LOAN BROKERAGE

Competitive Rates, Competitive Terms

Review Our Rate Spreads and Compare Them to Other Offers on Construction, Take-out, Permanent & Refinance Loans

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LOAN TYPES OFFERED

SECURITIZED LOANS
APARTMENT BUILDING LOANS
OFFICE BUILDING/PARK, LIGHT INDUSTRIAL PROPERTY LOANS
MALLS & STRIP CENTER LOANS - ANCHORED
MALLS & STRIP CENTER LOANS - UNANCHORED
FREE STANDING RETAIL PROPERTY LOANS
HOTEL & MOTEL LOANS
OWNER OCCUPIED BUSINESS LOANS
OTHER PROJECT LOANS

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SECURITIZED LOANS

CREDIT TRANSACTIONS WHERE TENANTS HAVE BEEN RATED BY STANDARD & POORS OR MOODY'S AT A RATING OF "BBB" OR BETTER

LOANS $2 TO $85 MILLION

LOAN AMOUNT: $10 to $85 million
TENANT RATING: "AA" and above
TERM OF LOAN: To lease expiration
LEASE: Triple Net
RATE SPREAD: 85 to 125 basis points

LOAN AMOUNT: $5 to $10 million
TENANT RATING: "AA" and above
TERM OF LOAN: To lease expiration
LEASE: Triple Net
RATE SPREAD: 100 to 140 basis points

LOAN AMOUNT: $2 to $5 million
TENANT RATING: "AA" and above
TERM OF LOAN: To lease expiration
LEASE: Triple Net
RATE SPREAD: 125 to 150 basis points

LOAN AMOUNT: $10 to $85 million
TENANT RATING: "A"
TERM OF LOAN: To lease expiration
LEASE: Triple Net
RATE SPREAD: 125 to 140 basis points

LOAN AMOUNT: $5 to $10 million
TENANT RATING: "A"
TERM OF LOAN: To lease expiration
LEASE: Triple Net
RATE SPREAD: 140 to 160 basis points

LOAN AMOUNT: $2 to $5 million
TENANT RATING: "A"
TERM OF LOAN: To lease expiration
LEASE: Triple Net
RATE SPREAD: 150 to 165 basis points

If you have a loan proposal that involves a credit tenant as the lessee, you will need to keep in mind that the lease and the expiration is a key factor, since the loan can only be securitized if the lease term is sufficient to amortize the loan for a full pay out over the lease term.

Another important factor is the lease itself. If it is not "NNN", there must be stops that limit the lessors expenses.

If a loan can not be securitized due to a short term remaining on a lease, it will be treated as a brick & mortar transaction.

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APARTMENT BUILDING LOANS
Minimum loan amount: $500,000

Age: 10 years or less
Term: 5-7-10 or 15 years
Amortization: up to 30 years
LTV: up to 80%
Interest Rate: 175 to 200 basis points over the treasury that relates to the term of the loan.

Age: 10 to 15 years
Term: 5-7-10 or 15 years
Amortization: up to 25 years
LTV: up to 80%
Interest Rate: 200 to 225 basis points over the treasury that relates to the term of the loan.

Apartments that are 15 years and older will often be considered as "B" paper and the rate spreads, depending on the actual age of the property, location, and condition, will vary considerably.

Age: 15 years and older
Term: 5 to 10 years
Amortization: 20 to 25 years
LTV: 70% to 75%
Interest Rate: Will vary from 225 to 350 basis points over the treasury that relates to the term of the loan.

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OFFICE BUILDING, OFFICE PARK, &
LIGHT INDUSTRIAL PROPERTY LOANS
Minimum loan amount: $1,000,000

Age: 10 years or less
Term: 5-7 or 10 years
Amortization: up to 25 years
LTV: up to 75%
Interest Rate: 175 to 225 basis points over the treasury that relates to the term of the loan.

Age: 10 to 15 years
Term: 5-7 or 10 years
Amortization: 20 to 25 years
LTV: 70% to 75%
Interest Rate: 225 to 250 basis points over the treasury that relates to the term of the loan.

Age: 15 years and older
Term: 5 to 7 years
Amortization: 15 to 20 years
LTV: 65% to 70%
Interest Rate: Will vary from 250 to 400 basis points over the treasury that relates to the term of the loan. Un-less the property was construct-ed as a class "A" building. The spread on an older project will probably range from 300 to 400 basis points.

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MALLS & STRIP CENTER LOANS - ANCHORED
Minimum Loan Amount: $1,000,000

Age: 10 years or less
Term: 5-7-10 or 15 years
Amortization: up to 30 years
LTV: up to 85%
Interest Rate: 165 to 200 basis points over the treasury that relates to the term of the loan. Leases on anchor tenants must be long term, preferably with 12 to 20 years remaining if a client is seeking to refinance. To acquire an aggressive rate as low as 165 basis points over a treasury, the loan amount can not be less than $5,000,000

Age: 10 to 15 years
Term: 5-7 or 10 years
Amortization: 25 to 30 years
LTV: 75% to 80%
Interest Rate: 200 to 225 basis points over the treasury that relates to the term of the loan.

Age: 15 years and older
Term: 5 to 15 years
Amortization: 20 to 25 years
LTV: 75% to 80%
Interest Rate: Will vary from 225 to 350 basis points over the treasury that relates to the term of the loan. The spread will depend greatly on property condition, tenants, and lease terms.

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MALLS & STRIP CENTER LOANS - UNANCHORED
Minimum loan amount: $1,000,000

Age: 10 years or less
Term: 5 to 7 years
Amortization: up to 25 years
LTV: up to 75%
Interest Rate: 200 to 225 basis points over the treasury that relates to the term of the loan.

Age: 10 to 15 years
Term: 5 to 7 years
Amortization: 15 to 20 years
LTV: 65% to 75%
Interest Rate: 225 to 275 basis points over the treasury that relates to the term of the loan.

Age: 15 years and older
Term: 5 to 7 years
Amortization: 20 to 25 years
LTV: 65% to 70%
Interest Rate: May vary from 250 to 400 basis points over the treasury that relates to the term of the loan. The actual rate will depend greatly on the age, loan amount, location, and condition of the property.

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FREE STANDING RETAIL PROPERTY LOANS
Minimum loan amount: $2,000,000

Age: 10 years or less
Term: 5-7-10 or 15 years
Amortization: up to 30 years
LTV: up to 85%
Interest Rate: 165 to 225 basis points over the treasury that relates to the term of the loan. Leases on anchor tenants must be long term, preferably with 12 to 20 years remaining if a client is seeking to refinance. To acquire an aggressive rate as low as 165 basis points over a treasury, the loan amount can not be less than $2,000,000

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HOTEL & MOTEL LOANS
Minimum loan amount: $1,000,000

Age: no limits
Term: 5-7 or 10 years
Amortization: up to 20 years
LTV: up to 75%
Interest Rate: 350 to 400 basis points over the treasury that relates to the term of the loan. Properties should be well located, preferably near a major airport or in a metropolitan area.

NOTE: Non-franchised units must be owner occupied and managed.

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OWNER OCCUPIED BUSINESS LOANS
PROPERTY MUST BE AT LEAST
50% OWNER OCCUPIED
Minimum loan amount: $500,000

Age: no limits
Term: 5-7 or 10 years
Amortization: up to 20 years
LTV: up to 75%
Interest Rate: 200 to 300 basis points over the treasury that relates to the term of the loan. Pricing is much more aggressive with depository relationships.

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OTHER PROJECT LOANS
The projects, rates, and terms listed cover 90% of the successful project loan requests submitted by borrowers. If you have a project that we have not listed, call us for quotes, giving us as much information about the project as possible.

This information should include:

PRELIMINARY DATA REQUIREMENTS
1. project age
2. project type
3. location
4. balance owed on present note
5. gross income (from P&L or ProForma)
6. net operating income before debt service and expenses
7. purchase price (if an acquisition) and the loan amount
8. borrowers net worth and liquidity

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