Underwriting Profile

Includes warehouse (single or multi tenant), manufacturing, research and development, flex space, light industrial, heavy industrial, other industrial

*Max. LTV - 75% to 80%
*Max. Amortization - 25 years
*Min. DSCR - 1.20 to 1.25x
*Min. Vacancy reserve - the greater of actual or market vacancy, typically
7% to 10%
*Min. Tenant improvement and leasing commission cost (TI/LC) - the greater
Of actual or $0.25 to $0.35 per square foot
*Min. Replacement reserves - the greater of actual or $0.10 to $0.20 per square foot.
*Capitalization rate - use market=-driven capitalization rate, typically 7% to 11%