Our asset criteria and lending guidelines
As a life insurance lender ManhattanLife looks for the commercial property to be self-sufficient in its ability to generate rental income and cover its own operating expenses. Therefore, our originators seek stabilized, high-quality assets with good credit tenants on long-term leases. We focus on projects that need permanent debt financing between $1MM and $15MM, with the average loan size around $5MM.
Below are our guidelines for permanent financing or refinancing of your commercial real estate assets.
| Property Types | Office Medical Office Retail Light Industrial/Warehouses Non-Conforming Residential Multi-family Specialty Purpose *No Construction |
| Location | Nationwide with a focus on metropolitan statistical areas of 250,000 or more with good, long-term growth |
| Personal Liability | Recourse and Non-Recourse options available |
| Rates | Competitive fixed rate life insurance options |
| Loan Size | $1 million to $15 million. Will go below $1 million minimum on non-conforming Texas residential. |
| Term | 5, 7, and 10 year terms with 25 and 30 year amortization options |
| Loan-to-Value Ratio | Up to 75% LTV based on underwritten value |
| Debt Service Coverage Ratio (DSCR) | 1.25x in place DSCR based on trailing 12 months |
| Escrows | No escrows for taxes or insurance |
| Prepayment penalty | Yes, typically 4%, 4%, 3%, 2%, 1% years 1-5 and then open at par after year 5 of the loan term |
| Fees | Up to one-half (1/2) percent lender origination fee paid at closing. No application fees. $15K - $20K Third party deposit required with signed LOI. Borrower pays Lender legal fee |
| Third Party Reports | Appraisal, Phase I ESA, Survey, and Title Commitment required. Lender orders the appraisal. The Phase I may be ordered by Borrower or Lender will accept previous Phase I report with Reliance Letter at Lender's discretion |
| Loan Servicing | All loans are serviced by ManhattanLife |
| Closing | Efficient closing process with a typical timeline of 30-45 days. |
PLEASE SUBMIT LOAN PACKAGES AND QUESTIONS TO:
Tim Bennett
Commercial Real Estate Loan Analyst
10777 Northwest Freeway, Houston, TX 77092
(713) 821-6584 phone
TimBennett@ManhattanLife.com