Please review this loan participation opportunity for your credit union’s consideration. We invite you to call 609.270.0200 with any questions.
The guarantor is self-employed as an owner of multiple companies, concentrated in self-storage entities. He has over 20 years of experience in the self-storage facility industry, having managed over 75 self-storage facilities in the Northeast and Mid-Atlantic regions of the United States and now having personal ownership in 14 self-storage facilities.
| Loan Type | Term Loan |
| Term | 10 Years – 5 years fixed; reset at 3.11% over 5YT for 5-year term |
| Interest Rate to Borrower | Fixed at 6.65% for 5 years (60 months); reset at 5YT +3.11%, floor at 6.65% |
| Pass through – Servicing Fee | 25 bps |
| Interest Rate to Participant | 6.40% |
| Amortization | 24 months interest only, followed by 36 months P&I based on a 25-year (300 months) amortization, reset at the 60th month |
| Combined LTV | 55.30% |
| Risk Rating | 4 – Acceptable Risk |
| Purchase Amount | $9,600,000 |
| Loan Amount | $6,720,000 |
| Total Participation Amount | $3,000,000 |
| Minimum Purchase | $1,000,000 |
| cuBIZloan’s Fee to Buyer | 30 bps for 1 unit or 25 bps if full $3M is purchased |
PLEASE NOTE:
1. All loans are subject to approval.
2. Not all loan types are available to all customers.
