Real Estate  Mortgage Banking Thomas M. Cohen Principal Johnson Capital Of Kansas 7201 129 th  Street, Suite 110 Overland ...
Johnson Capital Overview <ul><li>Headquartered in Irvine, California </li></ul><ul><li>Founded in 1987 by CEO Guy Johnson ...
Trusted, Valuable Brand <ul><li>One of the largest independently owned, integrated real estate finance companies in the co...
Business Overview <ul><li>Operates numerous business platforms: </li></ul><ul><ul><li>Life Insurance Correspondent </li></...
Financing for All Property Types <ul><li>Multifamily </li></ul><ul><li>Office </li></ul><ul><li>Retail </li></ul><ul><li>I...
Loan Parameters <ul><li>Fixed or floating </li></ul><ul><li>Min size: $1m.  </li></ul><ul><li>Max size: no max </li></ul><...
Permanent Financing <ul><li>Five to thirty year term </li></ul><ul><li>Up to thirty year amortization (multifamily only) <...
Permanent Financing Players <ul><li>Agencies – Fannie, Freddie, and FHA </li></ul><ul><li>Insurance Companies (currently o...
Fannie Mae and  Freddie Mac Solutions <ul><li>Fixed Rate </li></ul><ul><li>ARM </li></ul><ul><li>Early Rate Lock </li></ul...
Freddie Mac: Early Rate Lock Program Advantages <ul><li>Ability to rate lock prior to receipt of appraisal or other third ...
Life Insurance Companies <ul><li>Strong borrowers with Class A/B properties </li></ul><ul><li>Portfolio lenders (can be mo...
Life Insurance Companies <ul><li>American Family  (out of the market) </li></ul><ul><li>American Fidelity (quoting) </li><...
HUD/FHA <ul><li>FHA insures mortgages originated by HUD lenders  </li></ul><ul><li>FHA 221(d)(4) non recourse construction...
2008 Closings <ul><li>Midwest Nephrology Medical Office Building </li></ul><ul><li>Independence, MO </li></ul>Description:...
<ul><li>Value Place Extended Stay – Wichita West </li></ul><ul><li>Wichita, KS </li></ul>Description:  121 Units, 43,403sf...
<ul><li>Wycliff West Apartments </li></ul><ul><li>Overland Park, KS </li></ul>Description:  150 Units, built in 1971 Loan ...
<ul><li>Sunset Village Apartments </li></ul><ul><li>Pine Bluff, AR </li></ul>Description:  144 Units, built in 1971 Loan A...
<ul><li>Yarco Office Building </li></ul><ul><li>Kansas City, MO </li></ul>Description:  25,250sf,  Single Tenant Loan Amou...
<ul><li>Carriage House Apartments </li></ul><ul><li>Topeka, KS </li></ul>Description:  282 Units, built in 1969 Loan Amoun...
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Johnson Capital Capabilities 111208

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Johnson Capital Capabilities 111208

  1. 1. Real Estate Mortgage Banking Thomas M. Cohen Principal Johnson Capital Of Kansas 7201 129 th Street, Suite 110 Overland Park, KS. 66213 (o) 913-685-9200 (f) 913-685-9213 (c) 913-226-1001 Email: [email_address] www.johnsoncapital.com
  2. 2. Johnson Capital Overview <ul><li>Headquartered in Irvine, California </li></ul><ul><li>Founded in 1987 by CEO Guy Johnson </li></ul><ul><li>Specialize in permanent debt, bridge, mezz, and structured financing </li></ul><ul><ul><li>Transactions ranging from $1 million to over $300 million </li></ul></ul><ul><ul><li>Over $1 billion in closings so far in 2008 </li></ul></ul>
  3. 3. Trusted, Valuable Brand <ul><li>One of the largest independently owned, integrated real estate finance companies in the country </li></ul><ul><li>17 offices </li></ul><ul><ul><li>Irvine, CA Los Angeles Dallas </li></ul></ul><ul><ul><li>Encino, CA San Diego, CA Chicago </li></ul></ul><ul><ul><li>San Jose, CA Phoenix Washington, DC (Freddie Mac) </li></ul></ul><ul><ul><li>Denver Salt Lake City (FHA) </li></ul></ul><ul><ul><li>Little Rock (FHA) Kansas City </li></ul></ul><ul><ul><li>New York City Norwalk, CT (FHA) </li></ul></ul><ul><ul><li>Boca Raton San Francisco </li></ul></ul>
  4. 4. Business Overview <ul><li>Operates numerous business platforms: </li></ul><ul><ul><li>Life Insurance Correspondent </li></ul></ul><ul><ul><li>Multifamily Lending Groups (FHA, Freddie) </li></ul></ul><ul><ul><li>Johnson Capital Servicing </li></ul></ul><ul><ul><li>Johnson Capital Express (Small loans) </li></ul></ul><ul><ul><li>JCR Capital (Mezz, Preferred Equity, special situations) </li></ul></ul><ul><ul><li>JCSS (Special Servicing) </li></ul></ul>
  5. 5. Financing for All Property Types <ul><li>Multifamily </li></ul><ul><li>Office </li></ul><ul><li>Retail </li></ul><ul><li>Industrial </li></ul><ul><li>Hotels </li></ul><ul><li>Mixed-Use </li></ul><ul><li>Manufactured Housing </li></ul><ul><li>Credit-Tenant Leases </li></ul><ul><li>Assisted Living/Nursing homes </li></ul><ul><li>Hospitality </li></ul>
  6. 6. Loan Parameters <ul><li>Fixed or floating </li></ul><ul><li>Min size: $1m. </li></ul><ul><li>Max size: no max </li></ul><ul><li>Recourse: historically none except for standard carveouts (for fraud, environmental indemnity, waste). Currently, recourse required more frequently </li></ul><ul><li>Prepayment Penalty: yes (however some lenders, i.e. Credit Unions are open to prepay) </li></ul>
  7. 7. Permanent Financing <ul><li>Five to thirty year term </li></ul><ul><li>Up to thirty year amortization (multifamily only) </li></ul><ul><li>Interest only: typically not available today </li></ul><ul><li>Multifamily: Up to 80% LTV </li></ul><ul><li>Commercial: up to 65% LTV </li></ul>
  8. 8. Permanent Financing Players <ul><li>Agencies – Fannie, Freddie, and FHA </li></ul><ul><li>Insurance Companies (currently out of the market or only lending 60-65% LTV) </li></ul><ul><li>Credit Unions </li></ul><ul><li>Banks </li></ul>
  9. 9. Fannie Mae and Freddie Mac Solutions <ul><li>Fixed Rate </li></ul><ul><li>ARM </li></ul><ul><li>Early Rate Lock </li></ul><ul><li>Supplemental mortgages </li></ul><ul><li>Affordable Housing </li></ul><ul><li>Bonds & Credit Enhancement </li></ul><ul><li>Seniors </li></ul><ul><li>Student Housing </li></ul>
  10. 10. Freddie Mac: Early Rate Lock Program Advantages <ul><li>Ability to rate lock prior to receipt of appraisal or other third party reports </li></ul><ul><li>Rate held for four months with no addl premium </li></ul><ul><li>Can go forward well beyond four months for property in lease up with approx. 3-5bps/mo. premium </li></ul><ul><li>Max loan: 80% LTV and 1.25x dscr </li></ul>
  11. 11. Life Insurance Companies <ul><li>Strong borrowers with Class A/B properties </li></ul><ul><li>Portfolio lenders (can be more flexible on terms & predictable in execution) </li></ul><ul><li>Max LTV: 65% </li></ul><ul><li>Amortization: max to 20 yrs </li></ul>
  12. 12. Life Insurance Companies <ul><li>American Family (out of the market) </li></ul><ul><li>American Fidelity (quoting) </li></ul><ul><li>American National (quoting) </li></ul><ul><li>Babson Capital (formerly Mass Mutual) </li></ul><ul><li>Country Companies (quoting) </li></ul><ul><li>Farm Bureau of Michigan (out of the market) </li></ul><ul><li>John Hancock (quoting) </li></ul><ul><li>New York Life (quoting) </li></ul><ul><li>One America (formerly AUL) (quoting) </li></ul><ul><li>Protective (out of the market) </li></ul><ul><li>Prudential </li></ul>
  13. 13. HUD/FHA <ul><li>FHA insures mortgages originated by HUD lenders </li></ul><ul><li>FHA 221(d)(4) non recourse construction/perm and substantial rehab program (40 year fully amortizing) </li></ul><ul><li>FHA 223(f): non recourse acquisition/rehabs and refi’s (35 year fully amortizing) </li></ul><ul><li>FHA 232 Program: seniors housing </li></ul>
  14. 14. 2008 Closings <ul><li>Midwest Nephrology Medical Office Building </li></ul><ul><li>Independence, MO </li></ul>Description: 12,558sf, built in 2007, 2 tenants Loan Amount: $2,300,000 Term: 10 Years Amortization: 25 Years Rate: 6.00% Lender: Country Life Recourse: None Closed: January, 2008 Comments: High $/sf mitigated by strong tenants and sponsor 75% LTV 70% occupied by Fresenius Medical (BB by S&P) 10 year leases
  15. 15. <ul><li>Value Place Extended Stay – Wichita West </li></ul><ul><li>Wichita, KS </li></ul>Description: 121 Units, 43,403sf, built in 2006 Loan Amount: $4,200,000 Term: 5 Years Amortization: 25 Years Rate: 6.75% Lender: Business Partners (Credit Union) Recourse: Yes – Full Recourse Closed: February, 2008 Comments: Represents one of a total of 5 Value Place loans closed with the franchisor. No pre-payment penalty
  16. 16. <ul><li>Wycliff West Apartments </li></ul><ul><li>Overland Park, KS </li></ul>Description: 150 Units, built in 1971 Loan Amount: $5,250,000 Term: 10 Years Amortization: 30 Years Rate: 5.88% Lender: Freddie Mac Recourse: None Closed: August, 2008 Comments: Early rate locked in 5/08 – closed 8/08 Monthly replacement reserves - deferred Strong Management Company & sponsor 64% LTV
  17. 17. <ul><li>Sunset Village Apartments </li></ul><ul><li>Pine Bluff, AR </li></ul>Description: 144 Units, built in 1971 Loan Amount: $2,744,000 Term: 7 Years Amortization: 30 Years Rate: 6.18% Lender: FNMA Recourse: None Closed: June, 2008 Comments: Repeat FNMA borrower Acquisition Strong Management Company & sponsor 82% LTTP / 80% LTV
  18. 18. <ul><li>Yarco Office Building </li></ul><ul><li>Kansas City, MO </li></ul>Description: 25,250sf, Single Tenant Loan Amount: $1,900,000 Term: 10 Years Amortization: 25 Years Rate: 6.38% Lender: Protective Life Recourse: Yes – Full Recourse Closed: July, 2008 Comments: owner occupied No lease was required. Subject was newly renovated Rate locked at application
  19. 19. <ul><li>Carriage House Apartments </li></ul><ul><li>Topeka, KS </li></ul>Description: 282 Units, built in 1969 Loan Amount: $4,600,000 Term: 7 Years Amortization: 30 Years Rate: 6.23% Lender: FNMA Recourse: None Closed: July, 2008 Comments: Repeat FNMA sponsor Acquisition 80% LTPP / LTV

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