Johnson Capital Capabilities 111208
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Johnson Capital Capabilities 111208

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Attached is a power point presentation which reflects our capabilities at Johnson Capital.

Attached is a power point presentation which reflects our capabilities at Johnson Capital.

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Johnson Capital Capabilities 111208 Presentation Transcript

  • 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. Johnson Capital Overview
    • Headquartered in Irvine, California
    • Founded in 1987 by CEO Guy Johnson
    • Specialize in permanent debt, bridge, mezz, and structured financing
      • Transactions ranging from $1 million to over $300 million
      • Over $1 billion in closings so far in 2008
  • 3. Trusted, Valuable Brand
    • One of the largest independently owned, integrated real estate finance companies in the country
    • 17 offices
      • Irvine, CA Los Angeles Dallas
      • Encino, CA San Diego, CA Chicago
      • San Jose, CA Phoenix Washington, DC (Freddie Mac)
      • Denver Salt Lake City (FHA)
      • Little Rock (FHA) Kansas City
      • New York City Norwalk, CT (FHA)
      • Boca Raton San Francisco
  • 4. Business Overview
    • Operates numerous business platforms:
      • Life Insurance Correspondent
      • Multifamily Lending Groups (FHA, Freddie)
      • Johnson Capital Servicing
      • Johnson Capital Express (Small loans)
      • JCR Capital (Mezz, Preferred Equity, special situations)
      • JCSS (Special Servicing)
  • 5. Financing for All Property Types
    • Multifamily
    • Office
    • Retail
    • Industrial
    • Hotels
    • Mixed-Use
    • Manufactured Housing
    • Credit-Tenant Leases
    • Assisted Living/Nursing homes
    • Hospitality
  • 6. Loan Parameters
    • Fixed or floating
    • Min size: $1m.
    • Max size: no max
    • Recourse: historically none except for standard carveouts (for fraud, environmental indemnity, waste). Currently, recourse required more frequently
    • Prepayment Penalty: yes (however some lenders, i.e. Credit Unions are open to prepay)
  • 7. Permanent Financing
    • Five to thirty year term
    • Up to thirty year amortization (multifamily only)
    • Interest only: typically not available today
    • Multifamily: Up to 80% LTV
    • Commercial: up to 65% LTV
  • 8. Permanent Financing Players
    • Agencies – Fannie, Freddie, and FHA
    • Insurance Companies (currently out of the market or only lending 60-65% LTV)
    • Credit Unions
    • Banks
  • 9. Fannie Mae and Freddie Mac Solutions
    • Fixed Rate
    • ARM
    • Early Rate Lock
    • Supplemental mortgages
    • Affordable Housing
    • Bonds & Credit Enhancement
    • Seniors
    • Student Housing
  • 10. Freddie Mac: Early Rate Lock Program Advantages
    • Ability to rate lock prior to receipt of appraisal or other third party reports
    • Rate held for four months with no addl premium
    • Can go forward well beyond four months for property in lease up with approx. 3-5bps/mo. premium
    • Max loan: 80% LTV and 1.25x dscr
  • 11. Life Insurance Companies
    • Strong borrowers with Class A/B properties
    • Portfolio lenders (can be more flexible on terms & predictable in execution)
    • Max LTV: 65%
    • Amortization: max to 20 yrs
  • 12. Life Insurance Companies
    • American Family (out of the market)
    • American Fidelity (quoting)
    • American National (quoting)
    • Babson Capital (formerly Mass Mutual)
    • Country Companies (quoting)
    • Farm Bureau of Michigan (out of the market)
    • John Hancock (quoting)
    • New York Life (quoting)
    • One America (formerly AUL) (quoting)
    • Protective (out of the market)
    • Prudential
  • 13. HUD/FHA
    • FHA insures mortgages originated by HUD lenders
    • FHA 221(d)(4) non recourse construction/perm and substantial rehab program (40 year fully amortizing)
    • FHA 223(f): non recourse acquisition/rehabs and refi’s (35 year fully amortizing)
    • FHA 232 Program: seniors housing
  • 14. 2008 Closings
    • Midwest Nephrology Medical Office Building
    • Independence, MO
    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.
    • Value Place Extended Stay – Wichita West
    • Wichita, KS
    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.
    • Wycliff West Apartments
    • Overland Park, KS
    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.
    • Sunset Village Apartments
    • Pine Bluff, AR
    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.
    • Yarco Office Building
    • Kansas City, MO
    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.
    • Carriage House Apartments
    • Topeka, KS
    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