Commercial.Mortgage: programs, rates and loan sizer

{
  "type": "object",
  "required": [
    "property",
    "purpose",
    "loan_amount"
  ],
  "properties": {
    "noi": {
      "type": "number",
      "maximum": 1000000000,
      "minimum": 1,
      "description": "Annual net operating income in dollars (for DSCR and debt yield)."
    },
    "cost": {
      "type": "number",
      "maximum": 10000000000,
      "minimum": 10000,
      "description": "Total project cost in dollars, for construction (land plus hard and soft costs, for LTC)."
    },
    "limit": {
      "type": "integer",
      "maximum": 27,
      "minimum": 1,
      "description": "How many ranked programs to return (default 6)."
    },
    "units": {
      "type": "integer",
      "maximum": 5000,
      "minimum": 1,
      "description": "Apartment units, for multifamily (5 to 50 units also matches small-balance programs)."
    },
    "value": {
      "type": "number",
      "maximum": 10000000000,
      "minimum": 10000,
      "description": "Property value or purchase price in dollars (for LTV)."
    },
    "credit": {
      "enum": [
        "strong",
        "fair",
        "challenged"
      ],
      "type": "string",
      "description": "Sponsor credit: strong, fair (some blemishes) or challenged (recent bankruptcy, foreclosure or serious late payments). Default strong."
    },
    "purpose": {
      "enum": [
        "purchase",
        "refinance",
        "cash-out",
        "construction",
        "bridge",
        "renovation"
      ],
      "type": "string",
      "description": "purchase, refinance (rate and term), cash-out, construction, bridge (value-add or lease-up), renovation."
    },
    "property": {
      "enum": [
        "multifamily",
        "mixed-use",
        "retail",
        "office",
        "medical-office",
        "industrial",
        "self-storage",
        "manufactured-housing",
        "hotel",
        "senior-housing",
        "student-housing",
        "affordable-housing",
        "special-purpose",
        "land"
      ],
      "type": "string",
      "description": "Property type: multifamily, mixed-use, retail, office, medical-office, industrial, self-storage, manufactured-housing, hotel, senior-housing, student-housing, affordable-housing, special-purpose, land."
    },
    "recourse": {
      "enum": [
        "required",
        "preferred",
        "any"
      ],
      "type": "string",
      "description": "Non-recourse required, preferred, or any. Default any."
    },
    "timeline": {
      "enum": [
        "urgent",
        "soon",
        "normal",
        "flexible"
      ],
      "type": "string",
      "description": "Closing need: urgent (under 30 days), soon (30 to 60), normal (60 to 90), flexible. Default flexible."
    },
    "occupancy": {
      "enum": [
        "stabilized",
        "transitional",
        "vacant"
      ],
      "type": "string",
      "description": "stabilized (leased up, steady income), transitional (lease-up or value-add) or vacant. Default stabilized."
    },
    "loan_amount": {
      "type": "number",
      "maximum": 5000000000,
      "minimum": 10000,
      "description": "Loan wanted, in dollars."
    },
    "ground_lease": {
      "type": "boolean",
      "description": "True if the property sits on a ground lease."
    },
    "credit_tenant": {
      "type": "boolean",
      "description": "True if one creditworthy tenant leases the whole building long term."
    },
    "existing_loan": {
      "enum": [
        "none",
        "agency",
        "fha",
        "other",
        "unknown"
      ],
      "type": "string",
      "description": "For a refinance: the current loan (agency = Fannie Mae or Freddie Mac, fha = FHA-insured). Needed for supplemental and 223(a)(7) loans."
    },
    "owner_occupied": {
      "type": "boolean",
      "description": "True if the borrower's own business occupies the building."
    },
    "existing_balance": {
      "type": "number",
      "maximum": 10000000000,
      "minimum": 1,
      "description": "Balance of the existing first loan, in dollars. Supplemental loans are sized on combined debt, so they need it."
    },
    "existing_payment": {
      "type": "number",
      "maximum": 1000000000,
      "minimum": 1,
      "description": "Monthly payment on the existing first loan, in dollars (for the combined coverage test on a supplemental loan)."
    },
    "multiple_properties": {
      "type": "boolean",
      "description": "True to finance several properties in one loan."
    }
  },
  "additionalProperties": false
}

{
  "type": "object",
  "required": [
    "method",
    "balance"
  ],
  "properties": {
    "method": {
      "enum": [
        "fannie_mae_yield_maintenance",
        "freddie_mac_yield_maintenance",
        "cmbs_yield_maintenance",
        "defeasance",
        "step_down",
        "sba_504"
      ],
      "type": "string",
      "description": "Which prepayment provision the note has."
    },
    "balance": {
      "type": "number",
      "maximum": 5000000000,
      "minimum": 1000,
      "description": "Principal being prepaid (or the debenture balance), in dollars."
    },
    "schedule": {
      "enum": [
        "fannie_5_year",
        "fannie_7_year",
        "fannie_10_year",
        "fannie_15_to_30_year",
        "custom"
      ],
      "type": "string",
      "description": "For step_down: a Fannie Mae declining schedule, or custom with custom_schedule."
    },
    "loan_year": {
      "type": "integer",
      "maximum": 40,
      "minimum": 1,
      "description": "For step_down and sba_504: the loan (or debenture) year of the prepayment, 1 = first year."
    },
    "fixed_costs": {
      "type": "number",
      "maximum": 10000000,
      "minimum": 0,
      "description": "For defeasance: legal, accountant, rating agency and servicer costs in dollars to add (default 0)."
    },
    "note_rate_pct": {
      "type": "number",
      "maximum": 25,
      "minimum": 0.1,
      "description": "Note rate in percent (for sba_504, the debenture rate). Required except for step_down."
    },
    "custom_schedule": {
      "type": "array",
      "items": {
        "type": "number"
      },
      "maxItems": 40,
      "description": "For step_down with schedule custom: percent of balance by loan year, e.g. [5, 4, 3, 2, 1]."
    },
    "debenture_years": {
      "enum": [
        10,
        20,
        25
      ],
      "type": "integer",
      "description": "For sba_504: debenture term in years."
    },
    "months_remaining": {
      "type": "integer",
      "maximum": 480,
      "minimum": 1,
      "description": "Months from the prepayment date to the end of the yield maintenance period (Fannie/Freddie) or to the open date or maturity (CMBS, defeasance)."
    },
    "amortization_years": {
      "type": "integer",
      "maximum": 40,
      "minimum": 0,
      "description": "For CMBS yield maintenance and defeasance: amortization in years; 0 = interest only (default)."
    },
    "treasury_yield_pct": {
      "type": "number",
      "maximum": 20,
      "minimum": -2,
      "description": "Treasury yield to discount at, in percent. Default: today's 5/7/10-year Treasury interpolated to months_remaining."
    }
  },
  "additionalProperties": false
}

{
  "type": "object",
  "required": [
    "property_value",
    "noi"
  ],
  "properties": {
    "noi": {
      "type": "number",
      "maximum": 1000000000,
      "minimum": 1,
      "description": "Annual net operating income in dollars, e.g. 350000."
    },
    "min_dscr": {
      "type": "number",
      "maximum": 5,
      "minimum": 0.5,
      "description": "Override the minimum debt service coverage ratio, e.g. 1.25."
    },
    "lender_type": {
      "enum": [
        "bank",
        "life-company",
        "cmbs",
        "agency",
        "debt-fund"
      ],
      "type": "string",
      "description": "bank, life-company, cmbs, agency (multifamily only) or debt-fund. Omit to compare all five."
    },
    "max_ltv_pct": {
      "type": "number",
      "maximum": 100,
      "minimum": 1,
      "description": "Override the lender type's maximum loan-to-value, in percent."
    },
    "property_value": {
      "type": "number",
      "maximum": 10000000000,
      "minimum": 10000,
      "description": "Property value or purchase price in dollars, e.g. 5000000."
    },
    "requested_loan": {
      "type": "number",
      "maximum": 10000000000,
      "minimum": 1,
      "description": "Optional loan amount you want, in dollars; the answer says whether it fits."
    },
    "interest_rate_pct": {
      "type": "number",
      "maximum": 25,
      "minimum": 0.5,
      "description": "Your note rate in percent, e.g. 6.25. Default: the lender type's index today plus the middle of its published spread range."
    },
    "amortization_years": {
      "type": "integer",
      "maximum": 40,
      "minimum": 0,
      "description": "Amortization in years; 0 means interest only. Default: the lender type's (25 or 30; debt funds 0)."
    },
    "min_debt_yield_pct": {
      "type": "number",
      "maximum": 50,
      "minimum": 0,
      "description": "Override the minimum debt yield in percent; 0 turns the debt-yield test off."
    }
  },
  "additionalProperties": false
}