Life Insurance Company (Life Co)
Insurance companies that invest policyholder premiums in commercial real estate loans. Life companies are known for offering the most competitive rates on high-quality, stabilized assets with conservative leverage (55-65% LTV). They focus on relationship lending with sophisticated borrowers and offer long-term fixed-rate loans up to 30 years with non-recourse execution.
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Related Terms
Permanent Financing
Long-term debt (5-30 years) secured by stabilized commercial real estate, underwritten primarily on current cash flow. Permanent loans offer lower rates than transitional financing and are available from life companies, banks, agencies, and CMBS lenders. They are the typical "take-out" financing after construction or bridge loans.
Non-Recourse
A loan structure where the lender's remedies in case of default are limited to the collateral property, and the borrower has no personal liability for any deficiency. Non-recourse loans are standard for CMBS, life company, and agency lending. They typically include "bad boy" carve-outs that make the loan recourse for fraud, misrepresentation, or environmental issues.
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