You are considering an investment in a small medical office building in Hackensack, NJ. The asking price for the building is $3.5M and a local commercial bank has offered to provide financing in the form of a 5-year mortgage with a 30 year amortization period. The interest rate on the mortgage is 6% and payments are made on an annual basis. The lender requires that the debt-coverage-ratio (DCR) for the loan be at least 1.25. If you estimate NOI in your first year of ownership to be $200,000, what is the largest amount you can borrow based on the constraint imposed by the DCR & corresponding loan-to-value (LTV) ratio.

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