You name it! Apartments, Office Buildings, Mobile Home Parks, Construction, Restaurants, Retail, Strip Centers, Gas Stations, Automotive Repair Shops, etc.
$300,000 - $1,000,000,000. Some exceptions for smaller or larger loans can be made.
Loan Terms:
Permanent Loans: 3yr, 5yr, 7yr, 10yr, 15yr, 20yr, 25yr, and 30yr, depending on property type Bridge Loans: 1 - 5 years Construction Loans: 12 months - 36 months, with possible extensions
Amortization:
15 - 30 years, depending on property type and debt service coverage requirements. Most Bridge Loans are Interest Only.
Debt Service:
Some programs underwrite as low as 1.00x for coverage!
Every project and client stands on its own merit. There are factors that will affect the costs and the rates such as credit history, experience, and location of the project.
Use of Funds:
Purchase, Refinance, Development, Renovations, Partner Buy-Out, etc.
Assumability:
Some loans are assumable with 1% fee for qualified buyers.
Recourse:
Recourse and Non-Recourse available, depending on loan product. Non-Recourse has standard carve-outs.
Items needed to get started on your loan:
Narrative Summary Form*
Application*
Credit Report
Current Personal Financial Statement
Current Business Financial Statement
Borrower Resume
Color Photos - inside, outside & area
If applicable:
Construction Cost Breakdown
Rent Roll
Purchase Contract
Statements to support down payment
Site Plans/Floor Plans
Lien Holder/Pay Off Information
Regional Maps for project location
Existing 3rd Party Reports: Appraisal, Environmental, Engineering, ALTA Survey, etc.
