COMMERCIAL MORTGAGE
LENDING FOR SPECIAL PURPOSE PROPERTIES
Commercial
Mortgage Lending Can Be Applied To The Following Types
of Properties:
Congregate care facilities, Golf courses, Religious
buildings, Marinas, Butler/Steel Buildings.
Loan Type for Commercial Mortgage
Lending:
Balloon mortgages with a 5, 7, 10-year terms
Amortization:
Up to 25 years
Preferred
Loan Size:
$2,000,000 or larger
Maximum Loan for Commercial
Mortgage Lending:
Amount equal to the lessor of:
- 65% -75%* of the appraised value
- 1.40 - 1.60* debt service coverage
*Depending on age and condition of property
Commercial Morgage Lending
Interest Rates:
Determined by market rates at the time of rate lock.
Rates vary by loan-to-value ratio, debt service coverage
and property quality.
Personal
Recourse:
Full-recourse for portfolio and private money loans
Pre-payment:
Varies (from none; to yield-maintenance or defeasance)
Closing Expenses for Commercial
Mortgage Lending:
Standard transaction costs
Preliminary Submission Package:
- Property description
- Color photographs
- Current rent-roll
- Year-to-date income statement
- Prior years income statement
For more information about our Commercial Mortgage Lending program,
contact us today!
|
|
