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This loan is designed for the acquisition or refinance of Commercial Property, most property types are accepted. These loans are asset based and NOT credit score driven. Typical closing times are from 3 to 6 weeks depending on the speed at which the borrower responds to documentation request and the speed at which the appraiser returns full appraisal on the property.
Most of the fees involved in this loan are rolled into the loan with the exception of the Broker Fee and the local appraisal fee, these fees are paid with the application and the broker fee is refundable should the loan not close. When the Letter of Intent is issued it will detail all the terms of the loan and include the closing date. Meet the conditions and the loan closes shortly after.
Property Types: All types of Commercial and Multi Family 5+ units
Closing Time: 3 to 6 weeks or less
Term: up to 36 Months to 25 Years
Rate: 9.5% to 15%
Down Payment: Seller 2nd O.K. – Down Payment Amount Varies
Reserves: 10% of loan amount, plus 6 months payments
Payment Type: Interest Only & Fully Amortorized Options Available
Pre-Payment Penalty: None
Lender Points: 4 to 8
Total LTV: up to 65% - 100%
Loan Minimum: $65,000 to 10,000,000
Credit Score: Not Score Driven
Document Type: Varies
Title Vesting: Personal or Corporate
Credit Reporting: Defaulted Accounts Only Reported
LTV Includes: Purchase Price, & Closing Costs
Area of Lending: Nationwide
Processing Fee: Varies with project, paid with application
Appraisal Fee: $495 to $1200 (Paid Directly to Appraisal)
Property Inspection, Doc Prep, Processing & Application Fee $1,845 (rolled into loan)
Other Commercial products are also available. Please contact us via email for specific terms and rates. Commercial Rates are subject to change frequently so the terms are given on a case by case basis. Refinance and Commercial purchase loans are available from 6.5% Annual Interest and up.