COMMERCIAL MORTGAGE LOANS
Commercial Mortgage Financing
We specialize in Commercial owner occupied and investment property financing for multifamily, apartment, retail, industrial, office and mixed use properties. We offer purchase and refinance mortgage programs.
Programs and Guidelines
Loan size: $250,000 up to $5 million.
Credit: 680+ credit scores for primary borrower or primary guarantor.
Loan-to-value: Loans up to 80% of property value.
Loan purpose: Rate/term refinance, cash-out refinance or purchase.
Occupancy: Owner Loan types: 6-month adjustable; 5 and 7-year fixed, then adjustable.
Terms: 30-year fully amortizing loans are available on all property types.
Rates: Pricing based on property type, LTV and amortization.
Timing: 48 hours pre-approvals; 30-45 day closings.
Rate locks: Rate locks only apply with specific programs.
Prepayment fees: Varies 5% for 5 years or 5-4-3-2-1 declining. Various options available.
Guarantee: Personal guarantees are mandatory for all eligible borrowers including individuals, corporations, partnerships, LPs, LLCs and certain trusts. We do offer a limited number of non-recourse loans.
Escrows: Tax & Insurance escrows may be required.
Structures containing five or more dwelling units with common area facilities such as entrances, lobby, elevators, stairs, mechanical space, walks or grounds. Units must be rented on a non-transient basis such that tenants consider their unit their permanent residence. Properties that offer weekly or monthly housing would not be considered multifamily properties.
Mixed-use properties must contain at least one commercial unit (retail, office etc.) and at least one residential unit. Common types of mixed-use properties include a ground floor retail or office unit with apartment(s) above, all within the same building. The primary use at the property must be for residential purposes in order for it to be considered tier I mixed-use. The mixed-use property type can be classified in any tier depending on the percentage of the multifamily component and the type of commercial use.
Automotive is a somewhat broad category and encompass a variety of uses that support the automotive segment. Included within this category are auto repair shops, used car lots, quick-lube facilities, tire repair shops, etc. The type and size of building will vary with the use. Many buildings are designed specifically for the auto trade characterized by overhead doors, car lifts and usually a small office area.
Bed & Breakfast:
Bed and Breakfast inns are residential-type buildings designed for transient boarding and are family style in character. B&B inns are usually one structure but some may include an adjacent guest cottage with similar quality amenities as the main unit. Owner operators live on-site, usually within the main building.
Light industrial is characterized by a small size facility where no heavy manufacturing or specialized industrial process takes place. Office space within light industrial ranges from 3% to 25% of the total area. Buildings must include sufficient plumbing and lighting to accommodate personnel. Common uses found in light industrial properties may include: cabinet making, assembly processes, home service industries, etc. Absent from these properties is any type of heavy machinery, welding operations, cranes or hazardous materials.
Mobile Home Park:
Mobile home parks are considered as long as not more than 25% of the total spaces are used for RV. Mobile home parks vary in quality and amenities and all will be considered unless the RV component is too high.
Office buildings are buildings designed for general commercial occupancy and are normally subdivided into smaller units. Office use implies a general business use that does not include retail, manufacturing or warehouse type operations.
Retail buildings are designed for retail sales and display and usually have display or decorative fronts. This retail classification encompasses a wide variety of uses including, but not limited to: markets, convenience stores, drugstores, department stores, big box retailers, barber shops, Laundromats, etc.
Mini-warehouses are warehouses subdivided into a mixture of cubicles of generally small size, designed primarily to be rented for small self- storage or noncommercial storage and may include some office-living space.
Warehouse buildings are designed primarily for storage purposes. An amount of office space included is usually commensurate with the quality of the building but typically ranges from 3% to 12% of the total area. Plumbing and lighting are usually limited due to anticipated light personnel load. The design of the building usually includes a light frame with large open interior areas. Cold storage and transit warehouses (truck terminal) are included in this category.
Hotels with national franchise affiliation are considered flagged Hotels must be in good standing with their affiliated franchise to maintain this tier.
Where the principle structure is designed for manufacturing processes, heavy assembly or involves the use of heavy machinery. It contains an average amount of office space commensurate with the quality of the building and the intended use. Their heavy frames, walls and floors, specialized manufacturing processes and power or utility-service characterize industrial facilities.
Day Care Centers are early childhood, handicapped, adult, and senior care facilities; or developmental centers, such as kindergartens, nurseries or children's preschools. They have light kitchen facilities, activity rooms and multiple restrooms, and are more residential in character than schools.