We make slightly scratched and dented commercial loans....
Is your client's commercial property partially vacant? Do you need a lender who will allow the seller to carry back a second mortgage? Does your client have a balloon payment coming due on his commercial property? Has your bank offered him a discounted pay-off? Does your borrower have less-than-stellar credit?
Our new product is a blanket loan against a portfolio of rental homes. Rental homes? Yes, as long as there are at least five homes or units, we consider this to be a commercial loan. We even offer a partial release clause. This loan is ideal for speculators.
Loan Types for the USA: http://budurl.com/CommercialLoansUSA
Permanent first mortgage loans
Bridge loans in a first mortgage position
Land loans
Sorry, no construction loans
Minimum Loan
$100,000
Maximum Loan
$1,500,000 (maybe up to $2,500,000)
Acceptable Properties
All standing commercial properties, plus land loans, including:
Multifamily
Office
Retail buildings
Strip centers
Shopping centers
Industrial buildings
Warehouses
Mixed use buildings
Self storage
Hotels
Motels
Assisted living
Residential care homes
Day care facilities
Gentlemen's clubs
Lending Area
Nationwide (Crime rate of the neighborhood must not exceed 125% of the national average)
Amortization - http://budurl.com/CommercialLoansUSA
If the property is less than 50 years old: 30 years
If the property is older than 50 years: 25 to 15 years
Loan Term
1 to 15 years, most typically 3 years to 5 years
Points
2.5 points to 6 points, usually 3.5 points
Prepayment Penalty
Usually none
Application Fees / Upfront Fees
None
Loan-to-Value Ratio
Purchase money loans: 70%
Refinances: 65%
Land loans: 25% to 50% (usually 40%)
Interest Rate
7.9% to 9.9% in California
10.9% to 13.9% outside of California
Every one of our hard money commercial loans is individually-priced based on the risk, the desirability of the property, and the size of the loan (larger loans are more expensive).
How to Guesstimate Your Likely Interest Rate - http://budurl.com/CommercialLoansUSA
California base rate: 8.9%
Outside-of-California base rate: 11.9%
Start with the base rate for your state and then add or subtract the following.
Subtract 1% if the property is less than 30 years old
Add 1% if the property is 50+ years old
Subtract 1% if the loan-to-value ratio is less than 45%
Add 1% if the loan-to-value ratio exceeds 55%
Subtract 1% if the loan is smaller than $400,000
Add 1% if the loan is larger than $700,000 but smaller than $1MM
Add 2% if the loan is larger than $1MM
Subtract 1% for very attractive properties
Add 2% for properties less-than-average in appearance
Subtract 1% for purchase money loans
Subtract 1% for credit scores of 700+
Add 1% for credit scores between 550 and 630
Add 2% for credit scores below 550
Add 2% to 4% for land loans
Where? http://budurl.com/CommercialLoansUSA
Loan Types for the USA: http://budurl.com/CommercialLoansUSA
Permanent first mortgage loans
Bridge loans in a first mortgage position
Land loans
Sorry, no construction loans
Minimum Loan
$100,000
Maximum Loan
$1,500,000 (maybe up to $2,500,000)
Acceptable Properties
All standing commercial properties, plus land loans, including:
Multifamily
Office
Retail buildings
Strip centers
Shopping centers
Industrial buildings
Warehouses
Mixed use buildings
Self storage
Hotels
Motels
Assisted living
Residential care homes
Day care facilities
Gentlemen's clubs
Lending Area
Nationwide (Crime rate of the neighborhood must not exceed 125% of the national average)
Amortization - http://budurl.com/CommercialLoansUSA
If the property is less than 50 years old: 30 years
If the property is older than 50 years: 25 to 15 years
Loan Term
1 to 15 years, most typically 3 years to 5 years
Points
2.5 points to 6 points, usually 3.5 points
Prepayment Penalty
Usually none
Application Fees / Upfront Fees
None
Loan-to-Value Ratio
Purchase money loans: 70%
Refinances: 65%
Land loans: 25% to 50% (usually 40%)
Interest Rate
7.9% to 9.9% in California
10.9% to 13.9% outside of California
Every one of our hard money commercial loans is individually-priced based on the risk, the desirability of the property, and the size of the loan (larger loans are more expensive).
How to Guesstimate Your Likely Interest Rate - http://budurl.com/CommercialLoansUSA
California base rate: 8.9%
Outside-of-California base rate: 11.9%
Start with the base rate for your state and then add or subtract the following.
Subtract 1% if the property is less than 30 years old
Add 1% if the property is 50+ years old
Subtract 1% if the loan-to-value ratio is less than 45%
Add 1% if the loan-to-value ratio exceeds 55%
Subtract 1% if the loan is smaller than $400,000
Add 1% if the loan is larger than $700,000 but smaller than $1MM
Add 2% if the loan is larger than $1MM
Subtract 1% for very attractive properties
Add 2% for properties less-than-average in appearance
Subtract 1% for purchase money loans
Subtract 1% for credit scores of 700+
Add 1% for credit scores between 550 and 630
Add 2% for credit scores below 550
Add 2% to 4% for land loans
Where? http://budurl.com/CommercialLoansUSA
