commercial lending: Massachusetts Commercial Loan Program - 03/24/12 10:23 AM
The Program:
The Program is designed for direct customers that fall outside of direct lending guidelines. The program offers very competitive pricing on full doc loans up to $10mm+ on local basis.
Product Type:
Purchase, Refinance, and Refinance with cash out.
Property Types:
Mixed-Use, Office & Retail, Strip Center, Warehouse/Light Industrial, and Self Storage
Highlights:
Full Documentation Loan Amounts form $500k to $10 MM+ 80% LTV Credit as low as 600 Fico Fixed 3, 5 &10 Yr Rates starting in the 4’s 30 & 35 Yr Amortization … (0 comments)
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commercial lending: Commercial Loan Program Updates for March 2012 - 03/06/12 11:30 AM
Great rates on both 5 year and 10 year fixed loans. 5 YEAR fixed money at 4.85%, 10 year fixed money at 5.83%.
Please note, all owner-user conventional loans are now eligible for SBA 504 refinancing.
Here are a few program highlights:
Our in house lending solutions
Owner-user and Investor CRE programs > $250k SBA 504 and 7(a) financing for most states – rebates up to 2% on SBA 504 (SBA 7a financing for hotels/motels and gas/c-stores) Multi-family financing in most medium and large cities – all 50 states – rates starting @ 4.15% Investor Programs Broker Relationships Bridge to perm … (1 comments)
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commercial lending: Commercial Mortgage Updates For January 2012 - 01/13/12 10:49 AM
Happy New Year! CRE rates continue to be low.
Great rates on both 5 year and 10 year fixed loans. 5 YEAR fixed money at 4.95%, 10 year fixed money at 5.90%.
Please note, all owner-user conventional loans are now eligible for SBA 504 refinancing.
Here are a few program highlights:
Owner-user and Investor CRE programs > $250k SBA 504 and 7(a) financing for most states – rebates up to 2% on SBA 504 (SBA 7a financing for hotels/motels and gas/c-stores) Multi-family financing in most medium and large cities – all 50 states – rates starting @ 4.25% Bridge to perm … (0 comments)
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commercial lending: UNDERSTANDING COMMERCIAL MORTGAGES-THE WHAT - 06/03/11 08:08 AM
WHAT?
What takes commercial deals so much longer than residential loans to close? Rare is the commercial loan that closes in less than 1 month and the rate for those quick-close deals is much higher. Small commercial loans will usually take 2 months and large commercial loans can take as much as 4-6 months or more! Many factors go into this-the appraisal, the broker themselves, the title, and especially the borrower. Let’s start with an appraisal. It will rarely be ordered before the loan is approved and the borrower has committed. This could be weeks into the deal.Once ordered, an appraisal … (3 comments)
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commercial lending: COMMERCIAL LOANS-THE WHO - 05/16/11 09:23 AM
Welcome to the world of commercial mortgages. This is the first part of 3 part series that is written to the individual who is venturing out into the world of commercial investment. It is written to introduce you to some of the differences between residential loans and commercial loans and hopefully help you to be more profitable in your quest for diversifying your income through commercial properties. I will endeavor to teach you the who, what, and why of commercial loans. A big part of your success as a commercial investor is in choosing the right mortgage for the property so … (0 comments)
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commercial lending: Multi Family Bridge Loan - 04/26/11 09:58 AM
23 Ventures is pleased to announce a new bridge finance product for multifamily properties. The program will provide first mortgage financing for properties located in strong markets with excellent sponsorship, significant experience and verifiable liquidity and will be underwritten to a Fannie Mae or FHA exit at maturity, with an emphasis on new cash invested in the transaction. The program is designed to provide the flexibility of a structured loan while offering the ability to eventually lock into the most favorable permanent financing that exists for individual business needs.
Target Deal Traditional Acquisitions
Refinance with fresh equity
Debt Buyback
Properties in Lease … (0 comments)
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commercial lending: $850,000 Mixed Use Purchase-SBA 504 Loan - 03/28/11 08:32 AM
Where: San Francisco, CA
Type: This was the purchase of a building and land by the Restaurant that occupied it. Typically a simple 504 transaction however this deal had some wrinkles-what deal doesn’t today? The first was that the father was selling it to the children which some lenders will not consider. In addition, the restaurant had not been opened two years and it was not an SBA approved franchise restaurant. Still, it had good numbers, was very successful, and the operators had good credit and enough assets for the money down. In the end, we closed it in 60 … (2 comments)
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commercial lending: Our new Bridge Financing Product - 03/24/11 10:04 AM
Bridge financing is often times used when a borrower needs short term or interim financing for a property that is not quite ready for traditional long term financing. Our bridge loan product is ideal for borrowers seeking financing due to the following reasons:
The borrower is repositioning the property The borrower is in the process of stabilizing the property with new tenants The borrower is trying to take advantage of a loan discount being offered by the current lender 23 Ventures has teamed up with a large life insurance company to offer bridge loans on a variety of commercial properties … (1 comments)
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commercial lending: More Great News! SBA (504) Ref Loan - 03/10/11 09:15 AM
Under the recent Small Business Jobs Act $15 billion is now available for debt refinance under the 504 program. It took a while for the SBA to implement it but the regs are now out. This is huge for those doing 504 loans because it allows refinancing up to 90%! To be eligible, the property must be owner occupied, (at least 51%), and have a non-SBA loan coming due before 1/1/2013. For properties that have lost value over the last few years, this loan can be a HUGE!
Many property owners are getting calls from their current bank lenders saying, due to … (0 comments)
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commercial lending: Details on the new SBA 504 refinance program - 03/05/11 04:07 PM
Some of the program parameters are as follows:
The small business must have a mortgage loan that comes due for renewal on or before December 31, 2012 The first mortgage loan and the 504 loan combined cannot be more than 90% of the fair market value of the collateral The new refinanced loan must be structured as follows: bank – not less than 50%, CDC – not more than 40%, borrower equity – not less than 10% Eligible 504 project costs must comprise at least 85% of the original loan amount The loan must be current for the past 12 months and … (1 comments)
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commercial lending: Understanding Cap Rate in Relation to Commercial Lending - 02/14/11 10:05 AM
Understanding CAP Rates can Make you Money!
A lot of times you will hear people talk about CAP rates in commercial lending. When I first started doing commercial, I didn’t understand it and asked a bunch of lender reps. Very few lender reps even understood it. They just had a basic idea. But I assure you, underwriters know about CAP rates – and if you want to close a lot of commercial loans, you better know about it as well.
The CAP rate; or capitalization rate, is the relationship of the net operating income (NOI) of the property divided by … (3 comments)
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commercial lending: Is the Commercial Real Estate Downturn Over? - 01/27/11 12:48 PM
The National Council of Real Estate Investment Fiduciaries, or NCREIF, reported this week that commercial property returns had jumped sharply in the fourth quarter of 2010. The NCREIF Property Index (NPI), which measures unlevered returns on core property investments by its data contributing members, jumped up by 4.62% in total return, including a 3.02% quarterly burst in capital appreciation along with 1.60% in income return. That follows on quarterly total returns of 3.86% in 2010q3 and 3.31% in 2010q2; the NPI also showed positive total return of 0.76% in 2010q1, but property values were still going down at that time, with … (0 comments)
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commercial lending: What we are focusing on in 2011 Part 2 - 01/26/11 09:14 AM
What we are focusing on in 2011 Part 2 PRIVATE HEDGE FUND LENDING Mostly for deals under $500K. This is private money and the only deals under $500K that I will do for a branch in 2011. However, we can do deals that just can’t get done. We closed a cell phone tower property, we closed a vacant warehouse in Michigan-try that one out. We prefer no more than 60% LTV and we need a good exit strategy and as long as we have those, we will look at any deal. We issue one term sheet which is the commitment and … (0 comments)
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commercial lending: $1,035,000 Multifamily Cash-Out Refinance - 01/25/11 01:48 PM
Albuquerque, New Mexico
Borrower came to us after being turned down elsewhere. They needed to pull cash out of an existing property in order to take advantage of another amazing opportunity and finance some needed improvements. Appraisal came in low and we ended up needing to cross collateralize another property in order to make this deal work. We ended up closing this unique cash out opportunity with rates in the 5′s, fixed for 7 yrs., and amortized over 30 years!
… (0 comments)
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commercial lending: What Commercial loans we are focusing on in 2011-Part 1 of 5 - 01/20/11 10:22 AM
In-house lending product. :
We closed 2 of these in December and I personally have 4 in January alone set to close. I love these deals because we have more control. NICHES THIS PRODUCT FILLS THAT BODE HUGE IN THE MARKETPLACE:
-special purpose properties-investor or owner occupied. We can do the odd properties that no one wants to do. Pretty much any property other than hotels, gas stations, raw land, apartments, churches or extreme special use properties like a Golf Course,etc. For owner occupied deals, especially SBA 504, we can CONSIDER CONSTRUCTION UP TO $6 MILLION. -Conventional or 504 Loans-this … (0 comments)
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commercial lending: The Difference Between Bridge loans, Private Loans and Hard Money - 01/06/11 05:01 PM
I see a lot of confusion amongst people when referring to the above types of loans, they are intermingled constantly. Let me try to share the key differences and what is available. These loans are hot right now and we are closing a lot of them but you need to know what is what.
Bridge Loans: Bridge loans are just that, interim loans to “bridge” the gap between the current situation and the exit strategy. Bridge loans typically have some cash flow but for some reason, will not qualify for conventional lending right now. You see these mostly on investment properties. … (1 comments)
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commercial lending: Residential and Commercial Hard Money-Massachusetts Only. - 11/30/10 01:05 PM
Residential and Commercial Hard Money-Massachusetts Only.
We have established a working relationship with a group that can fund residential and commercial hard money in Massachusetts. They are interested in small balance commercial and fix and flips on residential. The property types range form owner occupied, investor, and commercial. Thats right they can do residential owner occupied.
Typically we are looking for loans with 50% LTV and below 500K. That will include points and interest reserves. May be stretched with a solid deal. Interest rates will range from 12-14%, with 4-5 points, and can amortized over 30 years. There is no upfront … (1 comments)
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commercial lending: What is a Yield Maintenance Pre-Payment Penalty - 11/27/10 03:28 PM
Yield Maintenance is a prepayment penalty that, in the event the borrower pays off a loan before maturity, allows the lender to attain the same yield as if the borrower had made all scheduled mortgage payments until maturity. Yield maintenance premiums are designed to make lenders indifferent to an early prepayment by a borrower. On the flip side, it can mean that if a borrower currently has a 9.5% rate on its mortgage with 5 or 6 years to go until maturity, at this time the penalty could well be huge.
For example, let’s assume a 15-year interest-only $1,000,000 mortgage at 7%. … (0 comments)
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commercial lending: How to Write a Commercial Loan Executive Summary - 11/24/10 10:42 PM
How to Write a Commercial Loan Executive Summary
When I am reviewing a loan file one of the first things I look at and look for is the executive summary or loan summary. A well written executive summary shows the quality of the borrower and the value of the project. The goal of well written loan summary is to give the underwriter enough information to understand the commercial loan and to determine if the loan will fit within the lender's lending guidelines.
Below are items that should be included in a well written and complete executive summary.
Salient Facts
… (6 comments)
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commercial lending: $630,000 SDIRA Financing - 11/11/10 12:01 PM
Where: Washington
Type: We are continuing to close these types of loans daily with loan sizes now averaging over $100K. We handle everything to roll your IRA over into a totally controlled LLC or trust that allows YOU to invest your money without tax ramifications into your own business or Real Estate
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