Simplified Commercial Mortgage Loans - Our loans are assumable
No up front application or due diligence fees, you only pay for third party reports.
We Allow Junior Financing.
Minimum is $125,000 ~ Maximum is $1,500,000 (higher amounts upon request)
As low as 9.9%-13.9% for the first 5 years. Adjustable semi-annually for 10 years thereafter.
Index- Five year constant Maturity Treasuries (1.47% as of 9/20/10)
Higher start rate for older, less attractive properties.
2.5 to 3.5 points + $950 (maybe 1.5 points for a gorgeous property less than 10 years old)
15/15 or 30/15
NO PREPAYMENT PENALTY
Loan-To-Value Ratio
Yes, We Allow Junior Financing:
65% maximum LTV on rental-type commercial properties:
Apartment Buildings (5+units) We do not finance 1-4 family dwellings BUT will soon!
Office Buildings
Retail Buildings
Strip Centers and Shopping Centers
Industrial Buildings and Warehouses
Mobile Home Parks and Trailer Parks
Mini-Warehouse (Self Storage)
Mixed Use Properties
55% maximum LTV on business-type properties:
Hotels and Motels
Restaurants and Bars (unless the building is basically just a box-then maybe 65% LTV)
Residential Care Homes, Nursing Homes, and Convalescent Hospitals
Auto Repair Buildings
Gas Stations, Churches, Nudie Bars, Etc.
Do you need a fast approval from a lender with some common sense? We are a private money lender, so we don't need a whole lot of paperwork. If your package includes color photos, we can often approve your loan within 24-48 hours!
kimlar92@gmail.com
