Commercial Loan Program Summary
COMMERCIAL PROPERTIES
Manufacturing, Office Buildings, Medical Office or Condo, Retail, Anchored Retail Strip, Light Auto Service Repair, Self Storage, Single Tenant and Auto tire and brake centers. Amortizations up to 25 years and rates below 7%. Twenty percent seller carry backs permitted on acquisitions to 80% combined loan to value.
FANNIE MAE MULTI-FAMILY
Over 5 units only and over $500,000 loan amounts at 80% loan to value or acquisition cost. The program provides flexibility on prepayment penalty options and fixed periods. Most competitive is the 10 year fixed with 30 year amortizations. There are variations to this program in loan size, recourse and non recourse, leverage to pricing, recourse and non recourse. The property must be normalized and must have a minimum of 90% occupancy over the previous 90 days.
Multi-Family - Portfolio Conventional Loan NEW
$250, 000 to $2 Million - Limited to Metro Areas Greater than 50, 000 population with rates in the mid 6s. Loan to value at 70%, 75% on an exception basis. Three and Five Year Adjustable Rate Loans with 30 Year Amortizations.
Owner Occupied Properties
Our programs provide competitive financing for medical offices as well as many other property types of real estate with an owner occupying over 50% of the legal lease space excluding common area. Depending on the property type, business type and loan size, various type of conventional loans without prepayment penalties, Small Business Administration loans and U. S. Dept. of Agriculture loans under the B & I program. SBA 7a and SBA 504 Financing is also available.
HUD 207/223(f)d4
Loans 2M and Over
Section 207/223(f)d4 of HUD insures mortgage loans to facilitate the purchase or refinancing of existing multifamily rental housing. These projects may have been financed originally with conventional or FHA insured mortgages. Properties requiring substantial rehabilitation are not eligible for mortgage insurance under this program. HUD permits the completion of non-critical repairs after endorsement for mortgage insurance. Davis Bacon prevailing wage requirement apply on this program on new builds or substantial rehabilitation. The maximum mortgage limitation for a acquisition transaction is the lesser of 85% of HUD appraised value or 1.11 debt service coverage. For refinance, the lessor of 100% of cost, 80% of Value or 1.17 debt service coverage ratio applies. Section 223 f d-4 loans are eligible for Hud's "Multi-Family Accelerated Processing" program. Fixed loan terms to 35 years.
BRIDGE FINANCING - NEW
Loans over 1 Million (Total Project Cost)
This loan is for the purchase of a distressed property short of foreclosure, REO or repositioning for future property appreciation. This loan enables an experienced operator to capture a property selling below market This loan is not for a property in a sub market where demand does not exist. Repairs can be included in the financing. Good sponsorship is a primary requirement and an exit strategy within 3 years or less. Rates as low as 7.5% and a quick closing. On properties with a debt servicing ratio at 1.00 to 1, financing is available at more liberal terms than traditional bridge financing experienced in the market.
BANK BRIDGE & REHABILATION - NEW
Office, Industrial, Multifamily, Retail, Self Storage, Assisted Living/Congregate, Manufactured Housing (Mobile Home Parks), Hotel/Motel, Special Use (Almost anything except outlet malls and land, especially if the sponsorship is financially strong).
CONDUIT & LIFE INSURANCE LENDING
This types of non-recourse loans are not competitive and often the allocation of life insurance funds are depleted because of the lack of liquidity in the secondary market. Spreads on these products are priced near 4.50% - 5.0% over the 10 year treasury.
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| RECENT TRANSACTIONS
MEDICAL PROFFESSIONAL BUILDING
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Single Tenant Professional Owner Occupied Medical Building Cincinnati, Ohio 6.5% Fixed Rate, 20 Year |
|  | | Anchored Retail Strip Houston Texas. Borrower refinanced to permanent financing receiving a 6.6% fixed rate, 30 year amortization, no prepayment penalty. | | |
| STUDENT HOUSING | 
110 Unit Privately Owned Student Housing in Morehead, Kentucky.
Fannie Mae 10 Year Fixed Rate Financing, partial recourse 6.3% | | Borrower refinanced to permanent financing receiving a 6.6% fixed rate, 30 year amortization, no prepayment penalty. |
| Multi-Family - 72 Unit Class A Apartments & Townhomes Cincinnati, Ohio |  | | Permanent 10 Year Fixed Rate Conduit Financing from a Bank Construction Loan |
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