Quick Facts - Commercial Small Loans Property Lending Program

Loan Parameters

Loan Sizes

$100,000 - $3,000,000

Property Types

Apartment, storefront, retail, industrial and office.

Lending Areas

Locations with a population 25,000 and over.

Loan Purposes

Acquisitions, refinance existing debt, capital improvements, equity takeouts.

Loan Types

Conventional first mortgages only.

General Criteria

Apt

Storefront

Retail

Ind

Office

Maximum LTV

80%

75%

75%

75%

80%

Minimum Equity Required

10%

10%

10%

10%

10%

Minimum DCR

1.25

1.35

1.35

1.35

1.35

Max. Amort. (Yrs.)

25

20

20

20

20

Reports Required

Appraisal and Phase I Environmental Report or Environmental Questionnaire (on exception).

Lender Fees

0.25% - 1.0% (depending on property type)

Broker Compensation

Can be included in the mortgage commitment.

Interest Rates

Fixed and Floating

Available Terms

Floating and 1 - 5 years.

Available Amortization

Up to 25 years (varies by product type)

Personal Guarantees

Full guarantees are required with a minimum beacon score of 680. Applications with beacon scores lower than 680 to be reviewed and accepted on an individual loan basis.

Typical Information Required to Obtain Detailed Loan Proposal

- Loan Amount Required and Purpose
- Rent Roll / Leases
- Project Operating Statements
- Ownership Details
- Pictures / Property Description
- Details of Registered Debt or Purchase and Sale Agreement

Escrows

Tax escrows are required