| |
Loans will
be made requiring a pledge of commercial real property. You will execute a provided
Promissory note with industry standard wording, and a deed of trust with assignment of
rents usually provided by your selected reliable title insurance company which will be
recorded. Loans are not necessarily assumable, but assumptions may be considered on a case
by case basis, but will not and cannot be guaranteed. There is no prepayment penalty if
the loan is entirely repaid, subject only to advance notice to the lender as specified in
the promissory note. After six month(s) there is no prepayment policy for complete note
repayment, However, partial prepayments in excess of a minimum to be determined by your
investor, and written in the promissory note, may subject you to additional fees for
frequent partial prepayments. Portfolios lack the managing personnel to conduct frequent
business outside of the contracted terms over the life of the trust deed loan. If you wish
to make frequent prepayments, this program may not be for you. Equity in the collateral is determined by your request and the result of the
appraisal. Loans against vacant, undeveloped commercial zoned property are generally
granted from 15% to 30% loan to value and are accepted on a case by case basis. The common
request will be property containing income generating improvements seeking a guideline
loan to value of 65%. Variance from the guideline loan to value will be granted on a case
by case basis with adequate positive compensating factors reducing or minimizing risk to
the investor's portfolio. Under no circumstances will loan to value in excess of 75% loan
to value be granted, no matter what positive factors are present. Personal guarantees are
generally not considered.
Industrial Loans:
applications may be presented from borrower(s) providing preliminary data as requested, a
satisfactory site inspection with details outlined and specified by a written Letter of
Intent or Intent Letter indicating a minimum loan size of $750,000, usually not to exceed
$5,000,000. Properties must be existing (no new construction) with prior mortgage lending
history, may be single user, mufti user or owner user with a demonstrated business history
in a zoned industrial or light industrial zoning and conforming usage. Heavy industrial is
considered on a case by case basis. Rate and terms, to be set by the investor, take into
account tenant quality, appropriate construction, use and maintenance in keeping with
neighborhood and regional standards. Bankruptcy, past and current foreclosure will be
considered on a case by case basis. Loans are usually within the guideline 65% loan to
value or less, minimum debt service coverage of 1.25 or greater, cross collateralization
may be allowed on a case by case basis, and environmental compliance and history must be
demonstrated.
Commercial Strip
Center Loans
:
applications may be presented from borrower(s) providing preliminary data as requested, a
satisfactory site inspection with details outlined and specified by a written Letter of
Intent or Intent Letter indicating a minimum loan size of $650,000, usually not to exceed
$3,000,000. Properties must be existing (no new construction) with prior mortgage lending
history, may be single user, multi user or owner user with a demonstrated business history
in appropriate zoning and conforming usage. Rate and terms, to be set by the investor,
take into account tenant quality, appropriate construction, use and maintenance in keeping
with neighborhood standards. Bankruptcy, past and current foreclosure will be considered
on a case by case basis. Loans are usually within the 65% loan to value or less, minimum
debt service coverage of 1.25 or greater, limited cross collateralization may be allowed
on a case by case basis. Environmental compliance and history must be demonstrated.
Regional Shopping
Center Loans:
applications may be presented from borrower(s) providing preliminary data as requested, a
satisfactory site inspection with details outlined and specified by a written Letter of
Intent or Intent Letter indicating a minimum loan size of $900,000, usually not to exceed
$8,000,000 (limited availability). Properties must be existing (no new construction,
possible allowance for TI's and related buildouts) with prior mortgage lending history,
may be single user, multi user or owner user with a demonstrated business history in
appropriate zoning and conforming usage. Rate and terms, to be set by the investor, take
into account tenant quality, appropriate construction, use and maintenance in keeping with
neighborhood standards. Bankruptcy, past and current foreclosure will be considered on a
case by case basis. Loans are usually within the 65% loan to value or less, minimum debt
service coverage of 1.25 or greater, limited cross collateralization may be allowed on a
case by case basis. Environmental compliance and history must be demonstrated.
Office Building
Loans:
applications may be presented from borrower(s) providing preliminary data as requested, a
satisfactory site inspection with details outlined and specified by a written Letter of
Intent or Intent Letter indicating a minimum loan size of $750,000, usually not to exceed
$6,000,000. Properties must be existing (no new construction) with prior mortgage lending
history, may be single user, multi user or owner user with a demonstrated business history
in appropriate zoning and conforming usage. Rate and terms, to be set by the investor,
take into account tenant quality, appropriate construction, use and maintenance in keeping
with neighborhood standards. Bankruptcy, past and current foreclosure will be considered
on a case by case basis. Loans are usually within the 65% loan to value or less, minimum
debt service coverage of 1.25 or greater, limited cross collateralization may be allowed
on a case by case basis. Environmental compliance and history must be demonstrated.
Hotel loans and
Motel Loans:
applications may be presented from borrower(s) providing preliminary data as requested, a
satisfactory site inspection with details outlined and specified by a written Letter of
Intent or Intent Letter indicating a minimum loan size of $650,000, usually not to exceed
$6,000,000. Properties must be existing (no new construction) with a prior mortgage
lending history, may be single user, multi user or owner user with a demonstrated business
history in appropriate zoning and conforming usage. Rate and terms, to be set by the
investor, take into account tenant quality, appropriate construction, use and maintenance
in keeping with neighborhood standards. Bankruptcy, past and current foreclosure will be
considered on a case by case basis. Loans are usually within the 65% loan to value or
less, minimum debt service coverage of 1.25 or greater, limited cross collateralization
may be allowed on a case by case basis. Environmental compliance and history must be
demonstrated.
Special Use Loans:
applications may be presented from borrower(s) providing preliminary data as requested, a
satisfactory site inspection with details outlined and specified by a written Letter of
Intent or Intent Letter indicating a minimum loan size of $650,000, usually not to exceed
$6,000,000. Properties may be existing or proposed as long as the borrower(s) demonstrate
prior mortgage lending history, may be single user, multi user or owner user with a
demonstrated business history in appropriate zoning and conforming usage in view of the
special use. Rate and terms, to be set by the investor, take into account tenant quality,
appropriate construction, use and maintenance in keeping with neighborhood standards.
Bankruptcy, past and current foreclosure will be considered on a case by case basis. Loans
are usually within the 65% loan to value or less, minimum debt service coverage of 1.25 or
greater, limited cross collateralization may be allowed on a case by case basis.
Environmental compliance and history must be demonstrated.
Mixed Use Loans:
applications may be presented from borrower(s) providing preliminary data as requested, a
satisfactory site inspection with details outlined and specified by a written Letter of
Intent or Intent Letter indicating a minimum loan size of $750,000, usually not to exceed
$5,000,000. Properties must be existing (no new construction) with a prior mortgage
lending history, multi user or occupied by owner user with a demonstrated business history
in appropriate zoning and conforming usage. Rate and terms, to be set by the investor,
take into account tenant quality, appropriate construction, use and maintenance in keeping
with neighborhood standards. Bankruptcy, past and current foreclosure will be considered
on a case by case basis. Loans are usually within the 65% loan to value or less, minimum
debt service coverage of 1.25 or greater, limited cross collateralization may be allowed
on a case by case basis. Environmental compliance and history must be demonstrated.
Commercial Rehabilitation, Purchases and
Acquisition Loans:
may be considered on a case by case basis, though general
guideline for these loans is $1,000,000.
How to be considered: In writing:
1) Identify yourself by name, address, phone and facsimile numbers. 2) State how much you
are requesting. 3) We would like to know what you feel your property is worth to better
evaluate loan to value limits. If your value is based on an appraisal, please indicate the
value and as of what date, the appraiser's name and any professional designations, such as
MAI. 4) Describe improvements as net and gross footage, lot square footage, and provide a
sketch or site plan. Include current income and expense information. If you have tenants,
we ask you to 5). Submit a rent roll, and separately estimate annual expenses. If the
property is wholly owner occupied, substitute a profit and loss statement and include the
expense statement and site plan. This is a preliminary look. Do not send a complete
lending package with tax returns. Brief submission are encouraged, no format is suggested
as long as your submission is clear and legible. We strongly suggest you submit clear
photocopies that are completely legible. Do not send more than 4 pages of fax material
unless specifically requested. Please allow a few days after receipt to determine investor
interest and portfolio suitability. Materials submitted will not be returned, therefore do
not send originals. All information submitted remains confidential to the investor
network. Borrower files are not retained once closed. After the requested material
arrives, the investor will evaluate your request and determine interest in providing your
request. If the request is satisfactory, a written proposal indicating exact amount, rate,
terms and conditions will be sent for your approval, which begins the application process.
Funding of this trust deed by our noninstitutional investor(s) is to appear sound
according to supplied borrower information and documentation, but there is no guarantee of
funding prior to confirmation of equity and underwriting review. The individual investor
alone makes a final determination. Forward your information to: Commercial Network
Submissions, 2461 E. Orangethorpe Av. Suite 200, Fullerton, California 92831 Thank you for
presenting us with your commercial refinance. Please keep this letter for future
reference. |
