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Commercial
Mortgage Lending Program
Minimum $1,000,000
Short term first mortgage on select commercial real estate properties with the following rates and terms:
| Eligible
Locations: |
Continental US (INVESTORS EXCLUDE: AL, AZ, AR, CA, FL, GA, IN, LA, MA,
ME, MI, MS, NJ, NV, OH, OK) |
| Eligible
Properties: |
Stabilized
income producing commercial, mixed use, office, retail, warehouse,
industrial, single tenant, [No raw land, single family,
apt's, RV, MHP, churches, start-ups, gas stations, hospitality] |
| Eligible
Transactions: |
Acquisition or refinance;
rate and term - some cash-out possible - $1 million to $10 million |
| Not Eligible |
Personal
credit less than 680. No: land,
subdivisions, infrastructure, A&D, single family, health
care, nursing home, rural or agricultural, restaurants, gas stations. No
hotels loans |
| Transaction
Size: |
$1 million to $10 million |
| LTV-LTC: |
Investor owned: lesser of up
to 65% of current “as is” appraised
market value, or purchase price. Owner occupied up to 90%. Cash-out up
to 60% |
| Security: |
First mortgage lien
on the subject property(s), assignment of all permits and approvals, assignment
of leases, pledge of partnership interests, personal guarantee of principals,
UCC on other collateral |
| Ownership: |
Single asset, special
purpose entity. |
| Application
Fee: |
$2,500 is due with
the signed Letter of Intent |
| Origination
Fee: |
1% of loan amount
payable at closing |
| Exit
Fee: |
None in most situations |
| Commitment Deposit |
$10,000, payable upon acceptance of Loan Commitment for 3rd party costs, legal and closing. Unspent balance applied towards Origination Fee or refunded at closing. |
| Prepayment: |
Declining or static
available |
| interest
Rate : |
4.9% to 6.5% fixed,
depending on fixed rate period preferred |
| DSC: |
1.25x to 1.30x, depending on property type, LTV and selected interest
rate |
| Recourse: |
Full personal recourse
to each principal of the Ownership entity .Minimum 680 score required |
| Loan
Term: |
1-3-5-7-10 years |
| Amortization: |
20-25 years |
| Second Mortgage:
|
Possible with permission
of Lender and consolidated DSC |
| Third
Party Reports: |
MAI Appraisal, Phase
I environmental, property condition, ordered by Lender at
expense of Borrower. |
| Closing
Time: |
30 - 45 days from completed Application |
At no charge,
a detailed loan offer will be forwarded upon completion of initial analysis.
BROKERS ARE PROTECTED
© Sterling
Commercial Capital,November 2011. Subject to Change Without Notice
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