Tel: 800-497-8606


Home

Company Information
    Company Information

    Broker Information
    Contact Us
    Privacy Policy

Loan Programs
 
   Apartment
    Hard Money
    Low Cost Bridge
    Owner-Occupied
    Church Owned

Loan Processing Information
    Loan submission instructions
    Loan Processing schedule

Register for our newsletter

Main Office
    9008 McFarland Way
    Keller TX 76248

New York Office
    131 South Herman Avenue
    Auburn, NY 13021

Louisiana Office
    2930 Banks Street
    New Orleans, LA 70119

Tel 800-497-8606


"Hard Money"
Mortgage Lending Program

Minimum $750,000

Short term first mortgage on select commercial real estate properties with the following rates and terms:
Eligible Locations: East Coast of Continental US - other locations case by case
Eligible Properties: Multi or single-tenant, select special purpose, income-producing commercial real estate properties. Land case by case.
Eligible Transactions: Acquisition or refinance; high vacancy, condo conversions, change of use, bad credit, bankruptcy, d-i-p, reposition, seasoning, debt buy-down, foreclosure, liens and judgments, partner buy-out, etc.
Transaction Size: $750,000 to $10 million
LTV-LTC: Lessor of up to 60% of appraised "Quick Sale Value" or actual purchase price
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: $1,500 to $2,500 is due with the signed Application
Origination Fee: 5-8% of loan amount payable at closing
Exit Fee: None in most situations
Commitment Deposit 1% of loan amount or at least $10,000, payable upon acceptance of Loan Commitment for site visit, 3rd party costs, legal and closing. Balance applied towards Origination Fee or refunded at closing.
Prepayment: 6 month interest guarantee
interest Rate : 12%-18% fixed, interest only.or amortizing
DSC: 1.10x-1.30x depending on transaction or interest reserve required
Recourse: Full personal recourse to each principal of the Ownership entity.
Loan Term: 12-18-24 months plus option for 12 more months
Reserves: Mortgage interest if required, real estate taxes, hazard insurance.
Second Mortgage: Possible with permission of Lender
Exit Strategy: Heavy concentration on value creation, market analysis and exit strategy.
Third Party Reports: MAI Appraisal, Phase I environmental, feasibility and others if required, ordered by Lender at expense of Borrower.
Closing Time: 2 week Quick-close with completed 3rd party reports; or 30 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, August 2009. Subject to Change Without Notice