Investor Loan Program
- First lien position on commercial or industrial real property, held in fee simple (or leased fee with tenant), located in all states with the exception of AL, AR, AZ, CA , FL, GA, IN, LA, ME, MA, MI, MS, NJ, OH, OK and NV.
- Maximum loan $8,000,000. If the property is special use, the maximum is $5,000,000. Maximum exposure to one customer relationship will be $8,000,000.
- Maximum maturity and amortization will be 20 years. On an exception basis, amortization can be extended up to 25 years.
- Maximum LTV for multi-purpose properties is 65% with the ability to go to 75% for very strong deals. Maximum LTV for special-use properties is 50%.
- There must be a minimum equity in the subject real property of at least 20% of the lower of the purchase price or current appraised market value.
- Property type preferences include multi-use generic commercial, industrial, retail, office, and medical service properties. All other property types are considered special purpose. No gas stations, convenience stores, or car washes are permitted.
- Borrowers who presently neither own nor have previously owned rental income property and/or have limited or modest sources of liquidity or income other than the property being financed are not eligible.
- Both historical (two years) and projected EBITDA (NOI) must exhibit a DSC ratio > 1.4x on all loans. This should include adjustments for vacancy, replacement reserves and management fees if not included in historical figures.
- Borrower should have recurring excess income from outside sources of at least 25% of the proposed annual debt service.
- Appraisals for special-use properties require a “leased fee” and “fee-simple as dark” value.
- Properties with long-term leases and vacancy levels not exceeding current market vacancy are preferred.
Owner Occupied Loan Program
- First lien position on commercial or industrial real property, held in fee simple (or leased fee with tenant), located in all states.
- Maximum loan $8,000,000. If the property is special use, the maximum is $5,000,000. Maximum exposure to one customer relationship will be $8,000,000.
- Maximum maturity and amortization will be 20 years. On an exception basis, amortization can be extended up to 25 years.
- Maximum LTV for multi-purpose properties is 65%. Exceptions made to 75% for very strong deals.
- There must be a minimum equity in the subject real property of at least 20% of the lower of the purchase price or current appraised market value.
- Property type preferences include multi-use generic commercial, industrial, retail, office, and medical service properties. All other property types are considered special purpose. No gas stations, convenience stores, or car washes are permitted.
- Borrowers who presently neither own nor have previously owned rental income property and/or have limited or modest sources of liquidity or income other than the property being financed are not eligible.
- Both historical (two years) and projected EBITDA (NOI) must exhibit a DSC ratio > 1.4x on all loans. This should include adjustments for vacancy, replacement reserves and management fees if not included in historical figures.
- Borrower should have recurring excess income from outside sources of at least 25% of the proposed annual debt service.
- Appraisals for special-use properties require a “leased fee” and “fee-simple as dark” value.
- Properties with long-term leases and vacancy levels not exceeding current market vacancy are preferred.
SBA 504
Loan Sizes: |
Up to $11,250,000. |
Rate Adjustment: |
Adjustable, Ten (10) and Twenty (20) Year Loan Terms Available. |
Term and Amortization: |
Up to 20 years, fully amortizing. |
Debt Coverage Ratio: |
1.25x Minimum Debt Coverage Ratio ("DCR") for the most recent FYE and Interim period. The DCR will be based on the underwritten EBITDA of the Small Business Concern. |
Maximum LTV: |
50% (CLTV 90%) |
Recourse: | All loans are Full Recourse and require the personal guarantee of any and all individuals or entities holding 20% ownership interest or more. |
Loan Payments: | ACH may be required. |
Interim Financing: | Available and funding may be required by Lender. 120 Day Term and Variable Interest Rate based upon the published Wall Street Journal (WSJ) Prime Index + 2.75%, Interest Only, to adjust QUARTERLY. |
Construction Financing: | Available for Multi Purpose Projects. Please call for Program Information. |
SBA 7(a)
Loan Sizes: |
Up to SBA limit. Currently $5,000,000. |
Term and Amortization: |
Up to 25 years, fully amortizing. |
Debt Coverage Ratio: |
1.25x Minimum Debt Coverage Ratio ("DCR") for the most recent FYE and Interim period. The DCR will be based on the underwritten EBITDA of the Small Business Concern. |
Minimum Cash Injection: |
Multi Purpose - 10% Special Purpose - 20% |
Recourse: |
All loans are Full Recourse and require the personal guarantee of any and all individuals or entities holding 20% ownership interest or more. |
Loan Payments: | ACH may be required. |
Construction Financing: | Available for Multi Purpose Projects. Please call for Program Information. |
USDA
Loan Sizes: |
Up to $4,000,000 |
Term and Amortization: |
Up to 25 years, fully amortizing. |
Debt Coverage Ratio: |
1.25x Minimum Debt Coverage Ratio ("DCR") for the most recent FYE and Interim period. The DCR will be based on the underwritten EBITDA of the Small Business Concern. |
Minimum Cash Injection: |
Multi Purpose - 10% Special Purpose - 20% |
Recourse: |
All loans are Full Recourse and require the personal guarantee of any and all individuals or entities holding 20% ownership interest or more. |
Loan Payments: | ACH may be required. |
Construction Financing: | Available for Multi Purpose Projects. Please call for Program Information. |