Multi-family Financing – Acquisition / Refinance

Multi-family Financing – Acquisition / Refinance

Commercial Capital Limited is a proven leader in the commercial mortgage business. As a leader we are able to provide funding avenues for a wide variety of commercial loan and business financing scenarios as well as underwrite loans for small and large apartment complexes. We have the experience and expertise to structure loans to meet your multi-family, apartment financing needs.

• 85% Loan-to-Value – Acquisition or Refinance
• 80% Loan-to-Value for Cash-Out Refinance
• 35-Year Amortization
• 35-Year Term (no balloon)
• 7.5% Seller promissory note allowed for down payment requirements (Acquisition Only)
• Low, fixed interest rate, based on market spreads over the Ten-Year Treasury yield
• No maximum loan amount
• No personal liability (non-recourse)
• Negotiable pre-payment terms
• 1:18 Minimum Debt Service Coverage
• This loan is always assumable
• Third-party expenses and loan costs are financeable.

Rates and Terms determined by LTV, credit, property type and other conditions. This is limited information and meant for general reference purposes. Contact us for detailed information or a specific quote on a project. 863-298-8900 or 813-833-3132 or visit http://commerciallendingpros.com/Multi-Family.htm

Click Here for an Loan Submission form

Please feel free to contact us if you would like us to look at your financing scenario. If you have any questions or want more information please call:

863-298-8900 or 813-833-3132

Q & A With the Experts: Apartment Building Financing

QUESTION:
What do I need for financing for the purchase of an apartment complex in Florida.  ?

ANSWER:
It was a pleasure speaking with you earlier today and we look forward to assisting you with the financing on your apartment purchase located Florida.
Below is a list of the items we need from you to determine if we can help:

1. An overview of the price and terms of your proposed purchase (or a copy of the contract if one is available)
2. 2009 year ending Profit & Loss statement for the property
3. 2010 interim P&L statement (as recent as possible)
4. A current rent roll (as recent as possible)
5. A few digital photos of the subject property
6. A copy of your Personal Financial Statement (with a schedule of real estate owned)

Within 24-48 hours of receiving this information from you, we should be able to issue a loan pre-approval letter if everything looks good.

I've attached blank Rent Roll and PFS forms if needed.

Thank you.

Commercial Capital, Ltd.
Your #1 Source for Business & Commercial Loans

Office: 863-298-8900 Fax: 863-877-4456 Cell: 813-833-3132

http://commerciallendingpros.com/

Private Money Loans

Private money loans are loans for situations where traditional banks will not lend. With the credit squeeze going on and banks increasingly less focused on lending, these loans have really grown over the past year. These loans are not for bad borrowers, they are for people who need money quick. Maybe it is a purchase contract that needs to close in 3 weeks, or a tight situation that just needs a short term bridge…these loans are great loans for a quick close. Common sense underwriting is the norm for these loans. There are two basic types of commercial private money loans, often called “hardmoney” loans:

• Cash flowing properties: Apartment complexes, retail strip centers, etc. These are properties that kick off enough cash to support the debt at almost 1 to 1 coverage or better. When that is the case, we have PLENTY of sources available. You may think; why if it is cash flowing does someone need hard money? The reasons are endless. I have one deal where it is a developer who has a bunch of properties working but because of long delays, they are cash poor. He has one property that he owns free and clear that is cash-flowing; we are getting him short term hard money to get him $12 Million to keep things rolling while the other loans close. We have a small $400,000 hard money loan where the guy just needs to close quick because he shopped too long and now his closing date is in 3 weeks and no one can close him. On these types of properties, money is available all the way up to $25 Million. LTV’s up to 75% are possible if the property cash flows strong. These are GREAT loans and can close quickly!
  
• Non-cash flowing properties: Whether it is raw land, or a vacant building that needs to be gutted and rented out or an apartment complex that is mostly empty and losing money, if it doesn’t cash flow, the rates are higher and the availability of funding is greatly diminished.. Excellent credit on the part of the borrower and borrower financial strength is critical on these deals. The lenders will also want a lower LTV, generally 50%. But a good borrower at a low LTV can get the money quick, whether it will be for cash-out, purchase, whatever. Even though these are tougher, we DO have loans available on these products from $200,000 up to $25 Million. Again, closings are generally very quick, 2-3 weeks is the norm.

Remember with private/hard money loans the terms are short. 1 to 2 years is preferred. They often have NO pre-payment penalty because the lenders want to get the money back so they can re-deploy it again. The EXIT STRATEGY IS CRITICAL. How are you going to pay it off in 1-2 years? If the exit strategy is compelling, these deals can close. But if you need money fast, and the banks are saying NO, this is a great option! To run scenarios by us, just call 863-298-8900. Remember, WE HAVE COMMERCIAL HARD MONEY LOANS AVAILABLE FOR CASH FLOWING AND NON-CASH FLOWING COMMERCIAL PROPERTIES FROM $200,000 UP TO $25 MILLION. JUST CALL 863-298-8900 TO RUN THE SCENARIOS BY US – WE CAN GET THOSE DEALS CLOSED TODAY!