RSS

Commercial Loan Programs

29 Jan

Commercial Loan Programs

3 Year Fixed 3.000% 75/65 25/3

5 Year Fixed 3.350% 75/65 25/5

Nationwide

A. Loan Sizes: $250K to $10MM. Terms up to 10 Year Fixed at 5.96%. LOC available up to $500,000, 30 year Am and 75% max CLTV.

B. Purchase and Rate & Term Refinance 75%-65% max LTV, Retail max 50% LTV & Owner Occ transactions max 75% LTV/30 Yr Amo. Cash Out available 60%-50% max LTV.

C. Commercial – Office, Retail, Single Tenant, Warehouse, Mixed Use and Multifamily Buildings.

1. Obtain Letter of Interest/Conditional Approval

The property must be able to service the debt, so it is critical that we obtain these items to issue an LOI. The process of obtaining the LOI will determine whether the property supports the desired loan amount. In order to obtain an LOI, fax or email the following:

  • A current rent roll
  • An operating history for 2011, 2012 and 2013 year-to-date
  • A completed loan application form 1003 and credit report (or complete the enclosed borrowers authorization and sign)
  • We can issue an LOI with a current information sheet prepared by the listing agent

2. Begin Preparing an Underwriting Package

After gathering the items in Step 1, we will need a complete loan application form 1003 or a personal financial statement, 2 years of personal and corporate tax returns (if applicable), YTD P&L (if self employed), bank statements and pay check stubs. At this stage we will need digital photos of the subject property.

3. Submit Your Package

Forward the signed LOI, check, and as much of Step 2 as possible via email or fax. Mail the signed original LOI with the check for the appraisal and rate lock (if needed), We will then work on ordering the appraisal and giving you a “Needs List” of outstanding items.

4. Underwriting

Once all of the information is received the file will be sent to Underwriting. Files are generally underwritten on a “first in first out basis”. We encourage you to submit all conditions as soon as possible to ensure the speediest turnaround.

We don’t lend on raw land, construction, assisted living, restaurants, bars, or gas stations (although we will lend on auto repair or auto body shops)
At BRIC LLC, we handle all of the processing for you. The process is simple:
www.thebric.com

(877) 354-1842

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

 
%d bloggers like this: