- Application Fee: None
- Security: First Mortgage Position; will consider a second mortgage on a case by case basis. Property’s title is to be held by an LLC or corporation.
- Loan to Value: Up to 75%; if other liquid assets are pledged we will increase loan to value.
- From $150,000 to $5 million. Will consider higher loan amount depending on specific deal.
- Interest Rates: Starting at 8% for low loan-to-value ratios on certain property types.
- Points: Typically 2 to 3
- Prepayment Penalties: Generally no prepay allowed for the first 6 months.
- Loan Term: Generally 1 to 2 years but flexible depending on amount and property type.
- Minimum Loan Term: Typically 1 year.
- Security: First mortgage lien on the property, assignment of leases and rents, pledge of partnership interests, UCC on other collateral and full personal guarantees.
Third Party Reports
Current title and survey are required. Appraisal and/or environmental Phase 1 report may be required. Existing reports may be acceptable with pre-approval.
Multi-family buildings, vacant land, retail, warehouse, mixed use, office buildings, non-owner occupied 1 to 4 family, non owner occupied residential coop and condo’s and professional coop and condo’s which are non owner occupied or owner occupied.
We DO NOT finance owner-occupied 1 to 4 family, coop or condo properties.
- Real estate acquisition
- Short Sales
- Bridge loans
- Partnership/Family buyout
Westchester, Rockland and Putnam Counties; the Bronx, Manhattan, Brooklyn, Queens, Northern New Jersey and Southern Connecticut.
Most loans can be closed in 2 to 4 weeks.