Geographic Area: North America, Caribbean, Europe, Central/South America, Australia/New Zealand, Korea, Japan, Taiwan, Malaysia, Indonesia and other select locations worldwide.
Loan Types: New development, acquisition and refinance.
Financing Amount: Minimum loan amount is $10 million, maximum loan amount is $1 billion+.
Property Types: Virtually all types of commercial real estate including: hotel resorts and casinos; alternative energy (solar, wind, geothermal, hydro, biomass, waste conversion, etc.); office, mixed-use, assisted living, multifamily, retail, industrial, medical/ dental; public-use facilities; infrastructure (highway, rail, bridges, roads, etc.); recreational facilities, storage/warehouses, etc.
Loan Terms: Terms will be determined by property type, loan amount and findings during formal underwriting. Representative loan terms would be a 5-10 year term, amortized over 25 years.
Rates: Rates are usually calculated from cost of funds against Prime. This is determined based on property type, loan amount and findings during formal underwriting. For new construction, rates are typically in the low to mid 8%'s. For refinancing and/or acquisitions, rates are typically in the mid 6%'s.
Loan to Value: Up to 70% LTV on new construction, and 80% - 90% LTV for refinancing and acquisitions, depending on property type, loan amount and other factors.
Debt Service Coverage Ratio (NOI/debt service): Minimum 1.25x, varies by property type.
Recourse/Non Recourse: This can only be determined through formal underwriting.
Turnaround Time: Usually a week or two to issue a Letter of Interest.
Underwriting Fee: Depends on loan size (nonrefundable) to cover underwriting costs; paid only after/if an LOI has been issued.
Application Process (typically 90-120 days from receipt of a full loan package):
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1st Choice Financial Consultants
541 East Tennessee Street Suite120
Tallahassee, Fl. 32308