This lending program is for borrowers seeking loans less than $10 million.

Loan Types:  Commercial real estate acquisition, and construction/rehabilitation, new development, etc.

Geographic Area: U.S., Canada, Mexico and the Caribbean

Financing Amount: Minimum loan amount is $1,000,000, maximum loan amount is $10 Million.

Property Types (in alphabetical order): Apartments, Assisted Living, Auto Malls/Auto Repair, Bed and Breakfast, Campgrounds, Car Washes, Convenience Stores/Gas Stations, Churches, Day Care, Dry Cleaners, , Grocery Stores, Hospital/Medical, Hotel/Motel, Light Industrial, Medical/Dental Office, Mixed Use Properties, Mobile Home Park, Multifamily, Nursing Homes, Office, Restaurants/Bars, Retail, RV Parks, Senior Housing, Self Storage, Warehouse, Working Farms/Agricultural, etc.

Loan Terms: Terms will be determined by property type, loan amount and findings during formal underwriting.  Representative loan terms are 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.

Due diligence/Underwriting Fee: $2,500 - $9,500 (depending on loan size) 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):

Application Process (typically 90-120 days from receipt of a full loan package):

  • Submit a Project Summary Form and executive summary or detailed description of the project;
  • Dependent upon the Lenders' Network in which your deal is placed; A Due diligence payment may be required before receiving a Letter of Interest (LOI)
  • If a Letter of Interest (LOI) is issued, it will articulate an initial rate and term that will be refined during underwriting.
  • If you are interested in moving forward you must submit the due diligence/underwriting fee, as specified in the LOI, along with the signed LOI.
  • Once your project is placed in underwriting, billing for any third-party reports that are required, i.e., appraisal, environmental analysis, feasibility study, etc. will be deducted from the due diligence/underwriting fee; However, we will attempt to insure that the deal fundamentals are sound before ordering any third-party reports.  This will help you avoid incurring costs unless absolutely necessary. All due diligence funds not used will be refunded.
  • Approximately one week after receipt of the signed LOI and due diligence payment, you will receive a welcome letter.
  • Approximately one week after receipt of the welcome letter you will receive a conditions letter that will provide a list of documents that must be submitted.

To , simply email us @ fcfinancial@ymail.com

We'd love to hear from you!

1st Choice Financial Consultants
541 East Tennessee Street Suite120
        Tallahassee, Fl. 32308
        Office: 850-297-9242
         Cell: 850-570-6479

 

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Happy 4th of July !!!

Hope all is well, I do have a couple of small deals in Los Cabos Mexico:
  • A Mixed used property, Refinance,  O/O, loan Amount $1M USD, LTV >75%.
  • A Housing development, Construction and development, Loan Amount $900K USD, LTV >45%
Please let me know if you may have a program for these type of projects.
David
Please submit your loan request to our Hard Money Lenders' Network via this link: http://www.c-loans.com/r.cgi?r=000574


The system will instantly search our database of more than 750 commercial hard money lenders and give you a list of twenty commercial mortgage lenders who are hungry for your exact type of deal.  You can then submit your loan to the seven most attractive commercial lenders with just one mouse click. You can also use the phone numbers listed to call the lenders directly.  Lenders will then contact you by phone and by e-mail to compete for your business.  These direct commercial mortgage lenders chase YOU, so your negotiating position is so much stronger.

There is NO OBLIGATION! To gain immediate access to the lenders in this network, enter the link below & fill in the short form. Get a same-day response from this network. They can deliver term sheets within 48 hours and closings in as little as 45 days

I will email the required documents needed to submit your loan request to our Private Lenders' Network.
Thanks!
Calvin Butler President/Founder 
 
 

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