Large Scale Commercial Real Estate Loans

[Calvin Butler]

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

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):

• 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 get started, simply email us @ [e-mail]

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