Auto Repair , Used Car Lot Commercial loans

We are Offering Commercial Loans to auto repair shops, used car lots, quick-lube facilities, tire repair shops

Included within this category are auto repair shops, used car lots, quick-lube facilities, tire repair shops.

$150,000 - $2,000,000

Nationwide

25 years

First position mortgage as certified by title search and title policy on property. Must have a first security interest under UCC-1 on all business assets of real estate and operating entities.

Determined by pricing matrix.

Minimum DSCR of 1.00x depending upon property type, age, physical condition, location, and competitive market position.

80% LTV or up to 90% CLTV of MAI appraised value conforming to FIRREA.

Borrower must justify proceeds to be used for business purposes only. Minimum 2 years ownership; maximum LTV 80%.

The borrower may be required to contribute monthly to an escrow account for real estate taxes and property insurance. The borrower may also be required to establish a monthly capital replacement escrow reserve equal to the greater of (a) 5% of gross revenues or (b) an amount to be determined by Ocean Capital on the basis of an engineering report and site inspection.

Complete Summary Appraisal required.

Required.

No survey required if title company agrees to delete the standard exceptions from the title policy.

The borrower shall establish a remediation/repair reserve at closing equal to 125% of required deferred maintenance repairs as indicated in the environmental and architectural/engineering reports.

U.S. citizens, permanent resident aliens, non-permanent resident aliens (with restrictions); majority principal owners cannot be on probation or parole.

Must be personally guaranteed by all 20% or greater owners of real estate or operating entity.

Please put adcode "Mayp11-A" in your application for faster processing.