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We are Offering Financing for Markets, Convenience Stores, Drug Stores, Department Stores, Laundromats.
Eligible Property Types:
Markets, Convenience Stores, Drug Stores, Department Stores, Laundromats.
Loan Size:
$150,000 - $2,000,000
Eligible Locations:
Nationwide
Terms:
15, 20, 25, 30 years
Collateral:
First
position mortgage as certified by title search and title policy on
property. Collateral assignment required, subordination of tenant
leases may be required.
Loan Pricing:
Determined by pricing matrix.
Debt Service Coverage Ratio:
Minimum DSCR of 1:1 depending upon property type, age, physical condition, location, and competitive market position.
Loan-to-Value Ratio:
Up to 70%-80% (for more than 51% owner occupancy) of MAI appraised value conforming to FIRREA.
Cash Out Refinance:
Borrower must justify proceeds to be used for business purposes only. Minimum 2 years ownership; maximum LTV 80%.
Loan Escrows:
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.
Appraisal:
Complete Summary Appraisal required.
Environmental Insurance/Screen or Phase 1:
Required.
Survey:
No survey required if title company agrees to delete the standard exceptions from the title policy.
Reserves at Closing:
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.
Eligible Principals:
U.S.
citizens, permanent resident aliens, non-permanent resident aliens
(with restrictions); majority principal owners cannot be on probation
or parole.
Recourse:
Must be personally guaranteed by all 20% or greater owners of real estate or operating entity.Please use Adcode "Mayp11-S" in your application for faster processing. |
