We are Offering Financing for Markets, Convenience Stores, Drug Stores, Department Stores, Laundromats.
Markets, Convenience Stores, Drug Stores, Department Stores, Laundromats.
$150,000 - $2,000,000
Nationwide
15, 20, 25, 30 years
First
position mortgage as certified by title search and title policy on
property. Collateral assignment required, subordination of tenant
leases may be required.
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.
Up to 70%-80% (for more than 51% owner occupancy) 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.
Environmental Insurance/Screen or Phase 1:
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 use Adcode "Mayp11-S" in your application for faster processing.
