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Sources of Financing
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Sources of FinancingThe Argus Group (818-990-7200) is a direct lender and broker of non-institutional loans in Southern CA. The firm lends on all types of improved real estate that does not involve possible toxic issues. Rates and terms vary from deal -to-deal, but most fall within the 12% to 15% range for loans with terms of one to 15 years. All loans over five years are fully amortized. Points and fees are negotiable.
Celtic Financial Group, LLC (516-466-0550) arranges mortgages for a variety of real estate properties, including multifamily, office, retail, industrial, hotel, self-storage, manufactured housing and assisted living facilities. The company’s loans are primarily fixed-rate and non-recourse, and are typically for 10 years or more, with amortization terms ranging from 15 to 30 years. The firm also offers loan programs on harder-to-finance properties as well, and LTV ratios can go as high as 85% on certain transactions. In addition to the typical fixed-rate, non-recourse financing options, Celtic has the ability to arrange loans for projects that do not fit the criteria for permanent financing. Bridge or mezzanine loans are also available for borrowers with short-term capital requirements; bridge loans start at $7 million, and carry generally three to five-year terms, while mezzanine loans vary from $250,000 to $5 million, and carry generally five to seven-year terms. The company will also lend on most types of business-related real estate that are either fully or predominately owner-occupied or with a single, non-credit tenant starting at $250,000, SBA and non-SBA financing, (examples of types of properties include franchises, car dealerships, convenience stores, hardware and clothing stores).
Ackman-Ziff Real Estate Group, LLC (212-697-3333) arranged for a $50 million forward commitment on a 467,205 sq.ft. power center in Farmingdale, NY. The project consists of a 288,000 sq.ft., 90% pre-leased phase one, with Staples, Home Depot and Modell’s serving as anchors. Phase II of 190,000 sq.ft. is also significantly pre-leased.
Johnson Capital Group (949-660-1999) structured the financing of a $2 acquisition million loan for an unanchored shopping center in Los Angeles, CA. The seller was unwilling to extend escrow and gave the client three days to close or risk paying additional charges for leasing. |