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Sources of Financing
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Sources of Financing Lone Oak Fund ( 310-826-2888) offers loans up to $10 million with a 9.75% interest rate for improved property and 10.75% for entitled vacant land. Loan terms range from one to 18 months, but extensions can be negotiated. Loan fees are based upon the loan term ranging from 0.5 point. LTVs range from 60% to 65% for improved income property and 50% for entitled vacant land. The company offers loans from commercial, residential, retail, industrial, single purpose, entitled vacant land, churches, schools, restaurants, gas stations and other specialty use real estate. The company also offers special loans on vacant buildings, multiple properties and condo conversions with partial reconveyances.
GMAC Commercial Mortgage Corp. (215-328-3842) provided $74 million floating-rate acquisition financing for Fashion Outlets of Niagara Falls, a 531,423 sq.ft. center located on Military Road in Niagara Falls, NY. The center is currently 85% occupied and is situated on a land area of 41.3 acres.
BMC Capital (214-526-7178) offers NNN retail and industrial recourse and non-recourse financing from $500,000 to $10 million. The maximum LTV is 75% with an amortization of 30 years and fixed-rate terms from three years, five years and 10 years with rates of 6% to 7%.
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