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Source of Financing
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Source of Financing Impac Commercial Capital (877-405-3310) offers the following loans: a typical conduit loan with a maximum LTV of 75%, an amortization of 25 years, an interest rate of 6.375%, a debt service constant of 8.01%, an origination fee of 1%, doc expenses up to $20,000 and a prepayment with yield maintenance for 10 years. The company also offers an Impac “Conduit Buster” with a maximum LTV of 80%, an amortization of 30 years, an interest rate of 6.75%, a debt service constant of 7.78%, doc expenses of less than $2,000 and a prepayment with lockout for five years only.
GMAC Commercial Mortgage Corp. (215-328-3381) arranged $1.95 million in fixed-rate, permanent financing for a retail center in Saratoga Springs, NY. West Hill Plaza, located at the intersection of West Avenue and NY State Route 29, has a GLA of 30,839 sq.ft. and is currently 93% occupied by eight tenants.
Brinsaire Commercial Finance (336-616-0851) offers commercial loans from $500,000 to $2 million for retail buildings, mixed-use and shopping centers. The sites must be 25% to 100% owner occupied commercial. The national lender is now offering stated income to 90% LTV with an amortization of 25 years. A minimum credit score of 660 is required.
KSI Capital, Inc. (201-712-0042) is a well-capitalized direct hard money lender for commercial properties. The company is looking for funding opportunities nationwide as well as international, and is looking to participate in joint ventures and equity projects.
Commercial Defeasance, LLC (704-248-2609) recently structured and closed a $10.6 million defeasance transaction on behalf of Lantern Plaza Limited Partnership. The defeased property, Lantern Plaza, is a 72,000 sq.ft. shopping center anchored by Super Stop & Shop. The property is located on East Washington Street in North Attleboro, MA. The defeasance enabled Lantern Plaza Limited Partnership to refinance the property with Merrill Lynch for $13.58 million.
United Capital Group, LLC (248-682-6650) is seeking financial opportunities for single tenants properties and ground leases on investment grade and non-investment grade tenants under the following programs: Typical fixed rate CTL program with the term and amortization commensurate with the primary lease term; fixed-rate 10-year term with a 30-year amortization. Loans are underwritten at a debt coverage of 1.20x to a maximum 80% of value. The company’s programs contain no origination, placement or commitment fees. Pricing is based upon the credit strength of the tenant.
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