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Sources Of Financing
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Sources Of Financing First Bank of Beverly Hills (800-515-1616) offers loans nationwide from $1 million to $20 million for retail, apartment, industrial, office, self-storage and mobile home parks. The company offers the following: tenant-in-common financing, permanent loans and fully adjustable three, five, seven and 10-year rates, a conversion option and interest only. Loans are typically 10 years, with amortization of 25 to 30 years, an LTV of 75% minimum, with DSCR of 1.25:1 minimum. Special loan features include interest only for up to five years for lower LTV loans, conversion from adjustable to fixed rate, a line of credit secured by income property, a reverse 1031 financing, a tenant-in-common ownership structure and staged funding. The company finalized these recent transactions: $1.755 million in refinancing for a 22,500 sq.ft. center in Los Angeles, CA; $2.6 million in refinancing for a 19,888 sq.ft. center in Sacramento, CA and $1.69 million for an 8,138 sq.ft. center in Citrus Heights, CA.
Commercial Capital (847-321-0160) offers three basic financing packages through the company’s direct line and hedge fund. Conventional permanent financing parameters include full income producing property, loan amounts greater than $5 million; minimum 1.25 debt coverage; typically 85% LTC max, 90% LTC for exceptional properties; 120 to 225 basis points over 10-year treasury; fixed for five or 10 years, amortized over 25 to 30 years; 30 to 45 day to close; non-recourse, flexible prepay options. Transitional bridge financing programs cover partially income producing property, loan amount greater than $5 million; less than 1.25 debt service coverage ratio; typically 85% LTC max, 90% LTC for exceptional properties; 175 to 500 basis points over six month LIBOR; points range from upwards from two to generally no higher than four; interest only for one to five years; two to three weeks to close. Hard money financing for any real estate asset type, requiring non-conventional financing; rates and terms are deal specific for deals not qualifying for above two packages; 10 days to 14 days to close. The company also has sources for joint venture projects and debt equity players.
KSI Capital , Inc. (201-712-0042) is an experienced, well-capitalized direct hard money lender for commercial properties. The company is looking for funding opportunities nationwide as well as internationally. The company also is looking to participate in joint ventures and equity projects. Loans start at $1 million.
Dominion Mortgage Corp. (310-477-3041) offers commercial real estate loan programs, a flexible underwriting program, and bridge and hard money loans for mixed-use properties, retail buildings and single-tenant properties. For commercial loans, rates are fixed and adjustable starting at $1 million. For bridge and hard money loans, fast funding and all propety types are considered.
Johnson Capital (310-286-7400) arranged $75 million in financing for a private trust on the Mira Mesa MarketCenter located in San Diego, CA. The terms of the deal consisted of a 10-year fixed rate loan. The 487,807 sq.ft. center is anchored by Home Depot, Albertsons, Long’s Drug Stores, Edwards Theatres, Ross Dress For Less, Barnes & Noble and Old Navy. Johnson Capital (949-660-1999) also arranged a $7.65 million permanent loan for an Orange County-based real estate investor through Dillion Reed Capital Management. The loan is secured by four office/retail properties containing more than 40,887 sq.ft. of space in Maple Valley, Covington and Edgewood, WA.
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