Real Estate Loan Closing - $3 million Ft Lauderdale Retail Refinance25 December 2005
Matrix Mortgage International (MMI) has refinanced a $3 million commercial loan with 80% Loan to Value for a retail center in Ft Lauderdale, FL. Matrix provides commercial mortgage acquisition, refinance and takeout loans ranging from $200,000 to $250,000,000. Loan to Value is maximized at 80% for loans under $1 million and 90% for loans over $1 million.
www.commercial-real-estate-loan.net is the website to submit your request.
Apartment loans, senior housing loans, shopping centers loans and office buildings loans, industrial and hospitality are the primary property types. Self storage and mobile home parks loans and condo conversions are also included in our underwriting.
Loan submission tips:
1 - Provide current rent roll if applicable
2 - Provide last years Net Operating Income Statement and the current year YTD
3 - Pictures of the property are required by most underwriters
4 - Provide borrowers FICO score.
Closing schedules for conventional loans range from six to eight weeks most permanent and refinance loan programs are provided to the originator at par.
Another mortgage program is the FHA MAP program the geographic preference: US and its territories. This construction- permanent is two loans in one. The Property Types include a Multi-Family Loan, Apartment Loan, Senior Apartment Loans, and Assisted Living Loans. The loan sizes range from: $6 - 100 million. The loan term is 40 years fully amortized. The Loan to Cost is up to 90%.
Fannie Mae construction-permanent loan interest rates are fixed for the 40 years and are currently in 7.0% range. Mortgage insurance adds 0.5%. Features are assumption with approval, non-recourse, no rent restrictions, no limitation on owner's return.
Requirements are Market Study and Appraisal to support the project occupancy and rents. Fees - Borrower pays all application, inspection, underwriting, and third party costs. This government guaranteed program normally requires about 6 months for construction-permanent approval by HUD and the acquisition refinance usually requires 3-4 months for approval.
Source: prweb
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