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Loan Parameters |
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Loan Geographic Coverage:
Nationwide |
LTV:
80% ( 65% for MI, OH, FL, IN )
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Loan Size:
$1,000,000 to $25,000,000 +
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Terms:
5-30 years with 30 year amortization |
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Property:
Seeking 4 Star and up communities.
Parks to have 50 plus pads, 50% or
greater doublewides, paved and
curbed streets and extra park amenities
like club house, pools, tennis courts. |
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Loan Features |
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Liability:
No
personal liability for most loans
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Early Rate Lock:
Possilbe |
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Transferable :
Loans are assumable to a buyer for
speedy ownership transfer. |
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Secondary Financing:
Allows
investor in future years to draw equity
from the property without having to
refinance the 1st mortgage with low
secondary interest loans. |
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Misc. Loan Information |
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Closing Process: 45-60
days |
Third party costs:
From $5,500+ |
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Prepayment Penalty:
Step Down or Yield Maintenance
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Minimum
Occupancy:
90% for loans up to $3MM and
85% for over $3MM for 90 days prior |
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Investor Requirements |
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Minimum net worth & liquidity needed |
Minimum credit FICO score of 680 |
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Live within 100 miles of property or
have two years of similar size property
ownership experience |
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Initial Underwriting Requirements |
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Current rent roll |
Rentable square footage of property |
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A few exterior color photos of the
property, "if possible " via email
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Last two year & year to date property
operating statements |
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Gross monthly revenues by the
month from the last six months. For
loans over $2mm a 12 month trailing
profit and loss statement by the month
is requested. |
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Contact |
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Email : Michael.Robertson@Pribank.com |
Phone: 415.236.1770 |
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Fax: 415.871.2201 |
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