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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:
$750,000 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:
For loans above $2,000,000 |
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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. CLTV up to
80% |
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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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Economic & Interest Rate Outlook -
3-02-09:
The Treasury supply that has been
threatening the market is now beginning
to hit. On top of that, the U.S. Federal
Deposit Insurance Corporation seems to
be offering competition to Treasuries as
it voted on a plan to guarantee new debt
issued by banks. The result means an
ever growing supply of government
guaranteed debt. Whether issued by the
U.S. Treasury or another entity, if the
guarantee is through the U.S.
Government, it is effectively sovereign
debt. So as we have seen recently, even
as the equity markets struggle, longer
term rates continue to be pushed upward. |
