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Sources Of Financing
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Sources Of Financing Van Corp Financial (941-927-3438) provides private equity funding for projects in the U.S. The minimum transaction is $10 million with no maximum. The company’s focus is projects that involve land, construction and development or anything that is backed up by a market study and analysis that will support the chances of success. The principal must have experience in projects similar to what is being presented for consideration, and they must also have some of their own money at risk. The investment firm charges no interest, no points and no preclosing fees. The clients must pay their own third-party studies.
Evergreen Asset Group, Inc. (770-783-0954) is a direct nationwide hard moneylender placing loans of $1 million to $25 million. Terms up to 24 months, interest only, up to 75% LTV. All credit considered. All commercial property types. No upfront fees other than third-party deposits. Closings in three weeks from time of completed package to final closing.
Ackman-Ziff (212-697-3333) arranged debt financing of $32.7 million for a 297,000 sq.ft. center located in Dekalb, IL. The company also arranged equity financing of $11 million for a 121,000 sq.ft. retail portfolio in MA and RI.
Affinity Funding (734-374-3463) offers loans from $100,000 and up for the following types of properties nationwide: retail, apartments, office, hotels, nursing homes, assisted living facilities, mixed-use locations, automotive sites, gas stations, car washes, self storage facilities, office space, industrial sites, warehouse facilities and anchored and non-anchored shopping centers. The company offers adjustable and fixed rates, as well as adjustable to fixed combinations.
Martin Capital Group (270-527-5382) arranged financing in the amount of $5.2 million on a Walgreens drug store located in Decatur, GA. The subject property, valued at $7.3 million and situated on a land area of two acres, is a 14,560 sq.ft. building tenanted by the drug store on a long-term 25-year NNN lease.
George Elkins Mortgage Banking Co. (310-414-6346) offers financing for anchored retail, multi-tenant industrial, office and self-storage space from $5 million and up. The company offers fixed-rate financing, typically priced off of the 10-year treasury plus a spread. Terms are typically 11 years. The company offers amortization of 25 to 30 years. The loans are typically recourse during the construction phase, followed by non-recourse.
Lehman Brothers, Inc. (212-526-5999) provides loans with a $1 million minimum and no maximum for retail, office, industrial, multi-family, student housing, hospitality and self-storage properties throughout the U.S. Types of financing include senior and mezzanine debt with a term of five to 15 years and an amortization up to 30 years. Early rate lock is available at application. No upfront fees, par lender. Non-recourse with standard carve-outs.
Metropolitan Capital Advisors, Ltd. (972-267-0600) specializes in arranging debt and equity capital for commercial real estate. Whether an assignment is ground-up construction, acquisition financing or the capitalization of an entire transaction, the company offers interim construction loans, permanent fixed rate mortgages, floating rate acquisition financing, mezzanine debt and joint venture equity investments.
Tremont Realty Capital, LLC (617-867-0700) is a national real estate investment and advisory firm, which makes direct debt and equity investments and provides institutional advisory services. Direct programs include high leverage bridge loans, short and long term mezzanine loans and equity capital. Loan sizes range from $5 million and up.
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.
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) arranged a $7.65 permanent loan for an Orange County-based real estate investor throughout 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.
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.
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 mobil 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 JV projects and debt equity players. |