Loan Programs
(*Guidelines and percentages subject to change as market conditions fluctuate.)
General Underwriting Guidelines for Loans:
(*Guidelines subject to change as conditions arise.)
The following information is the general criteria that we use on various property types including multifamily conventional and private money loans.
We can lend on basically any property if it is whether it is cash flowing or not. We can use other income from the borrower to support cash flow or just the property itself.
Each situation is unique and the best way to determine feasibility is to contact us to discuss. 1-704-517-2557 - All properties considered Nationwide.
General Terms:
Eligible Properties
Transaction Size
$50,000 to $5 million.
All rates are quoted on a case-by-case basis - please call 704-517-2557
LTV (Loan-To-Value)
65%-80% of valuation, depending on property type.
Prepayment Penalty
There is usually not a prepayment penalty.
Good Faith Deposit
There may be a deposit due upon acceptance of the Letter of Interest or Conditional Loan Approval, in order to proceed with the loan.
This deposit will cover third party reports and processing. Any unexpended balance can be credited at closing.
Origination Fee
Usually 0% to 5% of the loan amount - Depends on the quality of the borrower and project.
Third Party Reports
Appraisal, survey, and environmental insurance or reports will usually be required. Some existing reports may be acceptable with pre-approval.
Most loans can be closed in days. Bridge loans can be closed in 2 weeks or less.
Personal guarantees usually required.
Typical property types include:
Multifamily - Office - Retail - Warehouse - Self Storage - Assisted Care - Car Wash - Automotive - Gas Stations - Franchise - Mobile Home Park
Commercial Income producing properties guidelines - Land -
Income Producing Commercial: Up to 80%
LTV for purchase on commercial properties 100,000 - 3,000,000
Acquisition and Development: up to 80%% LTV on as-is value.
Purchase Raw Land: General rule is 65% on raw land.
Improved Land Purchase: We will lend up to 65% LTV on improved land. Zoning, use, stage of improvements, number of improvements made, may influence LTV.
Lots: Typically 50% LTV on recorded lots, with exceptions to 65% if on the ocean or fantastic views on a case-by-case basis.
All rates are quoted on a case-by-case basis - please call - 704-517-2557
Blue Light Financial
Loan Programs
