| LOAN SIZE : |
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$2,000,000 to $30,000,000. Primarily first mortgages. |
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| PROPERTY TYPE : |
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Multi-family, Mixed-use, Retail, Office, Light industrial, Single tenant occupancy, Hotels, RV Parks, Restaurants, Gas stations, Commercial Condominium & Co-operative units, and Residential Condominium, Co-operative & fee simple units (must be owned corporately). Please note: Properties in rural areas usually do not meet our underwriting guidelines. |
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| LOAN TO VALUE : |
|
Up to 70% of appraised value. This program is primarily designed to lend based on the asset value. We therefore focus primarily on comparable sales and absorption rate. We will require an appraisal ordered by BCF and a site inspection to review comps and subject property. |
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| MAX. LOAN TO PURCHASE PRICE : |
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Up to 90% of purchase price subject to LTV requirements above. This applies to cases where the borrower can justify to BCF why they are able to purchase subject property below market price. |
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| SELLER MORTGAGES : |
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Seller subordinate financing is allowed with the restriction that borrower makes a down payment of no less than 10% of purchase price in cash. Loan to value restrictions still apply. |
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| INTEREST RATES : |
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The rates are floating for the term of the loan at 30 day LIBOR + 8-9% per annum. Actual rates will be determined by credit strength of loan application. |
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| TERMS : |
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Two programs are available. 1) Interest only with 1-3 year balloon; 2) Up to 25-year amortization with five year renewable terms. A penalty for early prepayment will be required. Loans are typically full recourse. |
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| TIME FRAME : |
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For amounts up to $1,000,000, loans typically close within 2 weeks. For amounts $1,000,000 or greater, loans typically close within 2-4 weeks. |
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| LOCATION : |
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Mainland USA. No rural areas. |
