Who has a great SIVA Commercial loan product?
I have an associate with a client that is a seasoned builder. He is wanting to purchase apt's. and rehab. Can they loan on ARV? What is the LTV? The borrower is solid with credit merits has verifiable assets and looking for loan of $5MM+
theconsultant4u atgmail dotcom
by ibeforee April 20, 2013 7:58 PM
You will not find a stated product for a loan of that size, but there are lenders who will use a LTC approach where the borrower can borrow the needed funds to cure the property.
If the property is underperforming or distressed then it is also possible to build in an I/R component, but the numbers (via a viable proforma) must work in order for this to be possible.
As an example, my lender uses an 80% LTC on the as-is value of the property with a stabilized 65% LTV requirement.
More importantly, the borrower must have a solid track record in this space in order to have any hope of obtaining financing. Without a history of being a good GC and owner-operator of multifamily properties all they really are is a contractor looking for a high-dollar CRE loan and that's not going to happen.
by TheMaineEvent April 21, 2013 8:18 AM
We Lend up to 70%LTV on Multi Family & Mix Use. We will go up to 65%Loa To Value on other asset classes. I have a few different SIVA Commercial loan products. Feel Free to connect.
by PVT MONEY April 29, 2013 9:25 AM
Your client can finance 100% of the project with a Stand By Letter of Credit. Contact Greg or Jason at 216-939-5285 or firstname.lastname@example.org
by BizLoans June 27, 2013 7:13 AM