Commercial Second MortgagesCommercial second mortgages are available for most seasoned income properties including multifamily apartment and office buildings shopping and retail centers.
Basic terms are as follows:
MINIMUM LOAN: $5,000,000
CLTV: 30% to 40% of "AS IS" value (as per lender's appraisal)
TERM: 12-36 Months
AMORTIZATION: Case by case basis - most loans are interest only
RATE: 14% to 18%
POINTS: 5 to 7 Points - Plus Closing Costs - NOTE: Points are based on the total first and second mortgage balances. For example, if your first mortgage is $1,000,000 and our second mortgage is $1,000,000 the fee of 5 to 7 Points will be based on an amount of $2,000,000.00
Above terms subject to change without prior notice. Other terms and conditions apply.
IMPORTANT: This is not an offer to make a loan, all requests are subject to normal due-diligence and final approval under conditions that are standard for the specific transaction. The above terms and conditions are subject to change without prior notice and other terms and conditions apply.