Loan Criteria
General loan criteria:
- Lending Area: Pacific Northwest
- Loan Size: $100,000 to $10 Million
- Loan Term: 6 months to 5 years
- Amortization: 0 – 30 years
- Interest Rate: Starting at 8%
- Loan-to-Value: 50% to 65%
- Note: Additional collateral can be added to achieve the 100% LTV
- Origination Fee: 2 – 6 points
- Prepayment: No prepayment penalty, loan may be prepaid at any time with original interest amount still owed.
- Note: In some cases, there may be a minimum term before no prepayment penalty applies.
- Borrower: Single Purpose Entity Ownership Structure preferred, Individuals or Partnerships could work
- Recourse: Conditional upon term sheet of specific transaction
- Application Fee/ Appraisal Fee/Loan documentation Fee: $500.00 – $5,000.00, depending on the size of the loan
- Commitment Fee: This fee will depend on the project
- Closing: Standard 2-4 week close (from the time we receive all required documents), abbreviated schedule 7 day possible
- Use of Proceeds: Loans are made for business purposes only
