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bugsy
26 Posts |
 Posted - 07/23/2008 : 12:45:51 PM
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| I have a client in Gilroy, CA who wants to refi a church maximum cash-out. Part of the Church building consists of 4 units that are rented out bringing in $7,000 per month. Monthly expenses are $3,500. |
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brad.easter
589 Posts |
Posted - 07/23/2008 : 12:48:26 PM
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Id the sanctuary a traditional stained glass/steeple kinda thing? If so that will limit the market for the deal. Are the units on the same parcel with the sanctuary?
Need more information! |
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EMScommercial
5050 Posts |
Posted - 07/23/2008 : 12:55:59 PM
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| Loan amount? denomonation if any? tithings? |
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ahoshmand
36 Posts |
Posted - 07/23/2008 : 2:58:00 PM
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Hi Tony,
If you are considering private money for this transaction, I'd like to throw my hat in the ring. Stonecrest is a San Jose based direct private mortgage fund.
We offer both fixed term loans (up to 5yrs) & lines of credit (3yr balloon), rates from 11-12.5% depending on the final ltv and organization strength. This is on an IO 5yr fixed/2yr ppp or a 3yr fixed/1yr ppp. We typically charge origination of 4 pts. The prepay on the loan is built around their needs, so if they need something short term no problem. If they go longer or for a larger dollar amount, we have slightly more flexibility on pricing.
We try to stay at or below 50% LTV/CLTV on churches, but 60% LTV/CLTV is possible on exception if the deal is strong in other ways besides the collateral.
To evaluate a church deal, I'd like to see the following:
-Articles of Incorporation, Bylaws & Signers
-Summary or Mission Statement & Membership information
-Property photos & characteristics (sq ftg/layout/etc)
-Purpose of loan? Cash-out use?
-How is their cashflow? (bank stmts/asset information)
-Any available financials & schedule of real estate (if other properties are owned by the non-profit)
-any personal guarantors? (1003/credit on them)
Once you and I determine the loan structure with the client, the next step is property valuation. We have a full-time commercial appraiser dedicated to getting us quick valuations (3-5days) at a fraction of the cost of a normal commercial appraisal. For Gilroy it will likely be $800 COD. The report comes back to us within the week much of the time, which is a nice turnaround.
Contact me if this fits. Regards, |
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markapex
346 Posts |
Posted - 07/24/2008 : 06:18:25 AM
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We lend on churches to a max loan of $400,000 and a max LTV of 60%.
Apex Mortgage is a commercial mortgage portfolio lender owned by First Trust Bank, FDIC. We are a small balance lender doing loans from $25,000 to $750,000 in 43 states. Our terms run to a max of 25 years, fixed or ARM with no balloons or lock-outs. We offer brokers the ability to earn 2 points in YSP.
While we are not a hard money lender, most of our deals are in the 575 to 660 credit score range.
We underwrite, process, close and service all of our loans. We never send files out to another company for any reason.
Mark Langman
Apex Mortgage
800-262-2739, ext. 221
215-283-8885 fax
mlangman@apexmtg.com
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swmsn
4205 Posts |
Posted - 07/27/2008 : 12:07:40 PM
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The key to churches are the Tithes. Most Lenders lend off of tithes 2-4x the Tithes. So you need to get 3 years financials to see these. Other key facts but this will help. The rented space you can add in but separate when showing a Lender. There are NO church Lenders on this site. There are Brokers and Lenders that can lend on churches like above. BUT a Church Lender is one that only lends on churches. Their Rates, terms, and overall features are always better. So maybe look towards a Broker that has the experience and sources for these.
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JOHNA_BAYSTREET
163 Posts |
Posted - 07/27/2008 : 5:03:33 PM
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| I have a hard money guy that can do it to 80% LTV if needed and can lend in all 50 states. let me know if your are interested..408.510.3420 ext 426, or johna@ggfunding.com |
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