Commercial/Multifamily Loans

Select Mortgage offers custom solutions for every commercial financing situation.   Whatever your commercial needs, we will tailor a loan that's right for you.  Whether you're an institutional investor or an individual investor new to the multifamily or commercial market, trust Select Mortgage to provide you with the services and assistance needed through the loan process.  Our experience in multifamily and commercial properties allows us to easily identify market, rental, and interest rate trends.  A simple call to us to discuss a particular property can some times save time and wasted energy.  

 

In order for Select Mortgage to streamline your loan process, we will need a completed application packet, property operating information and color photos of the subject property.  All documents and forms should be signed by all borrowers.  You may fax the completed documentation to 512-346-1195 or email attachments to selectmortgage@austin.rr.com.  You may download the forms here or if you would like these forms faxed, please contact 512-346-6221.

 

1.  Application Items:

Commercial Loan Application

4506 - T, Request for Transcript of Tax Returns

Schedule of Real Estate Owned

 Borrower Certification and Authorization

 

2.      Property Operating Information:

Current Rent Roll

Operating Statements - This should be for 2005, 2006, and year to date 2007. Tax Returns and Schedule E are acceptable

 

3.      Color Photos - Exterior views of each side of the property as well as photos up and down the street.  No interior photos are required.

 

Loan Programs:

Select Mortgage offers a variety of loan programs to suit your needs.  We finance Multifamily, Office, Retail, Mobile Home Parks, Self-Storage and Mixed-Use Properties.  We will review unique properties on a case by case basis.  We offer Recourse and Non-Recourse loans, both with the most competitive rates on the market.

Apartment, Mobile Home Park, Mixed-Use and Condo Conversions 

Eligible Properties:

  • Existing apartment properties with 5+ units.
  • Mobile home parks and limited mixed use acceptable.

Loan Size:  $250,000 to $10,000,000

Highly Competitive Rates Including:

  • 6 month; 3, 5,7 and 10 year fixed terms followed by adjustable rate periods up to 30 years
  • 15 year fixed rate fully amortizations
  • 3 to 5 year interest only structures available

Prepayment:

  • Fixed declining, Yield Maintenance, Defeasance, and No Prepayment options available

Loan to Value:

  • Up to 85% for purchase, rate and term refinance and cash out                                                          

Minimum DSC:

  • 1.07
  • Can use market rents and vacancy for underwriting

Fees:

  • 1% origination
  • Third Party Costs of $4000 (subject to change)

Credit Requirements

  • Scores over 660, however non Core programs allow lower Credit Score

 

Office, Retail, Restaurant, Industrial, Self-Storage and Raw Dirt

 

Eligible Properties:

  • Small non-credit tenant properties, national tenant properties and mixed use
  • Nationwide
  • Loan Size:  $350,000 to $20,000,000

Highly Competitive Rate Plans Including:

  • 3,5,7 and 10 year fixed terms
  • 20 to 30 year amortizations

Prepayment:

  • Fixed declining, Yield Maintenance, Defeasance, and No Prepayment options available. 

Loan to Value:

  • Up to 80%

Minimum DSC:

  • 1.15 - 1.20

Fees:

  • 1% Origination
  • Third Party fees vary based on loan amount and loan program