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The Commercial Capital Gazette
Commercial Mortgage and Real Estate News
Published By 1st Coastal Commercial Capital
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CONVENTIONAL FINANCING

What is a Conventional Loan and what 1st Coastal can do to help you get financing for Conventional Loans?
Looking for more information on Conventional Loan Programs? You should contact us or submit a commercial loan deal as soon as possible to find out what 1st Coastal can do for you. With a large variety of commercial loan programs we have something for everyone in the commercial lending industry.

Conventional Loans
The standard loan type for bank rate-financed commercial loans (both PURCHASE & REFINANCE). Not everybody can qualify for this type of loan, but those that can receive a great loan!

A type of loan financing that is made by banks and Main street investors. Conventional loans provide the best rate and terms to the loans that can qualify for them. Strict limits on LTV, DSCR, DTI and usage of any cash-out. Borrower(s) must document and validate all financial data (personal and business) by submitting various conditions, including tax returns. While the loan has a higher requirement for documentation and burden of proof, Conventional loans provide the lowest interest rates, longest fixed payment and amortization periods, most conservative pre-payment penalties and higher LTV percentages. These loans are often referred to as "FULL DOCUMENTATION" loans.

Advantages

Lowest interest rates, highest LTV, longest terms, smallest payment.

Cash-Out

Will be for capital improvements to the subject property, majority of the time, and will be Fund Controlled almost all the time.

Disadvantages

Complete verification of income, more documentation, a longer underwriting process due to documentation.

Documentation

Full Documentation mandatory. There may be exceptions, but only when the loan merits such special treatment and is always at the lender's discretion. Full verification of income and liquid assets required.

DSCR

Required, as a minimum, and is usually around 1.20.

Interest Rates

Competitive and market-driven and are the lowest available without government intervention or guarantee.

Terms

Amortization - More selection (15, 20, 25, 30-year & longer available). Makes your monthly payment lower.


Payments - Usually P&I, but could be only I/O. Also longer Fixed Periods (3, 5-year, etc.). Easier for you to establish budget and maximize profits.

Pre-Payment Penalty - Routinely used. The longer the time of the duration, the lower the interest rate.
Term of Loan - Offers the longest of all loan types (30-years and sometimes longer), but it tailored to the specifics of the individual loan scenario.

Value

Property value is confirmed by Appraisal (usually to all three value criteria) and combined with the LTV is a critical concern.
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