Mortgage
Cap
Financial
PHONE: 212-631-4272 | CALL TOLL FREE 1-800-689-0706 | FAX: 212-208-3069
Thank you for visiting Mortgage Capital USA web site.
Mortgage
Cap
Financial
PHONE: 212-631-4272
| CALL TOLL FREE 1-800-689-0706 |
FAX:
212-208-3069
Thank you for visiting Mortgage Capital USA web site.
| Mortgage Cap Financial offers domestic commercial mortgage loans to qualified businesses throughout the United States. Whether you are trying to finance a new construction or refinance an existing deal; Mortgage Cap Financial can assist you. Please call us at 212-631-4272 or toll free 1-800-689-0706 or e-mail. | ||||||||||||||||
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All Mortgage Cap
Financial Forms |
Mortgage / Real Estate Terms
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Site Index
 Click here for Loan Submission Form, please complete ande-mail or fax back to us so we can review your project (in Word). or in Adobe Acrobat format |
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Domestic Financing Program: Loan amounts: 5,000,000 and above, all size projects that are 5,000,000 and above can be considered. Geographic: USA and Internationally based projects can be reviewed. Types of projects: Real estate, energy, and all type of infrastructure projects. Types of projects can include residential and commercial real estate development, hospitality and medical related facilities, power plants, oil and gas mining projects, infrastructure projects such as tunnels and railroads and other large scale projects that are needed throughout the world. Terms and conditions: That is dependent upon the specific project and the perceived risk of the project. Please
e-mail us a summary of your
project. |
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Mortgage Cap Financial Commercial Financing Program minimum loan $1,000,000 to $5-$10.0MM 75 - 80% depending on property Gas stations health care facilities special use (bowling, tennis, etc) multifamily office, retail, warehouse golf course motel (non-flag) others considered owner occupied Low personal credit score considered judgments & liens ok no recent bankruptcy WSJ prime plus 2 - 4% 2 - 4 points 5 year term with 25 year amortization prepayment penalty 3% year 1 – 2% year 2 and 1% year 3 (see me on this for turn-a-round properties) close in 3-6 weeks Third Party Needed: appraisal phase 1 environmental engineering borrower background check
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COMMERCIAL LOANS Loan Amounts: $200,000 to $2,000,000 Rates: Highly competitive with a wide array of rate plans, including:
Loan
Terms:
6 months, 2, 3 and 7 year ARM with 15, 20 & 30 year amortization Loan to Value: Varies with Credit Score and Property type. Eligible Properties: Tier I: Multi Family and Mixed Use Tier II: Office, Retail, Warehouse, Bed & Breakfast, Self Storage, Mobile Home Park (< 25% RV) Territory: Available in most major markets. Fees: Varies with type property and age Prepayment: Varies with loan Program Arms Caps: Varies with loan Program Arm Margin: Varies with loan Program Additional INFO: Dry Closings: 48 hours to fund Environmental Insurance required on all properties (must submit AIG questionnaire with loan) Tax and Insurance Escrow Required. Trust, LLC, Corporate entity acceptable on all products with personal guarantee. Seller Second up to 20% of property value (Rate and margin increase 1% & max LTV decreases by 5%) Unlimited Cash Out on Refi’s. Loans are assumable for 1% upon approval Phase I: Not required on most properties.
All loan
applicants must qualify under underwriting requirements. |
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UNSECURED
BUSINESS LINES OF CREDIT
UNSECURED REVOLVING BUSINESS LINES OF CREDIT WITH 5-YEAR TERMS NOW AVAILABLE FOR
YOU AND YOUR CLIENTS.
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FULL DOCUMENTATION For owner-user commercial properties over 25% owner-occupancy.
(a) personal and business financial statements and tax returns, (b)
credit reports, (c) A/R & A/P agings (d) debt schedules (e) other applicable
docs. Max 1st Mortgage loan amount $5,000,000 Purchase to 90% LTV Refinance to 85% LTV Cash Out to 75% LTV Combined LTVs to 90% Minimum Average FICO 600 Targeted DSCR of
1,20x ò Fixed, Hybrid and ARM Rate Options ò Fully Amortizing 30-Year Term ò No Call Provisions or Balloon Payments ò Prepayment Penalty Options ò Ability to prepay up to 20% of principal within any rolling 12-month period without prepayment premium
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APARTMENT LOANS Loan Amounts: $300,000 to $3,000,000 Rates: Highly competitive with a wide array of rate plans, including: Loan Terms: 1,3,5,7 and 10 year ARM with 25-30 year amortization 15 year fixed with 15-year amortization Loan to Value: 80% for purchase, rate and term refinance. 75% for cash out refinance, unlimited after 2 year holding period. Eligible Properties: Existing apartment properties with 5 + units. Limited mixed use OK. No properties with deferred maintenance in excess of 5% of value. Territory: Available in most major markets. Fees: Varies with type property and age Prepayment: Varies with loan Program Arms Caps: Varies with loan Program Arm Margin: Varies with loan Program Additional INFO: C quality properties OK as long as well maintained and in stable markets Phase I: Not required on most properties.
All loan
applicants must qualify under underwriting requirements.
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LOW DOCUMENTATION FOR MULTI-FAMILY and MIXED USE PROPERTY 125,000 to 2,000,000 loan amounts Documents needed: (a) current personal and business financial statements (b) most recent year end business tax return or a financial statement and signed IRS form 4506 for prior 2 tax years (c) most recent personal tax return or W2 (d) A/R & A/P aging (e) debt schedule (f) other applicable docs. Hightlights Max 1st Mortgage loan amount $2,000,000 Purchases to 90% LTV Refinances to 85% LTV Cash Out to 75% LTV Combined LTV: to 90% Minimum Average FICO 600 Targeted DSCR of 1.20 Eligible commercial property types include multi-purpose and mixed-use. ò Fixed and Variable Rate options ò Fully amortizing 25-year term ò No Call Provisions or Balloon Payments ò Prepayment Penalty Options ò Ability to prepay up to 20% of principal within any rolling 12-month period without prepayment premium
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STATED INCOME PROGRAM Loan Amounts: $125,000 to $1,000,000 Rates: Highly competitive with a wide array of rate plans, including: Loan Terms: 1, 2, and 5 year ARM with 15 year amortization 20 or 30 year amortization 15 year fixed with 15-year amortization 20 year fixed with 20-year amortization 30 year fixed with 30-year amortization Loan to Value: Varies with Credit Score and Property type. Eligible Properties: Up to 90% cash Loan to Cost for acquistions for certain projects Tier I: Multi Family and Mixed Use “UP TO 80% LTV” Tier II: Office, Retail, Warehouse, Bed & Breakfast, Self Storage, Mobile Home Park (< 25% RV) Tier III: Automotive, Industrial, Funeral Homes, Rooming House, Marinas w/ocean access Tier IV: – (Special Purpose) Day Care, Hotel/Motel, Campground, Restaurant (min credit 640 on Bar/Restaurant) Territory: Available in most major markets. Fees: Varies with type property and age Prepayment: Varies with loan Program Arms Caps: Varies with loan Program Arm Margin: Varies with loan Program Borrower Credit: Minimum Credit Score 575 on Tier I & Tier II Properties Minimum Credit Score 600 on Tier III & Tier IV Properties Minimum Credit Score 640 on Restaurants and Special Purpose Additional INFO: Dry Closings: 48 hours to fund $500,000 – $800,000 Loan Amounts Minimum Credit Score = 600 Environmental Insurance required on all properties (must submit AIG questionnaire with loan) Tax and Insurance Escrow Required. Trust, LLC, Corporate entity acceptable on all products with personal guarantee. 100% Cash out reduce LTV by 5% Non Seasoning Refi. Min Score 600, lower LTV by 10% (no more than one deed transfer in past 24 months) Seller Second up to 90% CLTV Unlimited Cash Out on Refi’s. Bankruptcy & Foreclosure not a problem. Loans are assumable for 2% upon approval Phase I: Not required on most properties.
All loan
applicants must qualify under underwriting requirements.
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LAND
ACQUISITION AND DEVELOPMENT FINANCING CONSTRUCTION AND DEVELOPMENT FINANCING
Loan amounts: 1,000,000 and above.
Very large loan requests welcome. Rates and terms are reviewed with the principals and /or broker after submission of loan submission form and executive summary of the project has been received. Geographic areas: Throughout the United States with loan amounts 1,000,000 and above. International loans
20,000,000 and above. Projects in Mexico can be reviewed in loan
amounts of 1,000,000 and above. Small, medium and large size developers are invited to submit loan requests. Types of land projects that we have reviewed recently are residential subdivisions, land lots, commercial development of land lots and subdivisions of mixed use properties. Interest rates are reflected by the perceived risk of the project and the financial strength of the principals and the willingness of the principals to guarantee the loan requests. Also the amount of time the principals have to act upon the loan request, very fast loans can be provided but the cost of capital will be higher because funds are derived from private funds. For projects that have a 30 to 60 day window to close interest rates can be lower because a greater amount of time is available for due diligence and greater amount of documentation can be provided and supported. We are able to assist developers in virtually all phases of their development whether it be a commercial or residential development, and sometimes there may be more than one solution to their financing request and they will be presented after review of their construction and development loan request. Special purpose property types such as amusement parks, casinos, power plants, and owner occupied business properties such as offices, gas stations, truck stops, and other special purpose properties can be considered. We understand the needs of the developer, and whether you need a fast loan to take advantage of a special acquisition opportunity or need a complex financial structure to build out your next project we are ready to consider your construction and development financing request. Please submit an executive summary of your construction and development loan request to Mortgage Cap Financial by E-Mail. Brokers and principals invited to acquire about all of our financing programs, information and checklists about the requirements of the various financing programs can be obtained by reviewing our entire web site. If there are any questions, please contact us.
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Financing
Program for Business and Real Estate Owners
1 Loan amount: 1,000,000 and above for projects throughout the United States, international projects 20,000,000 and above Assets that can be used as collateral: Real estate and business assets such as equipment and machinery, and accounts receivables. Industries: Power plants, manufacturers, wholesalers, retailers, energy projects, distributors and real estate developers and investors such as hotel and motel owners and developers, casinos, shopping centers, convention centers and hi-tech industries, airlines, railroad companies are just examples of some of the industries that can be provided financing. Interest rates and terms: Quality projects can get the most competitive rates; both domestic and international projects can qualify. Information needed to get started: Executive summary of your project loan request. Please e-mail us a summary of your project. All loan requests have to be collateralized and debt financing is provided in the form of mortgages on real estate and liens on equipment and machinery.
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Floating Rate Program: Minimum loan - $1,000,000 to $10.0MM 70 - 80% LTV depending on property (mezz loan may be available to 90-95% for multifamily, mixed use, office, retail and light industrial) , condo conversions gas stations / convenience stores special use (bowling, tennis, car wash etc) multifamily & mixed use office, retail, warehouse industrial (subject to clean Phase 1) golf course motel (non-flag) (limited availability) owner occupied others considered Low personal credit score considered judgments & liens ok with explaination no recent bankruptcy (7 years) WSJ prime plus 2 - 4% 2 - 4 points 5 year term with 20-25 year amortization prepayment penalty 3% year 1 – 2% year 2 and 1% year 3 (may be reduced for turn-a-round properties) close in 3-6 weeks 1% deposit for 3rd party reports appraisal phase 1 environmental engineering borrower background check typical reposition transaction borrower buys apartment property with 30% vacancy (good location bad management) we lend 80% of the as-is value (purchase price) lend 80% of the rehab dollars in a second mortgage. The borrower rehabs and leases the property in two years, paying a 1% PPP and refinances at 75% of value at stabilization, taking all his cash out plus some more. Cost of transaction – WSJ prime plus 3% plus 3 points… cheap for the results. Exhibits for approval: Loan request: amount, terms requested, use of funds and estimated closing date Property section: > property type > digital photos > leased or owner occupied > physical description (area, number of apartment units, room, etc.) > income and expense statement (if a repositioning transaction, a projected I&E also) > current rent roll with information of each tenant (lease start and end date, sq. ft. or apartment number, current rent, any additional rent CAM, vacant units with market rent) > appraised value if know or borrower’s estimate of value, purchase contract , or if a refinance, date of purchase, price paid, original and current mortgage balance interest rate and mortgage payment and mortgage payment history, two years tax returns on owning entity Borrower section: > principal’s financial statement > credit report > resume of real estate experience or business experience if owner occupied > 2 years tax returns > credit explanation letter if needed A Letter of Interest will be issued upon receipt of satisfactory exhibits Business Analysis section: 1. Current Mortgage Note and last month's mortgage statement 2. Rent Roll Lease Type- NNN, Gross, etc. - Sq. ft. -Lease term - Business type of each tenant 3. Principal's bank statement of past 6 months 4. Borrower's bank statement of past 6 months 6. Principal's resume 7. Company background description 8. Incorporation documents, which show the ownership structure 9. Property owner’s tax return of 2002, 2003, 2004 10. Principal's 2004 and 2005 tax return 12. Is there any management company for the subject property? Please provide background and experience description. 13. Regarding the owner-operating business- , kindly provide the following information. <For Owner-Occupied Property> • Business started by (founder) in . If current principal is different from the founding one, what year succeeded? What year the business incorporated? • Describe the operation. For example- Operating hours, one or two shifts, weekend/holiday schedule (if applicable) # of employees and by department • Products/services, geographic service area (territory) • Marketing, source of clients, major clients (if applicable)
• Major facility/production equipment
What is the utilization ratio of the facility or production equipment? • Pricing Mix, strategy • Local competition, competitors • Seasonal cycle, monthly sales figures for the past 12 months • Banking relationships What bank the operating entity maintains the banking relationship with? Any loan from the bank?
15. Three year projection (operating statement) of borrower and property owner. 16. Borrower's and Owner's updated Balance Sheet 17. Principal's Balance Sheet 18. Please provide the leases .
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Land / Construction Loans Quality Properties and Borrowers Loan Amounts: $3,000,000 - $20,000,000 Terms: 12 to 36 months Amortization: Interest Only Use of Proceeds: land acquisition, refinance for infrastructure and construction Loan to Value (LTV): Purchase: to 90% of cost Refi: 60- 75% of as is value Construction: to 100% of construction cost Recourse: Yes. Non-recourse will be considered Advance Fees: NONE in most cases, until Term Sheet/LOI is issued. Then 3rd party costs and out of pocket expenses. Loan Fees: 5-7 points Interest Rates: 11-14% Term Sheet / LOI: 5-7 days Commitment Letter: Within 7-10 days of receipt of complete loan package Funding: 30 to 45 days from Commitment Letter Preview Checklist: 1. Executive Summary: 1-2 page Deal Summary. Include property history and any challenges that exist. Please be sure to include exact property location and description, detailed use of proceeds and Exit Strategy (how and when loan will be paid. 2. Purchase price or year of purchase and purchase price, if refinance 3. Executive Summary from latest appraisal 4. Resume and Personal Financial Statements on all Borrowers 5. Most recent business and personal tax returns on Borrowers 6. Current Credit Bureaus with FICO scores on Borrowers 7. Cash equity investment by Borrowers AND detailed use of cash to date. 8. Detailed use of funds and construction budget, if applicable 9. Status of required entitlements and approvals 10. project timetable for remaining entitlements, infrastructure, construction to Lease-up or full sell out 11. Pro-forma financial projections and operating statements. Digital aerial photos of property, if available
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LAND LOANS:
Loan Amounts: 1,000,000 to
100,000,000
Geographic areas: USA, Canada, and
Mexico
Acquisition land loans up to 80% of
purchase price and refinancing up to 70% of the value of land.
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SMALL LOAN PROGRAM FOR
COMMERCIAL AND MULTI-FAMILY PROPERTIES:
Loan Amounts: 500,000 to 3,000,000
Property Types: Apartments, retail,
industrial and office buildings, hotels and motels. Mixed use properties
such as apartments over commercial use property are acceptable.
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JUMBO COMMERCIAL FINANCING: Loan Amounts: 5,000,000 to 750,000,000 Terms: 5 TO 25 YEARS Property Types: MULTI-FAMILY, COMMERCIAL, DEVELOPMENTS, HOTELS, RESORTS, CASINOS, RESIDENTIAL DEVELOPMENTS Loan To Value: UP TO 90% Geographic: USA, CANADA, plus NORTH, CENTRAL, AND SOUTH AMERICA RATES ARE BASED ON RISK INHERENT WITH PROJECT. Types of Loans: CONSTRUCTION AND LONG TERM LOANS SECURED BY LAND AND IMPROVEMENTS |
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BELOW PRIME RATE - FIXED RATE FINANCING: Owner – User and Investment Properties Available in all 50 states. LOAN
AMOUNTS: $500,000 to $5,000,000 DOCUMENTATION: Full Doc only – min DCR of 1.2 CREDIT SCORES: 650 FICO PROPERTY TYPES: Owner – User or Investment Properties: Mixed Use, Office, Retail, Light Industrial and Warehouse. Special use properties considered - case-by-case. NOTE: Flagged hotel/motel and restaurants ARE eligible for this program. TERM and AM: 25 year fully amortizing, with no calls or balloon LOAN TO VALUE: to 75% LTV on multi use properties INTEREST RATES 2 year fixed rate: Prime less 1.25% AS LOW AS: 5.75% Current APR NOTE: At end of 2 yr term, Borrower will have option of quarterly adjustable at P +1% or 5 yr fixed at then current rates.
PREPAY POLICY: Standard: 10% yr 1, declining by 1% per year Optional: 5% for 5 years (increase rate by .625%) Other programs available with 5,7,10 and 25 yr* fixed rates. Call 212-631-4272 for details and quotes. * 25
yr fixed rate available only on Owner User Properties. |
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COMMERCIAL
CONSTRUCTION FINANCING: LOAN TO COST: UP TO 90% OF THE PROJECT CAN BE FINANCED, IN CERTAIN CASES UP TO 100% OF THE PROJECT CAN BE FINANCED. LOANS AVAILABLE NATIONWIDE USA. ALL 50 STATES CONSIDERED. |
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MORTGAGE FINANCING: FIRST AND SECOND MORTGAGES AVAILABLE THROUGHOUT THE UNITED STATES. CONSTRUCTION LOANS ALSO AVAILABLE. LOAN AMOUNTS OF 500,000 TO 200,000,000. PROJECT TYPES CAN INCLUDE APARTMENTS, SHOPPING CENTERS, OFFICE BUILDINGS, HOTELS, MOTELS, INDUSTRIAL PROPERTIES. |
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FINANCE HOTEL AND MOTEL PROJECTS: WE CAN FINANCE THE TO BE BUILT HOTEL OR MOTEL FLAGGED OR UNFLAGGED. WE ARE READY TO PROVIDE THE CONSTRUCTION OR BRIDGE LOAN SO YOU CAN GET THE PROJECT OFF THE GROUND OR TO REHABILITATE. CONTACT: RICHARD MILFORD - PHONE: 212-631-4272 FAX:212-208-3069 OR JUST PRESS THE E-MAIL ENVELOPE AND LETS START TALKING ON HOW WE CAN FINANCE YOUR PROJECT. |
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INVESTMENT PROPERTY FINANCING Available in all 50 states. LOAN AMOUNTS: $500,000 to $6,000,000 LOAN PURPOSE: Permanent financing for purchase, expansion or refinance (with or without cash out) PROPERTY TYPES: Mixed Use, Office, Retail, Light Industrial and Warehouse. Special use properties considered on case-by-case basis. TERM and AM: 25 year fully amortizing, with no calls or balloon LOAN TO VALUE: to 75% LTV on multi use properties FIXED RATE TERMS: 5 or 10 yr fixed rates available INTEREST RATES 5 year rate: 5 yr FHLB + 2.65% AS LOW AS: 10 year rate: 7 yr FHLB + 2.90% PREPAY POLICY: Standard: 10% yr 1, declining by 1% per year Optional: 5% for 5 years
(increase in rate will apply) |
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ATTENTION: DEVELOPERS 100% FINANCING NOW AVAILABLEPre-Leasing : Not required Property Type(s): All property types are eligible under this program including apartments, condos, hotels, motels, office buildings, resorts, golf courses, and a wide variety of commercial and residential developments. Geography: Nationwide USA, Canada, Mexico, and other countries considered. Minimum Deal Size (all-in cost): $5,000,000 Maximum deal size (all-in cost): $750,000,000 Development Type: All types of residential and commercial developments are considered under this financing program including hotel resort projects and speculative residential and commercial projects and rehab deals. Timing: Maximum Five (5) Year Hold Period.
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INVESTMENT
PROPERTIES MORTGAGE LOAN PROGRAM -
- Office
/ Medical / Apartment properties / Industrial
buildings / Retail
centers / Warehouse
properties / Mobile home parks / Self Storage Terms: 10 to 25 year term mortgages dependent on property type. Amortization: Up to 30 years. Property types: Apartments and commercial income producing properties. Loan Types: Fixed and variable rate loans for property acquisition, refinance, and permanent financing. Loan to Value (LTV): Up to 80% LTV: $1,000,000 to $3,000,000.
Up
to 85% LTV on apartments, office properties or anchored retail, $3,000,000
Recourse: NON RECOURSE Origination Fees: PAR RATES NO POINTS FOR THIS SPECIFIC LOAN PROGRAM ONLY.
Rates: 10 yr fixed rate w/ 30 year am: Pre-qualification: 72 hrs Commitment Letter: Within 7-10 days of receipt of complete loan package Funding: 30 to 45 days from Commitment Letter NOTE: For the investment properties loan program only: - No seller carry or secondary financing permitted for this specific loan program - No restaurant, hotel/motel, auto related or land loans for this specific loan program
- No
construction loans under this specific loan program
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MULTI FAMILY INVESTMENT PROPERTY FINANCING: Available in all 50 states. LOAN AMOUNTS: $500,000 to $5,000,000 LOAN PURPOSE: Permanent financing for purchase, expansion or refinance (with or without cash out) PROPERTY TYPES: Multi family properties in MSAs with populations greater than 50,000 TERM and AM: 25 or 30 year fully amortizing, with no calls or balloon LOAN TO VALUE: Max 1st lien: 75% LTV. Secondary financing not to exceed 85% CLTV CASH OUT REFI: 70% max LTV with 85% minimum occupancy FIXED RATE TERMS: 5 or 10 yr fixed rates available INTEREST RATES 3 year rate: 3 yr FHLB + 2.65% AS LOW AS: 5 year rate: 5 yr FHLB + 2.65% 7 year rate: 7 yr FHLB + 2.65% PREPAY POLICY: Standard: 10% yr 1, declining by 1% per year Optional: 5% for 5 years (increase in rate will apply) OCCUPANCY: 80% minimum at time of origination and
projected |
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FLAGGED HOTEL / MOTEL PROPERTIES Quality Properties and Borrowers
Loan Amounts: $2,000,000 - $10,000,000 Term / Am: 10 year term with 25 year amortization Loan Types: 10 year fixed rate loans for property acquisition and refinance Loan to Value (LTV): 70 precent maximum for purchase or refinance (no cash out). 65% maximum if cash out refinance unless being used to enhance value of property. Recourse: Full recourse for this particular program, non recourse loans may be available at different rate, terms and conditions and may have yield maintenance prepayment penalties, this particular program have different prepayment penalty scenarios are dependent upon the specific project. Origination Fees: NONE Loan Fees: 2 to 4 points Rates: 10 yr fixed rate w/ 25 year am: 6.5% to 7.5% Pre-qualification: Completion of our loan submission form, once reviewed and there is interest the documentation below will be requested. or in Adobe Acrobat formatCommitment Letter: Within 7-10 days of receipt of complete loan package. Funding: 30 to 45 days from Commitment Letter. NOTE: - Good credit and cash flow. DCR: 1.3 minimum. - Established properties only. No turnarounds, startups or construction. - Value based on lower of purchase price or appraisal, if purchase. - Borrower must be experienced or hire recognized hotel management company. Please note that we have other hotel/motel financing programs that will review turnarounds, both franchised and non franchised hotels and motels, rates and terms are subject to change and underwriting. NEEDED TO PRE-QUALIFY: - Last 3 years property tax returns. - Year-to-date financial statements. - Current credit bureau with FICO on Borrowers. - |