These are the general requirements of our commercial lending division. Each property type/loan type may have more or less of these requirements.
- The minimum loan is $200,000
- The maximum loan is NONE
- First and second liens only
- The maximum loan to value is 90% for SBA loans and up to 80% conventional commercial financing.
- Application fee, commercial appraisal, environmental assessments, legal fees usually required
- Debt service coverage from 1.1 to1.5 depending on property type and borrower’s credit/experience.
- No prepayment penalty options available
- Commercial loan application required
- Personal and corporate tax returns required.
- Pictures of the property.
- Historical income and expense information on the subject property, if new, proforma numbers needed.
