Private Lender | no doc | stated income | commercial real estate financing
Professional Affiliations
******CORONA VIRUS / COVID-19 UNDERWRITING UPDATE****
Lending Update as of 7/15/2020
We have implemented temporary underwriting guidelines, different from our usual guidelines but we are still lending on the right deals and have not halted funding.
Capital Deployment:
· Purchase, Refinance & Cash Out
· Commercial Real Estate Secured Only - Loans $100,000 - $1,000,000 *higher amounts case-by-case
· Private Money Permanent Loans or Bridge
· Stated Underwriting, Approvals based on property cash flow, LTV and sponsor credit.
· 3 Year Arms or 30 Year Fixed Rate Option
· Deal must make sense. Maturing bank loans or turn downs welcome.
· LTV’s must not exceed 65%
· Red Star may require a 4 month debt service reserve for PIT.
Property Types for Funding:
· Grocery / Convenience, Liquor Stores
· Retail / Strip Malls
· Office Buildings
· Apartment Buildings and Mixed-Use Commercial/Residential
· Mobile Home Parks (no park owned homes)
· Medical Buildings
· Food Wholesale / Distributors
· Laundromat
· Pharmacies
· Veterinary Clinics
· Pet Stores / Animal Feed
· Warehousing / Storage / Self Storage
Effective immediately, the following industries will be not be funded:
· Bars and Taverns, Night Clubs
· Restaurants
· Nail Salons, Book Stores, Party Rental Stores
· Sports and Entertainment Venues
· Fitness/Gyms
· Travel Agencies
· Clothing / Apparel Retailers
· Hotels / Motels / Assisted Living
· Land
This email is for discussion purposes only and intended for mortgage professionals.
