| Property
Type: |
One
to four family residential properties, mixed-use and small
commercial properties which are acquired for business
or commercial purposes.
Stonehedge Funding does not finance owner-occupied
residential properties. |
| Geographic
Area: |
Southeastern
Pennsylvania and surrounding areas. |
| Credit: |
Good
credit is required. |
| Loan
Amount: |
$10,000
- $350,000 with the typical loan amount between $25,000
and $75,000. |
| Rehabilitation
Funds: |
Draws
advanced in stages during the renovation process. |
| Term: |
12
- 60 months. |
| Interest
Rate and Fees: |
Negotiable,
subject to market conditions, credit, experience and strength
of transaction. |
| Loan
Structure: |
Interest
only payable monthly with principal due at maturity. |
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| Ratios: |
70
- 75% loan to value ratio. |
| Lien
Position and Collateral: |
First
mortgage positions on acquired real estate. |
| Types
of Borrowers: |
Individuals
and all types of business entities including general partnerships,
limited partnerships, limited liability companies and
corporations. |
| Guaranty: |
Personal
guaranties required. |
| Underwriting
Guidelines: |
Credit
Reports - tri-merged and scored reports ordered by lender. |
| |
Property
Inspections - performed by lender prior to closing and
release of renovation funds. |
| |
Appraisals
- drive-by appraisals required. |
| |
Flood
Searches - generally not required unless the property
is near a flood zone. |
| |
Title
Insurance - required. |
| |
Property
Insurance - always required with standard mortgagee clause. |
| Documentation: |
Standard
commercial mortgage loan documentation required. |
| Timing: |
Closings
generally within 10 - 30 days after package submission. |
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