30 Year Fixed Rate On Jumbo Loans

Posted April 25, 2013 by sba504guru
Categories: Uncategorized

NEW PRODUCT FOR 2013! 30 Year Fixed with a 10 Year INTEREST ONLY Option Purchases and Refinances owner occupied properties
• 75% – Up to $650,000
• 70% – Up to $1 Million
• 65% – Up to $1.5 Million
• Minimum annual household income must be $150,000
• Reserves required- higher of $250,000 or 24 months PITI

For more information call me at 407-765-0341

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HARD MONEY LOANS…. HOW THEY WORK

Posted April 21, 2013 by sba504guru
Categories: Uncategorized

Are you looking for a hard money loan or bridge loan? Well look no further. McGrover Commercial Capital has hard money loans available for residential and commercial real estate use nationwide. Hard money loans are typically used by individuals and companies that are seeking capital for short term needs and or for difficult situations. Whether you are buying out a partner, paying off an IRS lien, going through a divorce, consolidating debt, dealing with family issues, such as weddings, death, college funds, etc, hard money loans can be an option to help in reorganizing a difficult or unexpected situation. Hard money loans are also great for real estate investors that need quick cash to acquire real estate opportunities and to negotiated better terms with sellers of residential and commercial real estate.

Basically hard money loans are high interest rate  loans which are always secured with residential and or commercial real estate. These loans can typically be funded in as little as 5-10 business days, but sometimes can take as long as 30 days to fund. Most hard money loans have set rates, terms and fees.

When deciding on borrowing hard money, it is imperative that you have an exit strategy in place, primarily because these loans are usually short term loans that range from 12 months to 60 months. Additionally private lenders are not interested in participating in long term financing.  Private lenders are seeking higher returns for their risk and feel comfortable with lending their capital due to the fact that their capital will be secured with real estate in case of default.

Rates on hard money loans typically start around 9% in today’s market and can sometimes be as high as 15% depending on the underlying risk that the private lender feels is imbedded in the transaction.

Fees associated with borrowing hard money are broker points, title work, comparative market analysis or appraisals and legal fees to name a few. Before any loan commitment, the borrower will receive a term sheet with all costs and or fees associated with the funding of the loan.

Terms on Hard money loans, as we mentioned briefly above, can range from as little as 12 months to as much as 60 months, but most private lenders and even the borrowers, try to average their loans for around 24-36 months maximum.

Prepaid penalty is another item that should be considered when borrowing hard money. Many times our private lenders will lend their capital to borrowers and do not wish to have their money returned too early, so to offset this potential return of capital, some of our private lenders will place a prepaid penalty on the loan if the funds are returned before a minimum of 12 months. This is not always the case and sometimes it is important to see about negotiating  with the private lender to forgo a prepayment penalty prior to the loan being funded. Prepayment penalties can be as low as 1% of the loan amount to as high as 8% of the loan amount.

Why do our private individuals and companies lend hard money? Basically, private lenders such as high net worth individuals and companies lend their capital because they are seeking higher than average returns which they typically cannot find in other investments. These private investors always have their capital secured unlike when investing in a business or the stock market and the private lenders will only invest up to an average of 65% of the asset that is being used as collateral.  Sometimes, however, our private lenders will limit their exposure and will only lend a total of 50%, but rarely does this happen, however it is something that is considered prior to loans being disbursed. This strategy of limiting the loan to value of the asset being used as collateral makes our private lenders more comfortable and more willing to lend.

If you are in need of capital for any real estate transaction and cannot seem to qualify under traditional financing guidelines, but are looking to purchase or refinance residential or commercial real estate, then maybe I can help you. To get started either email me at sean2109@yahoo.com or call to 407-765-0341.

Construction Loans For Owner Occupied Commercial Real Estate… Up To 90% Financing!

Posted April 7, 2013 by sba504guru
Categories: Uncategorized

McGrover Commercial Capital has construction financing for owner occupied commercial real estate. Call today to find out how you can finance up to 90% of your construction and finance into your loan, closing costs, soft costs, hard costs, furniture, fixtures and business equipment.

To qualify, you have to be in business for at least two years, have at least a 660 credit score, and occupy minimum of 51% of the real estate.

Our underwriting is so good, we can get you a commitment letter within 7-10 business days. Loans from $500K to $10M.

Call me at 407-765-0341 for no obligation consultation to learn more about this exciting loan opportunity.

 

Sean McGrover
www.mcgrovercapital.com

Advenir Pays $37M for Broadwater Apts CBRE Arranges $28M Acquisition Loan

Posted March 28, 2013 by sba504guru
Categories: Uncategorized

Sentinel Real Estate Corporation sold the 408-unit Broadwater Apartments at 6677 Tanglewood Bay Dr. in Orlando, FL to Advenir for $37 million, or about $91,000 per unit.

The two-story, 342,194-square-foot multifamily community was built in 1987 on 23.7 acres in the Tourist Corridor of Orange County. The property offers 136 one-bedroom and 272 two-bedroom units across 22 buildings with asking rents between $835 and $985 per month. Tenants enjoy two resort-style pools with spa, fitness center, clubhouse, business center, racquetball court and a car-care center.

CBRE arranged $28 million acquisition funding for the buyer through its relationship with Freddie Mac. The 10-year loan is partial interest only and represents an 80 loan-to-value. Charles Foschini, vice chairman with CBRE’s debt and equity financing group partnered with Christian Lee, vice chairman and Christopher Apone, vice president to represent the borrower.

“Advenir continues to be an active buyer of high quality multifamily product. Freddie Mac recognized both the strength of the buyer and underlying market in making what historically would be considered a cutting edge aggressive loan,” said Foschini.

Jamie May with JBM of Marcus & Millichap represented the seller in the sale. The buyer handled the sale in-house.

 

p.s. If you are looking for capital for multifamily real estate purchases, give me a call. Our loan programs range from $1m-$30m for all commercial real estate purchases.

p.p.s. Visit www.mcgrovercapital.com for more information on some of our other loan programs.

Client Has $500K And Wants Me To Invest It ASAP

Posted March 27, 2013 by sba504guru
Categories: Uncategorized

My client just called me and told me that he has $500K and is looking to lend it on real estate in the next 60 days. The Offer:

Loans up to 65% on residential and commercial real estate
10.5% interest
Up to 60 months
5 points in fees

Let me know if you have a difficult situation and need to make a financial decision soon on either purchasing or refinancing any residential or commercial real estate.

CALL ME TODAY!!

McGrover Commercial Capital
Sean McGrover
Cell: 407-765-0341
Skype: sean.mcgrover
www.mcgrovercapital.com

JUMBO LOANS FOR NON WARRANTABLE CONDOS…. UP TO $3M

Posted February 28, 2013 by sba504guru
Categories: Uncategorized

Non Warrantable Jumbo Loans up to $3M. Below are some quick highlights:

·         Non Warrantable Condos for Owner Occupied and 2nd homes only

  • ·         2nd home must be in resort or vacation area
  • ·         $3m max loan size for Non warrantable condos
  • ·         3/1, 5/1 and 7/1 ARM program
  • ·         Credit scores as low as 680 with loans up to 80% ltv
  • ·         80% LTV allowed to $1.5M for SFR… and $625K for Condos and 2nd homes
  • ·         75% LTV allowed to $2.M for SFR… and $1.5M for Condos and 2nd homes
  • ·         70% LTV allowed to $2.5M for SFR… and $2M for Condos and 2nd homes
  • ·         65% LTV allowed to $3M for SFR… and $2.5M for Condos and 2nd homes
  • ·         60% LTV allowed to $3M for condos and 2nd homes
  • ·         Immigrant/ Expatriates with no U.S. credit are eligible for jumbo and super jumbo loans
  • ·         Maximum Debt to Income for this program is 40%
  • ·         Cash Reserves: Min.  12 months required up to $1M; 24 months reserved required above $1m

Lee, let me know if you have anyone that needs to get pre-qualified. I can get a pre-qualification letter to you or your client within 24 hours after reviewing client’s credit and financials.

I can be reached at 407-765-0341

Commercial Bridge Loans from $1M to $30M

Posted February 28, 2013 by sba504guru
Categories: Uncategorized

Bridge Loans AvaiIable:  I now can offer bridge loans to meet the needs of borrowers purchasing or holding properties that are being repositioned, re-tenanted, improved or otherwise redeveloped, with a clear exit strategy for loan repayment. This direct lending program offers competitive bridge loan rates, interest-only payments & quick closings. Here are some of the highlights:

* Quick closings for opportunistic acquisitions
* Refinance unencumbered real estate quickly to extract equity
* Discounted note payoffs and purchases
* Recapitalizations of under-water assets
* Construction completion
* Development site acquisition & pre-development
* Condo inventory loans
* Any other non-bankable commercial real estate transaction.

Basic parameters of the lending program are:
  • Loan amounts from $1,000,000 to $30,000,000
  • Fixed interest rates from 10.00% to 14.00%
  • Loan fees from 4.00% to 6.00%
  • Up to 65% LTV
  • 12 to 36 month terms, with extensions
  • Target Markets: New York, Connecticut, Florida, California and Texas. Other core markets will be considered.
  • Property types under consideration include multifamily, condo, industrial, office, retail & development sites.
  • Land and construction loans considered in New York and Southern California
  • Closing time frames range from fifteen to thirty five days

FOR MORE INFORMATION CALL SEAN @ 407-765-0341