What The Average Weight For A 15 Year Old Boy Some Important Facts About First Position Commercial Mortgage Notes

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Some Important Facts About First Position Commercial Mortgage Notes

Creating attractive interest rates is a challenge in today’s low interest rate environment. The appeal of First Position Mortgage Notes is that the investor (the lender) is first as the lienholder on the property – and thus has the hard asset (real estate) to provide security for their investment.

The average 50-year homeownership rate in the US is about 65%. Most experts agree that this number is directly related to one’s ability (and desire) to own a home as more people turn to rental communities, and the challenges younger consumers face in securing sustainable employment. is falling. The marketing of traditional residential mortgages in today’s market has given consumers a greater understanding of how these loans work. Add that to the competition in the home financing market, and it’s understandable why most adults know about home financing. But what about commercial real estate?

Every everyday consumer leaves home and visits multiple commercial properties – work – dining – shopping – entertainment – yet few understand how the commercial financing market differs from the residential financing market. The term “commercial lending” is primarily divided into “multifamily properties (5+ units), office buildings, retail centers, industrial and warehouse space, single-tenant box buildings (such as Lowes and Walmarts), and special-purpose properties such as gas Stations, schools, churches, etc. Regardless of the purpose, getting a business loan is very different from a home loan.

In residential loans, the normal procedure for lenders is to ask for 2 years of tax returns, bank statements, pay stubs, credit checks and property appraisals. A loan underwriter’s primary concern is the borrower’s ability to make monthly mortgage payments (through income and expense models) including taxes and insurance.

In a business loan, the lender will first look at the condition of the property and its ability to repay the loan from the cash flow it generates from day-to-day operations. The lender will ask for a copy of the current lease (rent bill) and the borrower’s two-year operating history. Additionally, they will review recent capital improvements, interior and exterior photos of the property, and lien and title searches. Armed with these documents, the underwriter will create a Debt Service Coverage Ratio (DSCR) to determine if the property can meet the needs brought on by the new loan. Additionally, lenders will look at third-party appraisals, not only looking at the property in question, but also the surrounding area and market trends.

Business borrowers need to have a strong financial profile and credit history to qualify for a loan. However, more than the borrower’s personal circumstances, the lender looks more at the property’s ability to sustain the loan. This is in direct contrast to the underwriting of residential mortgage loans, where the personal financial situation of the borrower is more concerned than the property that is pledged as collateral.

There are six sources of commercial real estate borrowing – Portfolio Lenders – Government Agency Lenders – CMBS Lenders – Insurance Companies – SBA Loans – Private Money/Hard Money Lenders.

Portfolio Lender – These consist primarily of banks, credit unions, and corporations that take business loans and place them on their books by their due date.

government agency lender – These companies are licensed to sell commercial loan products funded by government agencies such as Freddie Mac and Fannie Mae. These loans are pooled together (securitized) and sold to investors.

commercial bank lender – The loans made by these lenders are called “CMBS loans”. Once sold, the mortgage is transferred to a trust company that issues a series of bonds with varying maturities (terms and interest rates) and default payment priorities.

insurance company – Many insurers have set their sights on the commercial mortgage market to increase yields on their holdings. These firms are not subject to the same regulatory lending guidelines as other lenders, so they have more flexibility to create loan packages outside of traditional lending norms.

SBA loans – Borrowers who wish to purchase commercial real estate for their own use (own use) may choose to take out an SBA-504 loan, which can be used to purchase various types of goods for their own business, including real estate and equipment.

Private Currency/Hard Money Loans – For those borrowers who cannot qualify for traditional financing due to credit history or related property challenges – hard money loans may be a viable source of funding for their prospective projects. The interest rates and cost of funds for these loans are higher than other types of loans. Despite higher borrowing costs, these loans fill a need in the commercial mortgage market.

Commercial mortgages can be recourse or non-recourse by design. In a typical recourse loan, the borrower is personally liable for the loan if the loan is foreclosed on and the proceeds are not enough to repay the loan balance in full. In a non-recourse loan, property is collateral and the borrower is not personally liable for the secured debt. In a typical non-recourse loan, a clause called a “bad boy clause” is part of the loan documents, which states that in the event of fraud, willful misrepresentation, gross negligence, criminal conduct, misappropriation of property income and insurance Windfall, lenders can hold borrowers personally liable for mortgage debt.

It is understandable that in commercial mortgage negotiations, lenders prefer loans with recourse, while borrowers prefer loans without recourse. During the underwriting process, lenders and borrowers work hard to create loans that meet the needs and goals of both parties, and if there is an impasse, no loans are made.

The world of commercial mortgage lending offers investors the ability to participate in a market that can offer attractive yields, principal security through lien positions on real estate assets, and terms acceptable to most (12-month to 5 years). Creating consistent monthly interest through assets such as commercial mortgage notes is attractive to both consumers and institutional investors.

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