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Lending Program Guidelines
Minimum Size: $100,000
Maximum Size: $10,000,000
Property Types: Retail, Multi-Family, Pad Site, Retail Credit Tenant Acquisition and Construction, Office, Industrial, Subdivision Acquisition and Development (special limits may apply), Vacant Land (special limits may apply)
Misc: We do "cash out" financing allowing the borrower to use the proceeds from our loan for another unrelated project.
Refinance: All property types including bank notes that have been extended multiple times and may not be eligible for renewal at the original bank.
Endorsement: Preferred but negotiable
Loan to Value: General Guidelines depending on sponsor and guarantor--75% for income property, 65% subdivision cost not to exceed 75% for value. Free standing credit 100% if cap rate allows loan of approximately 80% of value.
Procedure: With a verbal understanding of the terms of the loan having been discussed, Graham issues a Loan Application with the relevant business terms outlined. The prospective borrower is to return the application with the requested deposit (generally 1%). No action is begun until the application and deposit have been returned. If Graham does not issue a written commitment within the latter of 10 days of the date of the application or receipt of the deposit, the deposit is not earned and is returned promptly. If the loan is approved, a written commitment is issued. Upon the borrower accepting the written commitment, loan documents are prepared and the file is prepared for closing.
Real estate counsel for Graham is David Drumm, Carrington, Coleman, Sloman and Blumenthal (www.ccsb.com). |
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