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Lending Program Guidelines
Minimum Size: $100,000 Maximum Size: $7,000,000 Types: Industrial, Retail, Vacant Land of any zoning, Pad sites, Subdivision Acquisition and Development, Free standing retail credit tenant acquisition and construction, Office and Apartment. 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 Values: General Guidelines depending on sponsor and guarantor--75% for income property, 80% to 85% for subdivision cost not to exceed 75% for value. Free standing credit 100% if cap rate allows approximately loan of approximately 80% of value. Procedure: Once a verbal understanding of the terms of the loan have been discussed, Graham issues a Loan Application, 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. Once the borrower accepts the written commitment, the file is sent to David Drumm, Carrington, Coleman, Sloman and Blumenthal for closing. |
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