Before applying for this type of loan, it is important to understand fully what it means to you. With a non-recourse loan, a default will enable the lender to seize the collateral that is linked to the loan, but the borrower’s other assets will not be impacted. With a full-recourse loan, however, the borrower’s other assets may be sought after by the lender if the property value is not sufficient to pay off the debt that is owed.
With our commercial loan programs, we offer financing solutions up to 80 percent loan-to-value for multifamily, office buildings, and mixed-use properties. For hotels, we offer 70 percent LTV, and for other commercial property types, we lend up to 75 percent LTV. Our loans are available nationwide in loan amounts from $500,000 to $50 million. These are 30-year fully amortized loans, but shorter term lengths are available in some cases. A minimum of 1.25x DSCR is required for qualification. Reserves are calculated for tenant improvements, insurance, taxes, replacement reserves, and leasing commissions.
With our commercial non-recourse loan programs, our five-year fixed rates are very competitive, and the 10-year fixed rate is below industry rates.
When you contact us to learn more about the program, we can provide you with today’s current rates and more pricing information. If you are interested in learning more about our non-recourse commercial programs for the first lien position, contact Quintessential Mortgage Group today.
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