Small Commercial Mortgages

($100,000 to $1,000,000)

Loan Application

To get started, please fill out all the pages of this small commercial loan application and return to Property Crossing:

•  via toll-free fax to:  (888) 292-7360, or 

• via email to commercialapplication@PropertyCrossing.com

Loan Parameters

Loan size - $100,000 up to $1 million.

Credit “A” credit borrowers - 680+ credit scores for primary borrower or primary guarantor.

Loan purpose - Rate/term refinance, cash-out refinance or purchase.

Occupancy - Owner occupied or investor properties are acceptable.

Loan types - 6-month adjustable, 2, 3 and 7-year fixed, then adjustable; and full term fixed rate programs are available.

Terms - 15, 20 and 30-year fully amortizing loans are available on all property types.

Loan-to-value - Loans up to 80% of property value for multifamily and mixed-use properties, 75% for all other eligible property types.

Subordinate financing - Seller seconds up to 20% of property value are permitted.

Prepayment fees - Vary based on loan type.

Closing costs – Origination Fee, lender fees, appraisal, title, environmental insurance and survey (if required) are paid by borrower.

Guarantee - Personal guarantees are mandatory for all eligible borrowers including individuals, corporations, partnerships, LPs, LLCs and certain trusts.

Escrows - Tax escrows are required.

Eligible Property Types

Tier 1 Properties:

Multifamily

Structures containing four or more dwelling units with common area facilities such as entrances, lobby, elevators, stairs, mechanical space, walks or grounds. Units must be rented on a non-transient basis such that tenants consider their unit their permanent residence. Properties that offer weekly or monthly housing would not be considered multifamily properties.

Mixed-use

Mixed-use properties must contain at least one commercial unit (retail, office etc.)  and at least one residential unit. Common types of mixed-use properties include a ground floor retail or office unit with apartment(s) above, all within the same building. The primary use at the property must be for residential purposes in order for it to be considered Tier 1 mixed-use.  The Mixed use property type can be classified in any tier depending on the percentage of the multi-family component and the type of commercial use.

Tier 2 Properties:

Mixed-use

Mixed-use properties must contain at least one commercial unit (retail, office etc.) and at least one residential unit.  If the primary use at the property is for commercial purposes, the property will fall under our mixed-use Tier 2 guidelines. The Mixed use property type can be classified in any tier depending on the percentage of the multi-family component and the type of commercial use.

 Office

Office buildings are buildings designed for general commercial occupancy and are normally subdivided into smaller units. Office use implies a general business use that does not include retail, manufacturing or warehouse type operations.

Retail

Retail buildings are designed for retail sales and display and usually have display or decorative fronts. This retail classification encompasses a wide variety of uses including, but not limited to: markets, convenience stores, drugstores, department stores, big box retailers, barber shops, laundromats, etc.

Warehouse

Warehouse buildings are designed primarily for storage purposes. An amount of office space included is usually commensurate with the quality of the building but typically rages from 3% to 12% of the total area. Plumbing and lighting are usually limited due to anticipated light personnel load. The design of the building usually includes a light frame with large open interior areas. Cold storage and transit warehouses (truck terminal) are included in this category.

Self Storage

Mini-warehouses are warehouses subdivided into a mixture of cubicles of generally small size, designed primarily to be rented for small self- storage or noncommercial storage and may include some office-living space.

Light Industrial

Light industrial is characterized by a small size facility where no heavy manufacturing or specialized industrial process takes place. Office space within light industrial ranges from 3% to 25% of the total area. Buildings must include sufficient plumbing and lighting to accommodate personnel. Common uses found in light industrial properties may include: cabinet making, assembly processes, home service industries, etc. Absent from these properties is any type of heavy machinery, welding operations, cranes or hazardous materials.

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