1 Index used for adjustable rate
2 Max LTC (loan-to-cost)
3 Max LTV upon completion
4 Construction only: Max term (years)
5 Mini-perm available
6 Construction to permanent available
7 Participating construction
8 Fannie Mae DUS construction/perm
9 SBA
10 Recourse required
11 Subordinate financing allowed
12 On-time completion bonus
LOAN SIZE
New Construction
Rehab/Renovation
Company Name
1
2
3
4
56789101112
Min
Max
Min
Max
Peachtree Financial Partners Inc.
770-888-7054
100
50
60
YY
1M
35M
1M
35M
INTERNATIONAL
Properties: All property types considered
Platinum Premier Services Inc.
888-311-3555
Prime
80
75
24
YY
Y
500K
none
500K
none
INTERNATIONAL
Properties: All property types considered. LIBOR index also used
Provident Bank
951-782-6193
Prime
60
65
18
YYY
YYY
500K
15M
500K
15M
CA
Properties: Commercial, apartments. Southern CA
Remington Financial Group Inc.
480-905-3239
LIBOR
85
100
36
YYYY
YYY
1M
180M
1M
180M
NATIONWIDE
Properties: All commercial properties
Seattle Funding Group Ltd.
800-974-8628
Fixed
80
75
24
Y
500K
10M
none
none
AK CO HI ID NV OR TX UT WA
Properties: All property types considered
Seattle Funding Group of Arizona
480-315-1515
100
70
12
Y
500K
5M
none
none
AZ NM
Properties: Land must be free and clear or have additional collateral.
Seattle Funding Group of California
858-751-0556
Fixed
80
75
24
Y
500K
10M
none
none
CA
Properties: All property types considered
Small Business Loan Source LLC
866-362-SBLS (7257)
1-mo LIBOR
90
100
9
Y
Y
300K
2M
300K
2M
NATIONWIDE
Properties: Owner-occupied commercial real estate
Stirling Bridge Group
800-756-8170
65
60
100K
15M
100K
15M
INTERNATIONAL
Properties: Apartments, condos, offices, hotels, industrial parks, warehouses, all construction projects
Summit Financial and Investment
Group LLC
800-649-0311
Open
80
75
36
YYY
Y
4M
none
4M
none
INTERNATIONAL
Properties: All property types considered
Sunwest Bank
714-719-8966
WSJ Prime
75
75
36
YYY
2M
10M
2M
10M
CA
Properties: Multifamily, industrial, office, owner-user, custom home
The Pan American Fund
954-370-0600
Hard Money
100
65
36
YYY
YY
500K
100M
500K
100M
NATION WIDE except: HI
12
3
4
56789101112
Min
Properties: Commercial properties
Max Min Max
Tell lenders you found them
in Scotsman Guide
Scotsman Guide makes every attempt to ensure the quality of matrix and directory information, which all listed lenders verify or update monthly. Because of the production
cycle and dynamic nature of the industry, loan product terms and availability may not reflect the latest changes. Please contact lenders directly for the most-recent program
details. If you believe data is inaccurate or misrepresented, please e-mail: matrixfeedback@scotsmanguide.com.
USDA Program
Continued from Page 50
financing with interest credit can complement a low-income-tax-credit deal
that needs additional funds.
■ Loan amounts do not count against a
bank’s legal lending limit.
■ Tenant income cannot exceed 115
percent of area median income at initial
occupancy. After initial occupancy, a ten-
ant’s income is not restricted.
Plus, this loan guarantee may be used
for more than multifamily housing for
low-income tenants. For instance, given
the program’s requirements, workforce
housing may be another use. The ten-ant-income limits of 115 percent of the
area’s median income fit within a tenant population that is earning approximately the area median income but not
enough to purchase a home. And because
the program does not recalculate tenants’ income once they are approved to
live in the property, tenants will not be
forced from the property because their
incomes increase.
Another result of the housing act is
that when using the low-income-hous-ing tax credit, property-owners can use
either the local area median income
or a national average. This allows for
greater rent levels and often lets moderate-income tenants live in properties
financed with the rural-rental program’s
loan guarantee.
As the tax-credit pricing changes,
some developers may face a funding gap
in building the project, as well. This program may help alleviate funding shortfalls, and it doesn’t negatively impact the
use of the 9-percent tax credit. This gap
■ ■ ■
Mae to allow lenders to sell this program's
loans on the secondary market.
For brokers, this program is yet another
tool that can help them and their clients
weather the current market turmoil.
To date, USDA Rural Development has
financed about 80 percent of all affordable rural rental new construction via
the Guaranteed Rural Rental Housing
Program's loan guarantee. Further, the
department has partnered with Ginnie
This editorial material is for informational purposes
only and should not be construed otherwise.
Only obtain advice and interpretation regarding compliance or any other material from your
legal adviser.
On the Web
■ U.S. Department of Agriculture (USDA) Rural Development’s Guaranteed Rural Rental
Housing Program Handbook: tinyurl.com/usdaMS
For more information, contact your state’s USDA Rural Development office.
