a Accepts packages from brokers and correspondents. Call before sending.
b Only accepts packages through approved brokers/correspondents
c Wholesale pricing is available to brokers/correspondents
d Wholesale pricing is only available to correspondents
e Wholesale pricing is available to approved brokers
f Will collect fee for brokers/correspondents
g Par pricing is available to brokers
LOAN SUBMISSION CRI TERIA
LOAN T YPE / PURPOSE
7 High-rise apartments
8 Historic property
10 Low-income
11 Senior housing
12 Student housing
17 Foreclosure
avoidance loans
(or NOD)
18 Forward
commitments
21 Nonrecourse loans
22 Remodel/renovation
23 Third TDs
Oppenheimer Multifamily & Healthcare
Finance YYY YYYYYY
215-631-9151 a,f,g NATIONWIDE
Submission
Criteria 1 2 3 4 5 6 7 8 COMPANYNAME
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23
DSCR LTV
Max%
Max
$
Min
24 25 26 27 28
24 Fannie Mae DUS
25 Freddie Mac:
Program Plus
26 HUD loans
27 Securitized
mortgage
programs
28 Private money
LOAN CRITERIA
LOAN PROGRAMS
Amounts
Y
Y
Y
YY
1M
1B 90 1.11
YY
Direct FHA/HUD lender: Section 223(f), Section 221(d)( 4), Section 232 LEAN, Section 223(a)( 7) and Section 242 Hospital
Provident Bank
Y
YYY
Y
Y
Y
Y
500K 2M 70 1.2
951-782-6149
a,c,f,g
CA
For prompt response, e-mail: gkoenen@myprovident.com / Cell: 951-403-0567
Redwood Mortgage
YYY
YYYYYYYYYY
YY
Y
100K 2M 65 1.1
Y
800-659-6593
a,f
CA
CA metro areas preferred. No prepayment penalty. Brokers protected. www.redwoodmortgage.com
Remington Capital
YYY
YYYYY
YYYYYY
YY
Y
1M 300M 90 1.2 Y Y Y Y Y
877-597-4458
a,c,g
NATIONWIDE
Seattle Funding Group Ltd.
YY
YYYYY
YYY
YY
250K 3M 65
Y
888-SFG-FUND (734-3863)
a,f
AK CA CO HI ID NV OR UT WA
Direct portfolio lender. Never a prepayment penalty. For California properties, contact the San Diego
office at 858-751-0556. www.sfgfunds.com
Stirling Bridge Group LLC
YYYYYYYYYYYYYYYYYY
500K 10M 70
800-756-8170
a,c,e,f,g INTERNATIONAL
We provide multifamily loans to fill your needs. Call for a quote! www.stirlingbridgeloans.com
Summit Financial and Investment Group
LLC Y Y Y
800-649-0311 a,f
YYYYYYYYYYYYYYYYYY
2M none 80 1.2
YY
INTERNATIONAL
Outside U.S., minimum loan amount $10M
Union Bank
800-463-0687
Whitlock Capital Group
877-313-9750
YY
YYYYYYYYY
CA DC MD OR TX VA WA
YYYYYYYYYYYYY
a,c,e,f,g NATIONWIDE
YY
400K 5M 75
Portfolio lender with in-house approval authority
YYYY
300K 80M 95 0.5
Y
Up to 90% LTV. DSCR as low as 0.5. YSP/rebates. Brokers protected
Tell lenders you found them in Scotsman Guide
Criteria
LTV Max Min 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 DSCR
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.
not mean you have to hire someone
from a major firm. Instead, touch base
with your regular lawyer. If she is comfortable handling the deal, that should
be fine. If not, however, ask for a referral of someone she trusts.
Laws vary from state to state, and
it’s best to err on the side of caution
in these situations and find solid legal help. Some lodging loans are fairly
straightforward. With hotels, however,
lenders may include caveats to make
sure they are covered in various scenarios. This is where lawyers prove
their worth and can help make sure you
and your client are protected, as well.
The lender’s experience
All lenders are not created equal. That
being said, when it comes to selecting
“With a hotel,
there are
always issues
that must be
addressed
— these
are 24-hour
operations.”
a lender, the best rates and terms are
not always the best options. Make sure
your lender has closed lodging deals
before and often.
There are many commercial lenders,
conduits, banks and others that will try
to sell their ability to close anything,
but you don’t want to risk what could
be a lifelong relationship with your client by using a lender inexperienced in
hotel financing. Ask potential lenders
about the number of lodging deals they
have closed, as well as the type and
size of their financing. A lender may
not have these figures offhand, but if
it cannot give you at least a handful of
deals it has closed in the past couple
of years, you may want to keep looking.
• • •
This is by no means an exhaustive list
of all the considerations in hotel fi-
nancing. With these six major issues in
hand, however, you will be better pre-
pared to secure financing for hotel proj-
ects, and you’ll know what to look for if
issues arise. •
K. Spencer, managing partner for Spencer
Acquisitions LLC, started in finance as an
intern with UBS in its private-client group,
then worked in recruitment for a financial
adviser externally and in-house for a boutique investment brokerage. Spencer has
worked as a financial analyst focusing on
mortgage market analysis and forecasting,
an account executive for a commercial real
estate lender and a vice president of commercial finance for a retail mortgage broker.
Reach him at (312) 725-6511.
