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
7 High-rise apartments
8 Historic property
9 Lofts
10 Low-income
11 Senior housing
12 Student housing
PROPERTY TYPES
13 Acquisition
14 Bridge loans
15 Construction
16 Equity: 2 TDs
17 Foreclosure
avoidance loans
(or NOD)
18 Forward
commitments
19 Joint ventures
20 Mezzanine
21 Nonrecourse loans
22 Remodel/renovation
23 Third TDs
LOAN T YPE / PURPOSE
COMPANY NAME
Submission
Criteria 1 2 3 4 5 6 7 8
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
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
display
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
2M none 80 1.2
INTERNATIONAL
YY
Outside U.S., minimum loan amount $10M
display
Union Bank
YY
YYYYYYYYY
YY
400K 5M 75
800-463-0687
CA DC MD OR TX VA WA
Portfolio lender with in-house approval authority
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.
the environmental component of its
guidelines, standard operating procedure (SOP) 50 10 5(C), three times
to better reflect the current risk landscape. Today, lenders taking part
in the SBA’s 504 and 7(a) loan programs must follow the SOP issued
in October 2010, which requires an
environmental records search with
risk assessment to be conducted on
loans more than $150,000, and environmental questionnaires to be used
on smaller deals. There are also special rules that apply to dry-cleaning
facilities, gas stations and other
high-risk properties.
5. whether vapor intrusion could create
risks down the road: Before 2006,
consultants and regulators did little
to investigate and prevent vapor in-
trusion, a condition whereby volatile
contamination from soil or ground-
water makes its way into indoor air.
In some cases, underground con-
tamination once deemed harmless
has resulted in vapors migrating
into structures through conduits like
cracks in bedrock or utility pipes,
causing health problems for build-
ing occupants. As science and policy
have evolved, experts expect closed
environmental cases to be reopened.
Today, a process exists for screen-
ing properties for the encroachment
of vapor plumes that a qualified
environmental consultant can con-
duct in the normal course of due
diligence. Understanding this type of
risk and investigating it when appro-
priate is critical to keeping commer-
cial real estate portfolios sound.
Some of the best resources are the
consultants an institution already uses.
They often will provide training for free
to their clients. Finally, the Web offers
a wealth of information. For example,
business-to-business social networking sites, which connect professionals
in like industries, can be an effective
way to keep abreast of the latest environmental and physical property concerns and changing regulations.
Although commercial mortgage brokers and lenders may face more due-diligence challenges than usual, there
are plenty of prudent practices they
can employ to make good deals — and
plenty of ways they can educate themselves to make more-informed risk-management decisions. •
Lauren Rosencranz is the manager of
community content and social learning at
EDR. She serves as community manager to
commonground, the Forrester Groundswell
award-winning social networking site for
environmental and commercial property
professionals. She also manages all aspects
of commonground University, which offers
online training to consultants and lenders.
Rosencranz is secretary of the ASTM E50.02
subcommittee on commercial property risk
and a member of the Environmental Bankers
Association. Reach her at twitter.com/
Lauren617 or lrosencranz@edrnet.com.
Required Reading
Want to get up-to-speed on environmental and property due diligence? Start here:
•ASTM E1527-05 Standard
Practice for Environmental
Site Assessments: Phase I Environmental Site Assessment
Process: sctsm.in/E1527
• U.S. Small Business Administration SOP 50 10 5(C),
subpart B, chapter 4 and subpart C, chapter 3: sctsm.in/
SBA50105
•Federal Deposit Insurance
Corp. Guidelines for an Environmental Risk Program:
sctsm.in/FDICERP
• U.S. Department of Housing
and Urban Development Multifamily Accelerated Processing Guide, chapter 9: sctsm.
in/HUDMAP
•ASTM E2600-10 Standard
Guide for Vapor Encroachment Screening on Property
Involved in Real Estate Transactions: sctsm.in/E2600
