8 Fannie Mae DUS construction/perm
10 Recourse required
11 Subordinate financing allowed
12 On-time completion bonus
PROGRAMS / GUIDELINES / PARAMETERS
Community South Bank
Properties: Automotive, hotel, industrial, office, medical, mixed and single-use. PLP lender specializing in 7(a), 504 and USDA
Euclid Financial Group Inc.
DC MD VA WV
Properties: Visit our website for more information: www.euclidcommerciallending.com.
Excel National Bank SBA
24 Y YY 250K 5M 250K 5M
Properties: Office, retail, warehouse and industrial. Other types considered on a case-by-case basis
Liberty Lending Group Inc.
Properties: All property types considered
Master Capital Solutions
Properties: Fast analysis, structure and closings. Submit loans to: www.mastercapitalsolutions.com.
Newcastle Financial Co. LLC
NATIONWIDE Properties: Multifamily, retail, light industrial, office, hotels, restaurant, gas station, car wash and self storage. Prime index available
Properties: Commercial, apartments. Southern CA only
Seattle Funding Group Ltd.
Fixed 75 65 24 Y 100K 3M none none
AK CA CO HI NV OR U T WA Properties: All property types considered. For California properties, contact the San Diego office at 858-751-0556.
Y 2M none 2M none
Properties: All property types considered. Outside U.S., minimum loan amount $10M
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at an anemic rate, which threatens the
improvement in commercial real estate fundamentals. Despite massive
amounts of liquidity poured into the
markets through the Federal Reserve’s
quantitative-easing programs, gross-domestic-product growth remains
tepid, at 1.9 percent this past first
quarter. Lenders’ concerns about occupancy levels and rental rates continue
to grow, as the unemployment rate remains around 9 percent.
Short-term interest rates and long-term U.S. Treasury rates have remained
at or near historical lows, yet most fi-nancial-market observers and economists question the sustainability of
these interest-rate levels in the face of
high federal government budget deficits and a national debt level greater
than $14 trillion. Higher U.S. Treasury
rates will impact loan underwriting,
capitalization-rate assumptions and
Additionally, there are already signs
that CMBS lenders may be undercut-
ting their CMBS 2.0 standards. A resur-
gence of weak underwriting structures
would undercut the momentum of the
market. Even worse, this could poten-
tially lead to another reduction in com-
mercial real estate loan originations if
CMBS investors resist this aggressive
underwriting. Standard & Poor’s issued
a report this past May indicating that
some CMBS lenders and issuers were
returning to “questionable old trends.”
These include limited pro forma under-
writing and overly aggressive property
appraisals. New CMBS issuances are
still being tentatively accepted by inves-
tors, so nobody will benefit if investors
strike against a perceived resurgence of
Jerome Sanzo is a consultant to private funds
based in Stamford, Conn., and an adjunct
lecturer at New York University’s Schack
Institute of Real Estate. Reach him at jss13@
nyu.edu or (203) 253-6543.