8 Fannie Mae DUS construction/perm
9 SBA
10 Recourse required
11 Subordinate financing allowed
12 On-time completion bonus
PROGRAMS / GUIDELINES / PARAMETERS
LOAN SIZE
New Construction
Rehab/Renovation
COMPANY NAME
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2
3
4
56789101112
Min
Max
Min
Max
Community South Bank
877-287-3722
Libor, WSJ
90
80
24
Y
YYY
200K
6M
200K
3M
NATIONWIDE
Properties: Automotive, hotel, industrial, office, medical, mixed and single-use. PLP lender specializing in 7(a), 504 and USDA
Euclid Financial Group Inc.
202-822-2139
Prime
85
100
30
YYYYYYYY
500K
100M
150K
100M
DC MD VA WV
Properties: Visit our website for more information: www.euclidcommerciallending.com.
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Excel National Bank SBA
888-392-5265
WSJ Prime
80
80
NATIONWIDE
24 Y YY 250K 5M 250K 5M
Properties: Office, retail, warehouse and industrial. Other types considered on a case-by-case basis
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Liberty Lending Group Inc.
800-587-1502 x1
Hard Money
80
60
36
YYY
YY
500K
25M
500K
25M
INTERNATIONAL
Properties: All property types considered
Master Capital Solutions
630-279-5222
100
75
YYY
Y
50K
200M
50K
200M
INTERNATIONAL
Properties: Fast analysis, structure and closings. Submit loans to: www.mastercapitalsolutions.com.
Newcastle Financial Co. LLC
646-502-8127
Libor
90
80
24
YYYYYYY
250K
10M
250K
6M
NATIONWIDE Properties: Multifamily, retail, light industrial, office, hotels, restaurant, gas station, car wash and self storage. Prime index available
Provident Bank
951-782-6193
Prime
60
60
18
YYY
YYY
500K
15M
500K
15M
CA
Properties: Commercial, apartments. Southern CA only
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Seattle Funding Group Ltd.
888-SFG-FUND (734-3863)
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.
display
display
Open
80
75
36
YYY
INTERNATIONAL
Y 2M none 2M none
Properties: All property types considered. Outside U.S., minimum loan amount $10M
Tell lenders you found them in Scotsman Guide
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3
4
5 6 7 8 9 10 11 12 Min$K
Max K
Min K
Max K
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.
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
loan-takeout assumptions.
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
irresponsible underwriting.
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.
