Owner Occupied Properties
This type of mortgage financing requires a two-fold approach: the lender must be comfortable with the underlying value of the real estate, and with the viability and strength of the business, (its' operating history, financial performance, current and future prospects, etc.) and the principals of the business, (their experience, credit history, net worth, liquidity, etc.).
Caffrey & Company has a wide range of long-term, fixed-rate loan products for owner occupied properties. These rates are normally well below local bank rates and have the added benefit of being long-term.
- Acquisition loans for professional buildings, (e.g. dental offices, law offices, accountants, veterinary clinics), are available. In many cases, we can place a loan for 90% of the lower of the appraised value or cost.
- For owner occupied businesses with annual sales between $10 million and $27.5 million, we have long-term, fixed-rate products available for up to 80% of the property value.
- For owner occupied properties with annual sales in excess of $27.5 million, we can often arrange loan amounts for up to 85% of the property value.
Current Rates (02/03/2012)
- Apartments 4.19%
- Mobile Home Park 4.44%
- Anchored Retail 4.29%
- Non-Anchored Center 4.54%
- Single Tenant Retail 4.34%
- Office 4.54%
- Industrial / Flex 4.44%
- Self-Storage 4.74%
- Medical Office 4.44%
- Hotel 4.94%
- Owner Occupied 4.14%
- Land 10.94%
- Other 5.69%
Rates are based on a $2 million loan, 25 year amortization, 10 year fixed rate term. For apartment complexes, a 30 year amortization is available.
Current News
Off to a Good Start for the Year
The employment report for January showed that 243,000 jobs were added with the unemployment rate declining slightly to 8.3 percent.
Less Strength Than Meets The Eye
Real GDP grew at a 2.8 percent annualized rate during the fourth quarter, but the underlying data show the economy has less momentum going into 2012.