The Loan Process

After you have discussed your loan request with a representative, the next step will be to provide information regarding the property. Most loans will require the following information to begin our in-house underwriting process:

  • Property Ownership Description
  • Personal Financial Statement for borrowers owning 10% or more of the borrowing entity. The statement must be signed, dated, and include all assets and liabilities.
  • Prior two year-end operating statements for the property
  • Year to date operating statement for the property
  • Current Rent Roll
  • Copies of leases or summary of lease terms
  • Summary of capital improvements to property
  • Smith Travel Research (STR) Report (if hospitality property)
  • Photographs of property and neighborhood (electronic preferred)

Once we have completed our in-house underwriting, your package will be submitted to the appropriate lenders for their conditional approval. At this point, you will know the rate and terms of the proposed loan and third party reports will be started. These generally include the following:

  • Property Condition Report
  • Appraisal
  • Environmental Phase One or Environmental Insurance
  • Insurance Review
  • Title Insurance
  • Survey

You will be asked to make your deposit for these expenses at this point. The actual amount of the deposit and costs varies between lenders. You will have a detailed estimate of all closing costs and expenses with your loan proposal and prior to spending any money.

At this point, your Caffrey & Company representative will review any additional items that the Lender will require and commence collection of all outstanding items to move toward closing.

 

 

 

 

Sample Transactions

Office building

Office building
$640,000

View More Transactions
 

Current Rates (03/10/2010)

  • Apartments 5.95%
  • Mobile Home Park 6.09%
  • Anchored Retail 6.89%
  • Non-Anchored Center 6.99%
  • Single Tenant Retail 6.94%
  • Office 6.99%
  • Industrial / Flex 6.99%
  • Self-Storage 7.24%
  • Medical Office 6.24%
  • Hotel 8.64%
  • Owner Occupied 6.66%
  • Land 9.74%
  • Other 7.49%

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

A Nation On Bubble Watch?!??

Is the zero Fed funds interest rate giving rise to the next bubble? Isn’t the price of gold suggesting another bubble? Is China already in a bubble?

So Far … the Current Real GDP Recovery is Stong???-

Most seem to anticipate a subpar recovery similar to the last two during the early 1990s and after the dot-com meltdown in the early 2000s.