Parking Garage Loan – nationwide
One of our institutional lenders is seeking more parking garage loans and loans secured by parking lots. The minimum loan amount is $10 million, upper limit well over $100 million.
- Territory: Major US Metropolitan Cities.
- Loan terms: 15 to 30-years
- Amortization: up to 30-years, does not have to be self-amortizing
- Loan amounts: $10 million – up to $125 million
- Loan to value up to – 75%
- Additional Funding Language: Borrower can request additional financing to take advantage of market appreciation and amortization.
- This language provides flexibility in future years to:
- Make capital improvements while maintaining distributions,
- Plans for changes in tax laws, or
- Allow the ownership to tap equity for other uses.
- Secondary Financing: In the event Additional Funding described above is insufficient, Borrower has the ability to obtain financing at a higher leverage levels.
- Flexible Transfers for estate planning and changes in the composition of the ownership
- Future transfer rights & assumption of Mortgage
- Flexible Prepayment Options (upon request).
- Early Rate lock normally 2 todays after Application acceptance
- Forward commitments available.
- Competitive rates (as of January 2020 3.25% to 3.90% – depends on loan to value and term). See commercial rates.
- Relationship Lender: focus on providing service during the entire transaction from origination to closing.
- This language provides flexibility in future years to:
The loan product above is through a large insurance company. They normally retain all loans and service, this is not a CMBS lender, they will retain the loan in portfolio. Caffrey & Company LLC has been a leader in commercial real estate finance since April of 2000. Looking for financing for other investment real estate please consider Caffrey & Company LLC.
Mike Caffrey Ph: 913.402-7077 or email: Mike@CaffreyLoans.com