Second Position Loans Are Still Available

The lending market has all but killed commercial and residential 2nd loans, but all hope is not lost. For qualified borrowers we still offer a 2nd mortgage bridge loan program for commercial and non-owner occupied residential properties. Each loan request is given independent review, but the typical program requirements are:

TermGenerally 12 – 24 month terms. Extension options can be negotiated.

Loan-to-ValueTotal loan-to-value up to 65% of lender determined value.

Rate13% – 16% interest only.

Fees6 – 8 points.

Collateral EnhancementsAdditional properties may be considered as collateral in order to meet LTV requirements.

Repayment PlanA clear and reasonable plan for full and timely repayment of the loan must be in place.

Other TermsPrepaid interest or interest reserves may be required.

Property TypesMost property types will be considered.