Pacific Residential Mortgage Inc can do a large variety of commercial loans in Oregon and Washington. We have lenders that will go to high LTVs of the appraised value on a purchase or refinance and let you use the money for any purpose. If you don't like the short 5 - 7 year balloon terms on bank loans, we have 30 year terms. If you have been turned down by the bank, we have lenders that will look at the overall situation and do "make sense" underwriting to try and approve your loan, even new construction of your commercial property or if it is listed for sale. We specialize in the unique requests, special situations, quicker turn arounds and high LTVs. We have multiple different funding sources available to help you find a commercial loan to fit your situation. You can read more below about some of these programs (we have other programs too) or give one of our experienced loan officers a call.
This program specializes in high LTV commercial real estate loans from $100,000 to $1,000,000 with exceptions occasionally to higher loan amounts. Initial decisions usually come within 3-5 days with minimal paperwork we help you with: standard residential loan application, credit report and a supplemental form (It helps to turn in purchase agreement if applies, Rent Roll and Operating Statements subject property, last two years Tax Returns). We normally can close within 45-60 days. Programs are available to higher LTVs on 6 Month ARM, 2 year fixed, 3 year fixed, 7 year fixed, and 30 year fixed (also 15 & 20 year fixed) with 15, 20 or 30 year terms. You don't have to requalify every 5 years like at many lenders. There is even an Interest Only option for 3 years. If you've been told your DSC ratio or "debt service coverage" won't work at another lender, then you'll like this loan product. These loans are underwritten with make sense income ratios so if you have a high debt ratio or the property doesn't cash flow perfectly "DSC", we can look at the overall situation to try and make it work. There are no seasoning requirements on refinances or industry experience requirements on purchases. We'll allow some deferred maintenance and still close the loan.
These programs are designed to solve problems. Usually close very quickly after the appraisal is complete. Credit Scores are not used. The property can be listed for sale. There are no seasoning requirements (you could of just bought the property cash and now want a loan on it) or limits on how much cash you get from the loan. Loan Amounts from $100,000 to $10,000,000 with up to 5 year terms with 30 year amortization (payments based on a 30 year loan with a balloon to be paid off in 5 years). 1st's usually but will consider 2nds. We can look at cross-collateralization on multiple properties to maximize cash out. Use the money for a quick investment, settle disputes at a discount, buy-outs or any other business purpose. No pre-payment penalty. Initial decision usually comes in a few days.
All of our commercial loans are tied to real estate. Commercial Loans
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2008 Steve Emory at Pacific Residential Mortgage, LLC. All rights reserved.
