$2.37 Million Loan for 23,000-SF Office Building in Sanford, FL

Sanford -World Capital Source, Inc. FL has arranged financing for a $2,370,000 loan secured by the office complex. Permanent financing has taken out coming due Mercantile Bank’s note.

Constructed in 2004, the 3 story building is occupied by the professional grade tenants and is strategically located just a few blocks from major highway I-4.

Office Space commercial mortgages can be financed up to 90% LTV on the purchase and up to 85% on refinance. The note can have a below 7% rate (as of this month) for a fully amortizing 30-year note.

There are other programs for higher risk grade scenarios with higher pricing that can accept principal guarantors with credit scores as low as 570 fico.

Assisted Living Facility Financing Programs

WCS have posted general guidelines on available programs for Assisted Living Facilities (ALF) commercial mortgages. It is apparent that generally ALF are limited to 75% loan to value, but can qualify for 90% on SBA loans. This explains why when purchasing of this facility needs financing SBA is number one choice (SBA notes are not common source for refinance loans). Although, one should be aware of the disadvantages of SBA financing, not only it is a tedious process, but it involves higher closing costs and heavy prepayment penalties.
Go to http://worldcapitalsource.com/WCS/programsbypropertytypes/alf.html for the complete guidelines table.

Comparison on HUD/FHA and Fannie Mae Multi-Family Financing Programs

Ever wondered what are advantages/disadvantages of the two popular apartment mortgage programs?
Now you can quickly compare those by visiting this link.

Stay tuned we will update our site with guidelines on Freddie Mac, CMBS, Pension Funds and Insurance Companies.