Preferred can accommodate any borrower's
request with a wide range of programs that access
both national and local lenders.
Email Preferred Commercial at: Bill.Hicks@mortgagefamily.com
Preferred Mortgage Group
Preferred Commercial Mortgage
lends on all types of commercial property
including owner occupied and single non-credit
tenant facilities for loan amounts of $150,000 and
higher. Interest rates are extremely competitive
and vary with the property type, loan to value,
term, and debt service coverage. Many of our loan
programs are non-recourse and we have the ability
to loan nationwide. Below are outlines of some of
our programs:
Apartments:
Terms range
from 3 years to 30 years either fixed or variable
and we offer 3/1, 5/1, 7/1, & 10/1 ARMs with
25 year terms and a 25 year amortization. Loans
below 500,000 require personal guaranties while
loans above 500,000 generally do not. Rates begin
at 1.70% above comparable term treasuries and
typically do not exceed 2.4% above the treasury
rate. Loans are usually underwritten to a 1.20
debt service coverage and an 80% LTV. Most
programs allow for cash-out refinancing.
Multi-Tenant:
Office/Retail/Warehouse:
Terms range from 5 to 30 years and are based on
the property type and loan size. Personal
guaranties are generally not required above
600,000.
Bridge/Rehabilitation:
Preferred
can provide Bridge loans with mini-perms to
stabilize under performing properties. Loans can
include property rehab, construction, and complete
renovations with sizable up-front proceeds and
draws thru completion.
Single Tenant/Owner
Occupied:
Preferred loan on all types
of owner occupied space as well as single tenant
investment property. Pricing is based on the
financial strength on the owner and/or tenant.
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