Conventional Lending
Multi Family Loan Programs: Wiseman Capital Group represents numerous national investors (banks, pension funds, insurance companies, credit unions and securitization firms) specializing in funding apartment loans. Depending on the age of the building, its historic occupancy and operating statement we can offer your client a fixed rate loan based upon 80% of the property’s appraised value or purchase price (an amount that will service a 1.25% debt service coverage).The rate will be fixed at 175 to 250 basis points over the corresponding Treasury Bill, for 25-30 years and due in 1,3,5,7,10,15,20 or 30 years. The cost of these loans typically run between 1% to 2%, plus third party costs (appraisal, engineering and environmental reports) of $2,500, to $5,500. We don’t offer rebates
Mixed Use Properties: We normally can lend up to 75% LTV. The loans are amortized over 25 years and come due in 10 years. The rate is fixed and based upon the 10year Treasury Bill plus a margin of 250 to 325 basis points. The cost of the loan will between 1 and 2 points plus third party costs.
Office Building Loans: We have numerous investors who have funded and are interested in funding office facilities. The loans provide for 75% to 80% of the building’s appraised value. The loans are amortized over 25 to 30 years and are due in 5 to 10 years with possible restes. The rate is fixed and will be based upon the 10 year Treasury Bill or Swap Rate plus a margin (depending on the LTV, DSC and the condition of the building) of between 125 to 275 basis points. The costs will include a lender fee of approximately 1% of the loan amount plus third party costs for appraisal, engineering and environmental reports.
Shopping Centers: Depending on the size and type of center (strip, mail, anchored or anchored) we can lend up to 75% to 80% of the center’s appraised value. The loans are amortized over 25 years and are typically due in 5 or 10 years (although 15/15 and 20/20 loans may also be available). The rate is fixed to the corresponding Treasury Bill plus a margin of 150 to 250 basis point. The cost of the loan will be between 0.50% to 1.5% of the loan amount, plus third party costs.
Land Loans, Hard Money Loans ,Fast Loans. ($500,000.00 minimum) 50% to 65% of the property’s quick sale value. The loans can be up to five years and normally run between 8.50-11% interest only. The fees are between 3 to 5 points. Loans can close within 7 to 10 days.
Church Loans: ($500,000.00 minimum) At the present time we have nine new and competitively priced programs. Our programs are dependent upon the church denomination, dollar amount of the loan, years in existence number of congregants, financial statements and tax returns. Maximum LTV is 80% with rates starting as low as 6.00%.
Motel Loans: As a general rule, based upon the equity available in the property, the past three years, current year to date and projected operating figures for the hotel, a 1.30 to 1.40 debt service coverage (net of a 4% management fee and 4% replacement reserve), the borrowing entity’s financial statement and last three years tax returns and YTD operating statements and the appraised value of the property, our investors could consider offering a loan in the amount of 75% to 80% of the building’s appraised value or purchase price, whichever is less. The loan would be amortized over a period of twenty to twenty?five years. The rate will be fixed and indexed at the corresponding year treasury bill rate plus a margin of 200 to 300 basis points (approximately 6.50% to 7.50%, at today’s rates). The margin used will depend on the size of the loan, whether the facility is a “flag” hotel, the quality and age of the facility and it’s income and occupancy history). The lender’s and brokerage fee will be approximately two to three points, depending upon the loan amount. A second option is to fund the loan through our SBA investors. The property must be owned and operated by the borrower: 80% to 90% LTV, Variable or Fixed Rate at Prime +1.50% to 2%, 25 years amortization. 1% Fee
Gas Stations, Convenience Stores, Car Wash Loans: Branded facilities (i.e. Texaco, Chevron etc.) are preferred. SBA: 80%-85% LTV; 25 years amortization; Variable and the cost and fees may be rolled into the loan provided it does not exceed the LTV and that there is sufficient income to maintain a 1.25:1 debt service coverage. Conventional (non SBA Loans): 65%-80% LTV; Fixed Rate P+ 4%-5%; 10-15/30 years; 2.50% fee. SBA Loans: Owner occupied properties (owner must occupy 51% of the building) 80%-90% LTV; 20 to 25 years amortization (a) Variable: Prime + .50% to 1.50% (b) Fixed Rates: 3,5,7,10,15/25-30 years rates range from 6.50% to 8.00%. The cost of the loan will be 1.00% of the loan amount plus third party charges, if applicable and an SBA guarantee fee. The cost and fees may be rolled into the loan, provided it does not exceed the LTV and that there is sufficient income to maintain a 1.25:1 debt service coverage.
SBA Construction Loans: Owner to occupy 51% of the building; 90% LTC, (same terms as above + 1.25% construction fee)
Construction Loan Programs: We currently represent several national lending institutions engaged in making commercial construction loans. We can offer two types of loans a 3 in I Loan (Construction, Bridge and Permanent Loan). The loan will be for 70% to 80% LTC. The rate during construction, will be at B of A Prime + 1% to 1.50% interest only for 18 months. At the end of the construction term the loan is automatically rolled into a 24 month Bridge Loan (or sooner, if the building is stabilized) at 10% interest only. After the property is completed and stabilized, with sufficient trailing operating data, the lender will take out the bridge loan with a conduit loan (typically, fixed rate 10/25 based upon the 10 Yr. Treasury Bill plus a margin of 175-225 bp). If someone other than the lender takes out the construction or the bridge loan, a 2% exit fee will be charged. This loan is recourse throughout the construction and bridge phases until stabilization. Funding is usually within 30?45 days, or sooner if third party reports are in hand. The cost for the construction, bridge and permanent loan is typically 2% to 3%. If Wiseman Capital Group secures a new bridge or permanent loan with another lender there is an additional 1% charge.
Construction And/Or Permanent Program: The program provides for a loan of up to 75% of the project cost or 80% of the property’s finished value, whichever is less. During construction the loan will be at Prime + 1% to 1.50% and will cost 1/4 point for every 90 days of construction. After construction the loan will automatically become a fixed rate loan amortized over 25 years and due in 15 years (15/25) or 15/15 is also available. The loan will be fixed based upon the 10 Yr. Treasury Bill rate plus a margin of 225 to 300 basis points. The cost of loan is 2% of the loan amount plus third party charges (processing, appraisal, engineering, construction review and environmental reports).
Single Family Residential Acquisition, Development and Construction Loans (minimum tract 28 lots, Minimum Loan $1,000,000.00). This program provides to loans up to 75% of the project’s cost or 80% of the finished value (whichever is less). The loan is for one year (extensions are available) and are at the rate of Prime +.50% to 1.50%. The cost of the loan is 2% to 3% of the loan amount plus third party charges (processing, appraisal, engineering, construction review and environmental reports).
