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PRIME AMERICAN CREDIT INC
“WHOLESALE” COMMERCIAL MORTGAGE BANKER & LENDER “WALL STREET” CMBS CORRESPONDENT
(718) 380-7373 Email: [email protected]
FOR: MORTGAGE BANKERs/ BROKERs & ORIGINATORs; SMALL COMMERCIAL BANKs, REAL ESTATE BROKERs/AGENTs; PRIVATE INVESTORs
“INVESTOR LOANS” for “NO EMPLOYMENT VERFICATION” & “NO INCOME VERIFICATON” Borrowers, SEEKING FINANCING FOR: 1 – 4 RENTAL UNITS INVESTMENT HOUSE LOANS: 1. VERY COMPETITIVE RATES. 2. MAXIMUM 80% LOAN-TO-VALUE 3. MAXIMUM LOAN AMOUNT $2,000,000.
4. MINIMUM CREDIT SCORE 640. 5. MINIMUM DSCR 1.00 6. FOREIGN NATIONALS MAY QUALIFY
FIX & FLIP (AND FIX & RENT) MORTGAGE LENDING – TERMS THE INVESTOR BORROWER WILL WANT, SUCH AS: “NO ACCRUING INTEREST EXPENSE” FOR NON-DISBURSED FUNDS HELD IN LENDER’S ESCROW ACCOUNT. EX: NON-DISBURSED ESCROWED REHAB FUNDS!
SAVE ON “BRIDGE LOAN REHAB BORROWING” FOR MULTIFAMILY RENOVATION/REHAB INTEREST EXPENSES FOR UP TO 3 YEARS – INCLUDING REPAIR/REHAB MONEY AT VERY COMPETITIVE RATES.
SAVE ON ”CONDO CONVERSIONS LOANS” FOR “MULTIFAMILY DWELLINGS”
INCLUDING REHABS UNITS EXPENSES, PLUS Long Term Financing Considered for Condo Unit “Investor
Rentals Sales”. (Limted time)
SAVE ON: GROUND-UP CONSTRUCTION LOANS FOR INVESTORS, BUILDERS, DEVELOPERS, CONTRACTORS
PRIME AMERICAN CREDIT, INC. (718) 380-7373 Contact: Priscilla Li, Processing Manager [email protected] Questions “Intelligently Answered” Lending in 38 States Copyright©2019 Prime American Credit Inc
PRIME AMERICAN CREDIT, Inc: Commercial Mortgages
Wholesale Mortgage Pricing: (718)380-7373 [email protected]
WHOLESALE COMMERCIAL MORTGAGES $2,000,000. - $20,000,000. (Exceptions to $30M) UP TO 1.50% "YIELD SPREAD PREMIUM” INCLUDED
FOR APPROVED: MORTGAGE BANKER or BROKER, ASK ABOUT LOAN OPTIONS:
ORIGINATOR, REAL ESTATE BROKER & AGENTS; 1. INTEREST ONLY
COMMERCIAL BANK. Loan Availability & terms vary depending 2. NON-RECOURSEon geographic location of subject property & qualification of subject Quotes Available for loans <$2,000,000 & >$250,000. loan, borrower,etc. Loans must be approved by PRIME COMMERCIAL Contact Priscilla Li, Manager& CMBS UNDERWRITING Depts -TOP CLASS TERMS & LOCATION AFFECT/
MAY IMPACT LOAN PRICING, YSP, AND TERMS.LOANS ARE 10 YR BALLOON
Rates & Terms as of 4/10/2019 (Subject to change daily) 10 Yr Fixed Oriqn Fee 5 Yr Fixed Origin Fee LTV %
Qualified CMBS Mtq Loans $2,000,000.- $20,000,000.+ : Max: (1.5% YSP) (1.0% YSP) Max:MULTIFAMILY (5+ APTS) $2,000,000 - $20,000,000+ 5.55% 1.50% 5.16% 1.50% 80%MULTIFAMILY (5+ APTS) (includes WALKUP APTS) 5.55% 1.50% 5.16% 1.50% 80%MULTIFAMILY (5+ APTS) (includes WALKUP APTS) 5.55% 1.50% 5.16% 1.50% 80%MIXED-USE: STORE/OFFICE + APARTMENTS 5.55% 1.50% 5.16% 1.50% 75%
HOTEL (Flagged - LIMITED SERVICE CLASS) 5.55% 1.50% 5.16% 1.50% 70%OFFICES - ONE or MULTI-TENANT COMMERCIAL 5.55% 1.50% 5.16% 1.50% 75%OFFICE MEDICAL & COMMERCIAL - MULTI-TENANT 5.55% 1.50% 5.16% 1.50% 75%SHOPPING CENTER (EXCLUDES REGIONAL MALL) 5.55% 1.50% 5.16% 1.50% 75%
RETAIL MULTI-TENANT STRIP, ETC. 5.55% 1.50% 5.16% 1.50% 75%SINGLE TENANT RETAIL STANDALONE STORE (CREDIT) 5.55% 1.50% 5.16% 1.50% 75%LIGHT INDUSTRIAL - ONE or MULTI-TENANT CONSIDERED 5.55% 1.50% 5.16% 1.50% 75%WAREHOUSE - ONE or MULTI-TENANT CONSIDERED 5.55% 1.50% 5.16% 1.50% 75%
FLEX BUILDING - ONE or MULTI-TENANT CONSIDERED 5.55% 1.50% 5.16% 1.50% 75%RESEARCH & DEVELOPMENT BLDG: ONE or MULTI-TENANT 5.55% 1.50% 5.16% 1.50% 75%STUDENT HOUSING 5.55% 1.50% 5.16% 1.50% 75%SELF-STORAGE PROPERTY 5.55% 1.50% 5.16% 1.50% 75%MOBILE HOME COMMUNITY 5.55% 1.50% 5.16% 1.50% 75%Note: Commercial Mortgage Pricing For Underwriting Approved Securitizable Mtg Loans: $2,000,000.- $20,000,000.(Exceptions to $30M).
CMBS PREVAILING RATE LOANS WITH SECURITIZATION "NON-RECOURSE" TERMS AVAILABLE for +10 basis points to Origination Fee.
Early Prepayment Penalties Apply. Loans are generally based upon 30 Year amortization payment.PRIME AMERICAN CREDIT INC; COMMERCIAL MORTGAGE BANKER & LENDER. 38 States NY, NJ, CT, MA, IL, IN, OH, GA,, TX, FL MORE
PRIME ORIGINATES FIX & FLIP & FIX & RENT LOANS, BRIDGE LOANS, "STATED INCOME" & AGENCY MULTIFAMLY LOANS $1,000,000+
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IF “YES” TO ANY QUESTION ABOVE, PLEASE EXPLAIN. ANY UNIQUE ASPECTS OF THE DEAL?
SUBJECT PROPERTY INFORMATION
BORROWER INFORMATION
LOAN INFORMATION
COMMENTS - PERTINENT INFORMATION ABOUT THE DEAL
If entity or company own the Property, list here. Personal Residence City/State Own? Liquidity Net Worth Credit Score
List owners of either entity/company or Property Ownership % Personal Residence City/State Liquidity Net Worth Credit Score
Yes Have any Borrowers or Guarantors: Yes Had a property foreclosed in last 3 years? Are any Borrowers or Guarantors foreign nationals? Filed for bankruptcy in last 5 years? Any Borrower or Guarantor missed mortgage payments in last 12 months? Failed to file Federal tax returns for last 3 years? Are there back real estate taxes owed on subject property?
Address Property Type 1-4 Unit Residential Rental
City State Zip Multifamily Retail Mixed-Use
Building SF # of Units Occupancy % Industrial Office Self-Storage
Does the owner occupy any portion of the property? No Yes O/O SF Mobile Home Park Other
Type in Loan Amount, Desired Rate, Gross Income and Expense to generate payment and DCR
Loan Amount Requested
Desired Rate Amort. (mos.) YSP%
Current Estimated Value
Monthly Pmt Annual Pmt
Annual Gross Income
Annual Operating Expense
Net Operating Income
LTV DSCR CAP Rate
BROKER INFORMATION
Name
Company
Phone
LOAN REGISTRATIONApplication
PurchaseCurrent Sales Price
Target Closing Date
1031 Exchange Yes
Refinance – Rate and Term or Refinance – Cash OutCurrent Loan Balance Current Rate
Loan Maturity Date Pre-Pay? Yes No
Current Lender
Acquisition Price Mo/Yr Acquired
For Cash Out, please state what the funds will be used for:
Estimated cash-out available
Estimated cash-out before closing costs and impounds
COMMERCIAL REAL ESTATE (Indicate): Current Rent Roll – (Yours or use the attached form) Property Operating Statements – Last two years and YTD (Yours or use the attached form) Owner Occupied Properties – Last two years tax returns and YTD P&L for operating business Purchase Contract – (If the loan is for the purchase of property) Overview Of Business Plan
INVESTMENT 1-4 UNIT RENTAL PROPERTY (Indicate): Current Lease – (If occupied) Property Operating Statements – Last two years and YTD (Yours or use the attached form) Purchase Contract – (If the loan is for the purchase of property) FNMA 1003 Form – (If complete and available, send a 1003 or complete 1-4 Unit Borrower Application.) Borrower must OWN and OCCUPY a separate residence of greater value than subject property and have owned investment real estate for at least one year.
Please complete and return to [email protected]
Does the property have: Underground or above ground storage tanks Automotive repair uses Ongoing environmental remediation Hazardous material handling / licensing On-site dry cleaner plant A prior Phase 1 report available
Prime American Credit
Tel: 718 380 7373
(required)
STATE ZIP CODE
STE. # TENANTS NAME(Put vacant for vacant space)
SQ, FEET(approx)
CURRENT MONTH RENT
IN PLACE
ORIGINAL OCCUPANCY
DATE
LEASE START DATE OR MTM
LEASE EXPIRATION
DATE
LEASE TYPE (NNN, MOD.
GROSS, GROSS)
MONTHLY CAM CHARGES
NEXT RENT INCREASE(MO / YR)
NEXT RENT INCREASE AMT
($ / MO)
EXTENSION OPTIONS?
(Y / N)
Date Date
Rent Roll - Commercial(Office, Industrial, Retail, Mixed Use)
PROPERTY ADDRESS CITY
Rent Roll as of:PLEASE COMPLETE ALL COLUMNS AND SECTIONS
BORROWER BORROWER
Totals
I (we) certify under penalty of perjury that the foregoing information herein is true and accurate.
NOTES ON TENANTS
Prime American Credit
(required)
PROPERTY ADDRESS
APT. # TENANTS NAME BDR / BATH
SQ, FEET(approx)
FURNISHED UNIT? (Y/N)
SEC 8(Y/N)
RENT CONCESSION
S (Y/N)
//////////////
* Use additional sheets if necessary.
If Yes, what is the current allowable increase per year?
What has been your average monthly occupancy rate over the preceeding 12months?
TOTAL NUMBER OF UNITS
TOTAL FROM OTHER PAGES:
MONTHLY RENT SCHEDULE:
(For Mixed Use Please use Commercial Rent Roll)
CURRENT RENT
PER MO.
ORIGINAL OCCUPANCY DATE
BORROWER DATE
I (we) certify under penalty of perjury that the foregoing information herein is true and accurate.
TOTAL GROSS MONTHLY INCOME:
# OF UNFURNISHED UNITS# OF FURNISHED UNITS# OF VACANT UNITS
BORROWER DATE
DATE LAST RENT
INCREASE
CURRENT LEASE EXPIRATION
or MTM
Rent Roll - Multifamily
Rent Roll as of :STATECITY
ALL COLUMNS AND SECTIONS MUST BE COMPLETED
What utilities are included in rent?
Is the property subject to rent control?
ZIP CODE
MONTHLY LAUNDRY INCOME:
(Must show on Income/Expenses)
MONTHLY GARAGE INCOME:
OTHER INCOME:
# SECTION 8 UNITS
Electricity
Garbage
Cable TV
Water
Gas
Heat
Yes No
Prime American Credit
City
Mos.
Property Street Address
Annual Income Prior YearCurrent
Year
Rental Income Collected
Property Operating Statement
Total Income Collected
Resident Manager
Security
Off-Site Management
Advertising
Telephone
Utilities
Real Estate Taxes
Insurance
Gas
Electricity
Water/Sewer
Trash
Maintenance
Pest Control
Comments or Explanations:
2nd Year Prior
Annual Expenses
Do not include one time capital expense items
ZipState
Gardener
Pool Service
Elevator
Cleaning Service
Building Rep. & Maint.
Painting & Decorating
Net Operating Income
Supplies
Administration
Administrative
Miscellaneous
Other
Total Expenses
2nd Year Prior Prior Year Current Year
Prime American Credit
PRIME AMERICAN CREDIT179-14 Union Turnpike
Flushing, New York 11366 (718) 380-7373
BORROWER, PRINCIPAL, GUARANTORSIGNATURE AUTHORIZATION FORM
To whom it may concern:
I hereby authorize Prime American Credit to co nduct: (1) a consumer credit report and
verify other credit information, including past and present mortgage and landlord
references; and (2) a background investigation report and verify both criminal and civil
records. It is understood that a copy of this form will also serve as authorization by me
allowing Prime American Credit to conduct these checks.
The information Prime American Credit obtains is only to be used in conjunction with my
inquiry into the multifamily or commercial mortgage loan I am considering. This
authorization expires 180 days from the date below.
Privacy Act Notice: This information is to be used by the agency collecting it or its
assignees in determining whether you qualify as a prospective mortgagor under its
program. It will not be disclosed outside the agency except as assigned herein, or as
required and permitted by law. You do not have to provide this information, but if you do
not your application for approval as a prospective mortgagor or borrower may be delayed
or rejected.
First Name (of loan applicant) ______________________________________Middle Name ________________________________________
Last Name ___________________________________________
Date of Birth ________________________________________
Social Security Number___________________________
Current Address______________________________________
City_______________________ State____________ Zip Code____________
Previous Address______________________________________
City_______________________ State____________ Zip Code_____________
Signature x__________________________________________ Date____________Prime Amercian Credit "Signature Authorization Form"
Prime American Credit Tel: 718-380-7373
Borrower/Guarantor #1 Borrower:
Type of Present Amount of Annual Gross Annual Operating Annual
Property Market Value Mortgages & Liens Rental Income Expenses Net Income
Property Location:
Schedule of Real Estate
Property Address
Totals
Prime American Credit (38 State Commercial Lender & Correspondent Banking)
Contact Priscilla Li, VP : (718) 380-7373 EMAIL: [email protected]
MULTIFAMILY/MIXED-USE LOAN SIZING REQUEST - INFORMATION NEEDED:
Applicant(s) Individual Names ____________________ ____________________________
Business Address __________________________________________________________
Business Cell Phone________________________ Office-Home_______________________
Email Address______________________________
1. Is this a Multifamily or Mixed-Use PURCHASE or REFINANCE Request? Circle One
2. What is the Name of the Subject Property __________________________
3. What is the Street Address of the Subject Property __________________________
a. How many residential apartments ? _________________
b. How many Office and Retail Units? _________________
c. What is the year built? _________________
d. Have there been any upgrades or renovations after initial construction?
If so, when_________________________
Describe____________________________________
4. If a planned Purchase, how much is the Purchase Price? $____________________
5. If a refinance, how much did you originally pay for the subject property?
$__________________
When did you buy it (cost basis)? ______________________
6. Requested Loan Amount __________________________
7. How much is the Annual Net Operating Income for the Subject Property?
$______________________ P. 1 of 2
Please include:
i. Realistic market vacancy rate in the calculation.
ii. Cost of a management fee of 4% - 5%
iii. Capex reserves of $250 - $300/unit
8. Which Prepayment Option do you request? ( Note: "Yield maintenance" will provide
the lowest rate). Circle 1 choice
i. Yield maintenance
ii. Strong prepayment penalty
iii. Weak prepayment penalty
9. Do you request a temporary interest only monthly payment for (Circle 1 choice)
1 Year (Option with 5 years fixed rate)
2 Years (Option with 7 years fixed rate)
3 Years (Option with 10 years fixed rate)
10. Do you prefer a 30 year Amortization Loan with the lower monthly payment of
principal and interest for the balance of the loan term?____________
11. Please Circle the Requested Loan Type:
5 Year Fixed Rate Balloon
7 Year Fixed Rate Balloon
10 Year Fixed Rate Balloon
5 Year Fixed Rate/+15 Year Adjustable Rate "Hybrid Loan"
7 Year Fixed Rate/+13 Year Adjustable Rate "Hybrid Loan"
10 Year Fixed Rate/+10 Year Adjustable Rate "Hybrid Loan"
By answering these questions you will be shown a preliminary range of where the deal
will size to (Loan Amount Preliminary Estimate - based upon the information you have
provided)
In order for us to provide a more accurate Loan Sizing we will need a: a. Recent rent roll and b. Preferably a Trailing 12 Month Operating Statement. Please email in PDF format to: "[email protected]" FAST SIZING AVAILABLE! ADDRESS SUBJECT TO: "PRISCILLA LI, VP: LS" Copyright©2017 Prime American Credit P. 2 or 2