Lending Programs

Lending Programs...

PHOENIX FIRST has proven real estate experience and is committed to meeting the needs of the real estate investment and development community. We utilize a relationship approach to serving our clients, offering you a full range of commercial loan programs. The lending team understands the local market, and designs competitive and flexible loan programs for construction and income-producing properties.

Working with a lender that can provide the best terms and pricing for your loan is the mission of PHOENIX FIRST CREDIT. By working with a wide range of PROGRAMS that offer long–term fixed and floating rate structures, we're able to structure a loan that addresses your particular financial needs. Leverage the expertise of our professionals to find financial solutions that achieve your commercial real estate goals.

Loan Purposes:	Permanent first mortgage loans for acquisition, refinancing, and discounted debt payoffs
Financing Size:	$750,000 - minimum, No maximum
Term:	Any term from 5 - 20 years
Loan To Value Ratio:	· Up to 80% - Multifamily, Anchored Retail, Office · Up to 75% - Other Retail and Other Property Types · Up to 70% - Hotels
Debt Service Coverage Ratio:	· 1.20x minimum - Multifamily or Anchored Retail Property · 1.25x minimum - Shadow Anchored Retail, Office and Industrial Property · 1.40x minimum - Hotels and Special Purpose Property
Collateral:	First Mortgage, non-recourse; no personal guaranties required, except for standard lender carve-outs. Personal guaranties may be used or required to eliminate need for some reserves
Loan Fees:	1% of the loan amount
Deposits:	A deposit is required with loan application based upon Third Party costs and other related expenses
Loan Commitment:	Within 10 business days of an executed application, requested Borrower data and Third Party reports
Minimum Third Party Requirements:	Appraisal and Environmental Insurance
Prepayment:	· Fixed rate programs require a maximum three year lockout, then subject to defeasance, with the last six months open to prepayment with no fee · Variable rate programs require a prepayment during the first three years
Funding:	10-15 business days following execution of Commitment and receipt of satisfactory reports
Transaction Costs:	Expenses include the cost of an Appraisal, other reports, title insurance and lender legal fees
Other Programs Available:	Other programs available but are not limited to: - Interim (Bridge) - Quick short term financing - Credit Tenant Lease