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Commercial Purchase Loans

You need capital to fund your commercial purchase. We can help.

Promenade Commercial Lending has extensive resources and experience to get you the lending in order to purchase your commercial property. With personalized attention to detail, the Promenade team will guide the process as your trusted collaborator. Check the commercial loan term details below, but contact us for rates, or to get started.

Commercial Loan Terms Under $5M

  • Property Type - Multifamily with a minimum of 5 units.
  • Transaction - Refinance for rate & term; a purchase.
  • Credit - A minimum of a 680 FICO score is required.
  • Appraisal - State licensed appraiser required
  • Loan to Value - Purchase = 80% LTV and Refinance = 80% no cast out
  • Amortization & Terms - Maximum of 30 years amortized. Initial fixed for a 3,5,7 and 10 year length. After fixed period, loan is modified to a 1 year adjustable utilizing the 1-year index plus margin, "LIBOR".
  • Rate Lock - Varies with differing loan programs.
  • Recourse - Varies with differing loan programs.
  • Survey - Will be surveyed if not already qualified by Title holder's wishes.
  • Environmental - Dependent on which program you select
  • Termite Report - to lender's satisfaction, any mitigation must happen within 60 days of closing
  • Debt Service Coverage Ratio - (DSCR) = NOI / Debt Service or 1.25:1, whichever is higher.
  • Ineligible Property - No handyman specials, turnarounds, nor rehab.
  • Ownership - LLP, LLC, individuals, corporations, mainly entities.
  • Loan - Starting at $500,000.
  • Second Mortgage - sorry, not permitted.
  • Interest - Contact us for a personalized quote.
  • Escrow - Varies with differing loan programs.
  • Seasoning - occupied 90%.
  • Inspection - this will depend on the loan program you select
  • Title Insurance - Lender's choice
  • Any Other Costs - borrowers are required to pay all transactional costs
  • Net Operating Income - (NOI) profit after all debts paid
  • Management - underwriting expenses shpuld be 5% of EGI or current market rate - whichever is greater
  • Assumable - 1% fee, qualifying
  • Replacement Reserves - $150 - $200/unit
  • Prepayment - This will depend on program selected
  • Vacancy - market dependent

Commercial Loan Terms Over $5M (No Cash out)

  • Property Type - Multifamily, office, retail, storage
  • Transaction - Refinance for rate & term; a purchase.
  • Credit - A minimum of a 650 FICO score is required ('A' credit).
  • Loan to Value - Purchase = 80% LTV and Refinance = 80% no cash out
  • Amortization & Terms - Up to 30 years amortized. Fixed rate can be initial 5 - 30 years
  • Rate Lock - 90 day lock with 2% of loan amount (applied toward loan at close)
  • Appraisal - State licensed appraiser required
  • Recourse - No.
  • Survey - Will be surveyed if not already qualified by Title holder's wishes.
  • Environmental - Yes, Phase I
  • Termite Report - to lender's satisfaction, any mitigation must happen within 60 days of closing
  • Debt Service Coverage Ratio - (DSCR) = NOI / Debt Service or 1.20:1, whichever is higher.
  • Ineligible Property - No handyman specials, turnarounds, nor rehab.
  • Ownership - LLP, LLC, individuals, corporations, mainly entities.
  • Loan - Starting at $5,000,000 - $100,000,000.
  • Second Mortgage - sorry, not permitted.
  • Interest - Contact us for a personalized quote.
  • Escrow - Varies with differing loan programs.
  • Seasoning - occupied 90%.
  • Inspection - this will depend on the loan program you select
  • Title Insurance - Lender's choice
  • Any Other Costs - borrowers are required to pay all transactional costs
  • Net Operating Income - (NOI) profit after all debts paid
  • Management - underwriting expenses shpuld be 5% of EGI or current market rate - whichever is greater
  • Assumable - 1% fee, qualifying
  • Replacement Reserves - $150 - $200/unit
  • Prepayment - This will depend on program selected
  • Vacancy - market dependent

Get In touch

(555) 555-5555

available from 10:00am – 7:00pm

Email info@promenadelending.com