TYPE PROJECTS

Type Projects

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Commercial loans for Existing and Start-up Businesses
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Eligible properties include but are not limited to:

Tier 1 Properties (up to 100% financing available)

Multifamily - Structures containing five or more dwelling units with common area facilities such as entrances, lobby, elevators, stairs, mechanical space, walks or grounds. Units must be rented on a non-transient basis such that tenants consider their unit their permanent residence. Properties that offer weekly or monthly housing would not be considered multifamily properties.

Mixed-Use - Mixed-use properties must contain at least one commercial unit (retail, office etc.) and at least one residential unit. Common types of mixed-use properties include a ground floor retail or office unit with apartment(s) above, all within the same building. The primary use at the property must be for residential purposes in order for it to be considered Tier 1 mixed-use. The mixed-use property type can be classified in any tier depending on the percentage of the multi-family component and the type of commercial use.

Tier 2 Properties (up to 100% financing available)

Bed & Breakfast - Bed and Breakfast inns are residential-type buildings designed for transient boarding and are family style in character. B&B inns are usually one structure but some may include an adjacent guest cottage with similar quality amenities as the main unit. Owner operators live on-site, usually within the main building.

Light Industrial - Light industrial is characterized by a small size facility where no heavy manufacturing or specialized industrial process takes place. Office space within light industrial ranges from 3% to 25% of the total area. Buildings must include sufficient plumbing and lighting to accommodate personnel. Common uses found in light industrial properties may include: cabinet making, assembly processes, home service industries, etc. Absent from these properties is any type of heavy machinery, welding operations, cranes or hazardous materials.

Mixed-Use - Mixed-Use properties must contain at least one commercial unit (retail, office etc.) and at least one residential unit. If the primary use at the property is for commercial purposes, the property will fall under our mixed-use Tier 2 guidelines. The mixed-use property type can be classified in any tier depending on the percentage of the multi-family component and the type of commercial use.

Automotive - Automotive is a somewhat broad category and encompasses a variety of uses that support the automotive segment. Included within this category are auto repair shops, new and used car lots, part supply stores, quick-lube facilities, car wash, tire repair shops, etc. The type and size of building will vary with the use. Many buildings are designed specifically for the auto trade characterized by overhead doors, car lifts and usually a small office area.

Mobile Home Park - Mobile home parks are considered as long as not more than 25% of the total spaces are used for RVs. Mobile home parks vary in quality and amenities and all will be considered unless the RV component is too high.

Hotels/Motels – With our industry knowledge and expertise, we feel we understand the non-flagged world of hotels and motels better than most lenders. Our valuation assumptions are based on facts relative to the specific property.

Office - Office buildings are buildings designed for general commercial occupancy and are normally subdivided into smaller units. Office use implies a general business use that does not include retail, manufacturing or warehouse type operations.

Retail - Retail buildings includes stand-alone buildings designed for retail sales and display and usually have display or decorative fronts. This retail classification encompasses a wide variety of uses including, but not limited to: markets, convenience stores, drugstores, department stores, big box retailers, barber shops, laundromats, offices, supermarkets, bakeries, and beauty shops - as well as strip centers, and neighborhood and community shopping centers, etc.

Self Storage - Mini-warehouses are warehouses subdivided into a mixture of cubicles of generally small size, designed primarily to be rented for small self-storage or noncommercial storage and may include some office-living space. This category also includes cold storage, RV and boat storage facilities, and truck terminals (transit facilities).

Warehouse - Warehouse buildings are designed primarily for storage purposes. An amount of office space included is usually commensurate with the quality of the building but typically rages from 3% to 12% of the total area. Plumbing and lighting are usually limited due to anticipated light personnel load. The design of the building usually includes a light frame with large open interior areas. Cold storage and transit warehouses (truck terminal) are included in this category.

Tier 3 Properties (up to 85% and 95% CLTV financing available)

Funeral Home - Funeral homes include those used for viewing purposes as well as those that include embalming services.

Industrial - Where the principle structure is designed for manufacturing processes, heavy assembly or involves the use of heavy machinery. It contains an average amount of office space commensurate with the quality of the building and the intended use. May be single- and multi-tenant facilities that may also be used for warehousing, distribution, research and development. Generally, their heavy frames, walls and floors, specialized manufacturing processes and power or utility service characterize industrial facilities.

Rooming House - Rooming houses are similar to that of multifamily but the nature of the occupancy is more transient. Rooms are rented on a daily, weekly or monthly basis and usually only include a bedroom. The residents share the bathroom and the kitchen. Rent paid usually includes all utilities and units may be furnished. Most rooming house properties contain less than 20 units.

Tier 4 Properties (up to 75% LTV and 90% CLTV financing available)

Day Care - Day Care Centers are early childhood, handicapped, adult, and senior care facilities; or developmental centers, such as kindergartens, nurseries, or children’s pre-schools. They have light kitchen facilities, activity rooms and multiple rest rooms, and are more residential in character than schools.

Health Care - Included in this category are all Assisted Living or Nursing Home types of operations where a license is required to operate the business. Quality and service levels vary considerably. Also included in this category are hospitals and medical treatment facilities, such as outpatient care or walk-in emergency medicine.

Restaurants - Restaurants are constructed for the purpose of preparation and sale of food and/or beverages, which include cafeterias, bars, and taverns, where design is of restaurant type. We offer competitively priced financing for a wide range of properties, including owner-occupied and leased facilities as well as fast-food and full-serve restaurants in neighborhood settings or urban.

RV Park - RV parks are those that are designed for recreational vehicles. May include mobile home pad rentals but will be considered an RV park if 25% or more of total park is for RV. Transient type occupancy is common.

Other Considerations

Assisted Living Facilities and Adult Congregate Living Facilities (These facilities require state licensing.)
Auto Service - any kind of engine repair/service or paint and body shops.
Bowling Alleys, Skating Rinks, and Golf Courses will be considered from time to time.
Free standing churches and churches located in strip retail centers are acceptable.
Bed and Breakfast - Usually a converted estate home. Borrower must live in B&B as their private residence.
Non-Contiguous Properties - Must all be located within the same county.
Gas Stations - No gas stations with or without convenience stores.
MHP/RV Parks - Valuation will include pads (i.e., land) and permanent structures (e.g. single family residence or multi-family units).
Heavy Industrial - Heavy machinery, heavy manufacturing, and /or heavy assembly operations.
Student Housing - Residents sharing common facilities (i.e., bathroom/kitchen) are tier 3
Units are traditional multi family (i.e., no common facilities) are tier 1.

*We are able to offer financing for bars, ships, aircraft, educational facilities, campgrounds, outdoor entertainment centers, marinas, land, construction, bridge loans, condo conversions, property rehab, most any commercial and industrial equipment above $10,000 and commercial second mortgages.

Aviation - Aircraft includes both small and large fixed wing aircraft and helicopters.

Maritime vessels - Includes barge, container ship, car ferry, cruise ship, cruise vessel, cruise yacht, dinner cruiser, dry docks, fast ferries, ferries, freight vessel, oil field vessel, passenger ferry, tanker, tugs, tow boat, workboat and yachts.

Rolling stock - Over the road equipment such as semi-tractors and trailers and includes railroad cars, tractors, trailers, fuel delivery vehicles, aircraft refuelers, cranes/crane trucks, waste trucks, concrete pump trucks, concrete mixer trucks, airport ground support equipment, dump trucks, utility & bucket trucks, sewer/septic pumper trucks, tank trailers and water well drilling trucks.