Ideal Finance

You should qualify yourselves to verify if you fit these criteria.

  • Loan purpose is for a permanent first mortgage position.
  • Financing Size: $1,000,000 minimum, No maximum, $3,000,000 minimum, for Hotels
  • 7 to 20 years, depending on the asset and the credit worthiness. Amortized up to 30 years!
  • Loan To Value Ratio: Multifamily, Anchored Retail and/or Office - up to 80%, Retail and Other types of real property up to 75%, Hotels up to 70%
  • Debt Service

Coverage Ratio:

  • Multifamily, Anchored Retail and/or Office 1.20x
  • Retail and Other types of real property 1.25x
  • Hotels 1.40x

(NOTE: Loan To Value and Debt Service Coverage Ratio will determine the maximum loan amount to be borrowed)

  • Collateral: First mortgage on the asset, recourse loan and personal guarantees.
  • Inspection / Processing fee by lenders inspector upon issuing a loan commitment letter of $6,000.00
  • Deposits: 2.5% or $10,000 (whichever is greater) of the loan balance upon signing and agreeing with the Commitment letter or Rate Lock.

MINIMUM Third Party Reports to be paid by borrower for verification:

  • Escrow Fees and all normal cost associate with escrow and the borrower
  • Appraisal
  • Environmental Phase I reports, if not clear then Phase II and/or III.
  • Engineering reports (structure, etc.)
  • Title Report
  • Title Insurance
  • Legal Fees
  • Inspection Fees (as noted above in Inspection / Processing)
  • Loan origination fees of 1 to 3 points (depending on the size of the loan amount subject to negotiation)
  • Other fees if property requires more verification

  • Prepayment Penalties: Maximum 3 year lockout after sale of the loan, then subject to a defeasance clause, with the last 6 months open to prepayment with NO Prepayment fee.
  • If you have completed the qualification process and agree to the above terms, kindly provide the following information listed below so that we may begin the loan process.
  • Rent roll of all tenants
  • A copy of all the tenants leases (if multiple pages, a blank copy of the entire standard lease and copies of each page of the individual tenant leases that are different from other tenant leases)
  • Federal Tax return for that asset or property
  • Federal Tax return for all borrowers on title
  • The last two years of that property tax return. Please provide the current profit and loss statement, the balance sheet (Net Worth), a copy of the General Excise Taxes filing form for the current year.
  • For certain financial institutions and in order to minimize additional cost, kindly provide COPIES of the last three (3) months bank statements for all checking, savings, certificate of deposits (CD) for the asset or property
  • After you have provided the information as noted above, we will request that all borrowers and guarantors complete a loan application.