Andrew Ikeda Phone: (360)

Transcription

1 LENDER #1: MOBILE HOME PARK FINANCING BELOW ARE PROGRAMS FROM 10 OF OUR DIRECT LENDERS It s Unbelievable! But we have a capital source offering: 8.99% FIXED for 25 years! 70% ~ 75% LTV Most US States Recourse Commercial Loans from $25,000 up to $500,000 Fixed rates & Fully Amortizing up to 25 Years Almost all commercial property types accepted Mobile Home Parks? YES!!! Closings in as little as 2-3 weeks Programs tailored for the self- employed Fees: 2 ~ 4 points Regarding Pre- payment penalties (aka: PPPs) - PPP is a 5- year declining prepay 5% year one and it will decline a percent each year so 5,4,3,2,1 after 5 years and 1 day there is no prepayment penalty. For more information, please contact: Andrew Ikeda Phone: (360) info@amcapitalsource.com

2 LENDER #2: Below are today s rates (Monday, June 2, 2014), please keep in mind that they may change a bit however when the dust settles these rates will be pretty close. Loan amounts over $500,000. Parks must be at least 4 stars (out of 5). MHP Rates Loan Product: Rate* Max LTV: Amort/Ter m: Prepayment Penalty: 3 Yr Fixed 3.50% to 75% 30/10 2, % 5 Yr Fixed 3.70% to 75% 30/10 3,2,1 4.30% 7 Yr Fixed 4.20% to 75% 30/10 4,3,2,1 4.75% 10 Yr Fixed 4.60% to 5.25% 75% 30/10 5,4,3,2,1 MHP Needs Checklist: # of pads for each park # of park owned homes if any # of homes for sale What are the property s amenities (ie: laundry, club house, pool, sport court, RV parking, etc.)? 2011/2012 & 2013 Year End Income/Expense Statement Current Rent Roll Current Loan Balance Amount desired to borrow Initial Fixed Rate Term (3, 5, 7 or 10 years) Estimated Market Value. Photo's I would also like a Personal Financial Statement containing total amount of bank, brokerage and/or retirement account balances and schedule of real estate owned (value and mortgage balances) and any consumer debt (ie: car, credit cards, etc..). With the above information, I will be able to obtain a pipeline consent, i.e.: a conditional preapproval from my senior credit manager, so my LOI will have a lot of meaning to it. We collect a 1- point loan origination fee ONLY if we close the loan. Third parties: for appraisal, environmental & survey will cost $6, Attached is the PFS for borrower.

3 LENDER #3: If so, we have the products you ve been searching for. With straightforward answers to your questions and easy-to-understand products, we can get you the cash that you need! For more information, please contact: Andrew Ikeda Phone: (360)

4 LENDER #4: This capital source is a global investment banking firm and Private Equity Group, with the capability to provide a wide range of sophisticated financial services to a worldwide client base of entrepreneurs, corporations, and financial institutions. We provide Commercial Real Estate Financing, Joint Venture Financing, Angel Investment, and Direct Investment in your business venture We can assist you in underwriting loans, loan participation, portfolio sales, or REO purchases. We can provide you with assistance in restructuring your company to obtain outside financing. This can include SBA 504 Financing. We can also offer you business lines of credit and factoring for your accounts receivables. Long Term Commercial Lending Programs Commercial Lending Programs Currently Offered: We offer a variety of long term financing programs under the following terms and conditions. Minimum Loan Amount: $500,000 Maximum Loan Amount: $100,000,000 Terms: Amortization: 30 year, 25 year, 20 year, 15 year Rate Adjustments: 10 - year, 5- years Prepayment: Negotiable Recourse: Available for both Lending: All 50 States in the United States. CMBS Pool: It is available minimum $1 million / Maximum $100 million. Loan to Value: Maximum 75% DSC: Varies based upon type of property Through a related Corporation, we originate, sell, and service through a number of life insurance and credit companies. In almost each situation, a representative will be required to meet with and talk to the borrower Normal Loan Fee: 1 point Types of Properties: Retail Properties: Regional malls Strip Centers Neighborhood Centers Big Box Retail Stores Single Tenant Retail buildings Hotels Office Properties: Class A, office building, Multi- tenant buildings Class B, office building, Multi- tenant buildings Medical Office buildings

5 Single Tenant office Buildings GSA occupied Office Buildings Industrial Properties: Single Tenant Multi- Tenant Multi- Tenant Incubator Warehouse and Distribution Facilities Manufacturing Multi- Family Residential: Recourse and Non/recourse financing is available for large apartment complexes, and mixed use apartment and retail centers Other Property Types: Medical office buildings Golf Courses Surgery Centers Credit Tenant leased properties GSA Leased properties Self- Storage Facilities Flagged Gas Station and truck facilities Mobile Home Parks LENDER #5: 100% CLTV FINANCING!! 55% LENDER / UP TO 45% OWNER CARRY ALLOWED. NOTE: THIS IS VERY EXPENSIVE FINANCING: 15% INTEREST ONLY FOR 12 MONTHS. The following are the information regarding 100% financing strategy: Commercial purchase structure: 55% LTV on purchase (not ARV) and 45% seller carry. Commercial terms are up to 24 months. Points are up to 8. In addition, 1 point to AM Capital Source as we are not compensated by this lender. All points are paid at closing via escrow. All terms can be modified before the due date to 5 years with 10-12% interest only and 18- month lockdown. Additional $1500 processing fee and 4 points are applied. All Commercial properties except for land and MHPs. Application Valid Photo ID

6 Current Tri- Merge Credit Report Including all 3 scores (only if exit strategy is to refinance or 24+ months term) Preliminary Title Report Tax Assessment, 24 mo. chain of title, Liens, Judgments, Borrower s Name(s) Lenders title insurance Copies of previous recorded deeds or mortgages Title Including No Liens or Judgments, Ownership as Free & Clear, Amount Owed Financial Statements and/or Proof of Collateral for additional properties being added to transaction Previous Two months bank statements all pages LLC/Corp and Guarantor separate accounts LLC/Corp Articles of organization, Operating Agreement, Federal EIN and State ID# Loan Summary short report to include your investment property background experience, discuss any partner agreements in place, and most importantly, the detailed exit plan to let them lender know how you intend to pay on the loan both monthly and final payoff. Non- Owner Occupied Hazard Insurance (OR BINDER) Valid on Subject Property (s) Contractor Bid for Rehab (licensed and bonded) agreement including outline of projects and cost estimates along with timeline to complete projects. Property Valuation: 3 rd Party National Appraisal (we order/ They contact you for fee (residential $375- $515, dollar charge depends on State, commercial is per location charge basis)) Rent roll for all properties owned & current lease agreements for subject property Purchase and Sale contract signed by both parties, including all signed addendums Earnest Money Deposit copy of check/money order Escrow name and contact information Minimum 1.0 DSCR. 1 Year Title Seasoning on refinances

7 LENDER #6: FICO Driven 650+ Between bank and Hard Money Rates Stated 1~4 units only in California- Should go nationwide soon with the 1~4 units; but for now, it s state- by- state $150,000 to $2 million MFR & Mixed use to 70% LTV Office, etc., to 65% LTV Interest: 7 to 10% Stated No Full Doc Loans 30 year terms 3 to 5 year fixed Must have client sign AM Capital Source s FPA and send to them New program: 1 to 4 unit stated u/w. 8 or 9 states where this isn t being offered. Regarding Pre- Payment Penalties (a.k.a. PPP): It depends what program you take. The 3 year fixed program has a 3 - ear pre- pay. It is 5% of the principle balance (5,5,5). The 5- year fixed has a 5- year pre- pay. It is also 5% of the principle balance. (5,5,5,5,5) This Lender does not like Park- Owned Homes and lends on the lot rent, not the value of the homes in the park. For more information, us at info@amcapitalsource.com For more information, please contact: Andrew Ikeda Phone: (360) info@amcapitalsource.com

8 LENDER #7: SMALL BALANCE PRIVATE MONEY AVAILABLE FOR MOBILE HOME PARKS.

9 LENDER #8: INCOME PROPERTY LENDING RATE SHEET Monday, June 9, 2014 Mobile Home Parks - Highlights 2 and 3 star parks considered Minimum $300,000 to $1.5 million maximum Single and double- wide coaches OK Park owned coaches allowed (some limitations) Senior Parks Older infill parks close to major MSA s Tier 1 Market: Population of 100,000 or more NO EXCEPTIONS HERE!!

10 For more information, please contact: Andrew Ikeda Phone: (360)

11 LENDER #9: Note: This lender is a BIG HEDGE FUND. They do not look at ANY MHP s under $2 million dollars. They also want 4 or 5- star parks. CMBS- Backed (Conventional) lender s program available from this hedge fund: Ø $2 million minimum Ø Competitive Interest Rates Ø 5 & 10 year terms with 25 or 30 year amortization Ø Up to 75% LTV Ø Single- wide homes are ok Ø No more than 10% park- owned homes allowed No application form needed, just send the following: * Rent Roll * Operating Statements * Pro- forma * Asking price if acquisition * Resume on you /principals * 5+ Pictures of the park * If refinance: what is cost basis, the existing debt amount, rate, term? For more information, please contact: Andrew Ikeda Phone: (360) info@amcapitalsource.com LENDER #10: Lending Parameters Loan Amount: $1 million minimum, no maximum Term: 5 and 10 years Amortization Period: 15, 20, 25 and 30 years Rate Type: Fixed at Loan Closing, priced over SWAP rates Minimum DSCR: 1.30x Maximum LTV: 70.0% Minimum Debt Yield: 9.5% Prepayment: Two yr. lockout, defeasance thereafter, three months open Upfront Escrows: 125% of deferred maintenance

12 On-going Reserves: Cash Management Provision: Miscellaneous Loan Provisions: Required for Taxes, Insurance, and Replacement Reserves/FF&E Required at closing, triggered upon event of default Borrower shall be a single purpose bankruptcy remote entity. Guarantor required for standard carve-outs The basic reserves on deals are: RE Taxes & Prop Insurance Replacement Reserves TI/LC Escrow 1/12 each month of the annual payment Apartments - the greater of the of engineers reserve analysis or minimum of $200 - $300 per unit per year (1/12 taken each month) dependent on age/condition Mobile Home Parks - the greater of the engineers reserve analysis or minimum of $50/pad/year (1/12 taken each month) Hotel 4% of total revenue (monthly) Office greater annually of $0.20 psf or engineer s reserve analysis (1/12 taken monthly) Retail greater annually of $0.15 psf or engineer s reserve analysis (1/12 taken monthly) For retail and office a calculation is performed that looks at the average cost of tenant improvements and leasing commissions (based on the appraisers market TI/LC rates for

13 expiring leases over the life of the loan. 1/12 of the annual average is escrowed monthly. All reserves are escrowed monthly but the borrower can apply to be reimbursed for his actual costs. For example, if he had to replace the roof on a building he would submit the bills to the servicer and be reimbursed for the cost out of the replacement reserve account. If the borrower signs a new lease he can apply to the servicer to have the tenant improvement costs and leasing commissions paid out of the TI/LC account. RE tax payments and property insurance payments are made from those escrow account just like on a home loan. RECENT DEALS THE SHOPPES AT YUKON Columbus, OH Loan Amount: $2,360,000 Rate: 5.18% LTV: 68.4% DSCR: 1.52x Debt Yield: 9.83% The Property is a 12,121 sf retail area located on the first floor of an historical downtown Columbus building. The upper floors contain condominiums which are not part of the Loan collateral. The tenant mix includes a restaurant, a bakery specializing in pet treats, a chocolatier, a clothing shop, a salon, and a UPS store. COACHELLA MHP Coachella, CA Loan Amount: $1,650,000 Rate: 4.73% LTV: 31.7%

14 DSCR: 2.72x Debt Yield: 18.3% The Property includes a manufactured home community which contains a total of 109 pads. Amenities include a rental office/manager apartment, laundry building, swimming pool and shuffleboard court on a 10- acre site. For more information, please contact: Andrew Ikeda Phone: (360) info@amcapitalsource.com