Real Estate Loan Closing - $3 million Ft Lauderdale Retail Refinance

Released on = December 20, 2005, 11:45 am

Press Release Author = Matrix Mortgage International, Inc

Industry = Accounting

Press Release Summary = MMI closes commercial loan for $3 million unanchored retail
center

Press Release Body =
Matrix Mortgage International (MMI) has refinanced a $3 million commercial loan with
80% Loan to Value for a retail center in Ft Lauderdale, FL. Matrix provides
commercial mortgage acquisition, refinance and takeout loans ranging from $200,000
to $250,000,000. Loan to Value is maximized at 80% for loans under $1 million and
90% for loans over $1 million.

Go to the Matrix website http://www.commercial-real-estate-loan.net to submit a loan
request.

Apartment loans, senior housing loans, shopping centers loans and office buildings
loans, industrial
and hospitality are the primary property types. Self storage and mobile home parks
loans and condo
conversions are also included in our underwriting.

Loan submission tips:

1 - Provide current rent roll if applicable
2 - Provide last years Net Operating Income Statement and the current year YTD
3 - Pictures of the property are required by most underwriters
4 - Provide borrowers FICO score.

Closing schedules for conventional loans range from six to eight weeks most
permanent and refinance
loan programs are provided to the originator at par.

Another mortgage program is the FHA MAP program the geographic preference: US and
its territories.
This construction- permanent is two loans in one. The Property Types include a
Multi-Family Loan, Apartment Loan, Senior Apartment Loans, and Assisted Living
Loans. The loan sizes range
from: $6 - 100 million. The loan term is 40 years fully amortized. The Loan to Cost
is
up to 90%.
Fannie Mae construction-permanent loan interest rates are fixed for the 40 years and
are
currently in 7.0% range. Mortgage insurance adds 0.5%. Features are assumption with
approval, non-recourse, no rent restrictions, no limitation on owner\'s return.
Requirements are Market Study and Appraisal to support the project occupancy
and rents. Fees - Borrower pays all application, inspection, underwriting, and third
party costs.
This government guaranteed program normally requires about 6 months for
construction-permanent approval by HUD and the acquisition refinance usually
requires 3-4 months for approval.



Web Site = http://www.commercial-real-estate-loan.net

Contact Details = J. Davis-Chapel

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