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Commercial Loans
Boston National Mortgage Corp. |
Versatile loan programs available for the following properties and more: |
- SBA 7a Loans
- SBA 504 Loans
- Conventional Loans
- Non-Recourse Conduit Loans
- Specialty Business Financing
- Stated Loans
- Hospitality Loans
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- Multi-family
- Mixed-use
- Retail Strip Malls
- Restaurants
- Convenience Stores
- Commercial/condo
- Office Buildings
- Retail Stores
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- Apartment Buildings
- Gas Stations
- Day Care Centers
- Funeral Homes
- Automotive Services
- Warehouses
- Health Care Facilities
- Self-storage Facilities
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- Educational Facilities
- Campgrounds
- Light Industrial Properties
- Franchises
- Nursing Homes
- Hotels/Motels/Inns
- Bed & Breakfasts
- Car Washes
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Phone: (781) 431-2215, Fax: (781) 772-1052 |
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1085 Worcester Road. Natick MA 01760 |
SBA 7a Loans
SBA 7a Commercial Loan Program
| Project Purpose |
| Acquisition, expansion, construction, recapitalization, refinance, start-up financing, working capital, machinery and equipment purchase |
| Multi-industry application | |
| Property Types |
All property types |
| Loan Amount |
$500K to $2M |
| Loan to Value(LTV) |
Up to 90%; 85% for business acquisition, depending on seler carrybacks, collateral pledged and other credit factors; 80% for start-up financing |
| Interest Rate |
Floating rate - can be indexed to Prime Rate, 30 day Commercial Paper or LIBOR |
| Loan Term |
Up to 25 years, fully amortizing |
| Prepayment Penalty |
May prepay without penalty up to 25% during first 3 years. Above 25% prepay penalty of 5%, 3% and 1% |
| Collateral |
First lien mortgage on business real estate, UCC filings on machinerty and equipment |
| Recourse |
Full guarantee of all principals owning 20% or more of the project |
| Qualifying Requirements |
| - Adequate cash flow to cover debt levels (1.25x past fiscal year or recent interim) |
| - Acceptable credit history | |
| Loan Turnaround Times |
| - 10 Days for Bank approval upon receipt of complete package |
| - 45-60 days funding from receipt of completed application package | |
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SBA 504 Loans
SBA 504 Commercial Loan Program
| Project Purpose |
| Acquisition and construction of commercial real estate and fixed assets |
| Multi-industry application | |
| Property Types |
All property types |
| Loan Amount |
| Financing available on projects from $500K to $5M |
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Bank Loan - $300K up to $3M |
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SBA Loan - $150K up to $1.5M | |
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Loan to Value (LTV) |
Up to 90% |
| Interest Rate |
| Bank Loan - Fixed and floating rates available: |
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-Fixed: Indexed to Treasury Swap Rates of FHLB for 2, 5, 10, or up to 25 years |
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-Floating: Indexed to Prime Rate, 30 day Commercial Paper or LIBOR |
| SBA Loan - Up to 20 years, fully amortizing | |
| Loan Term |
| Bank Loan - Up to 25 years, fully amortizing |
| SBA Loan - Up to 20 years, fully amortizing | |
| Prepayment Penalty |
Declining Scale |
| Collateral |
| Bank Loan - First mortgage on business real estate, UCC filing on machinerty and equipment |
| SBA Loan - Second mortgage on business real estate, UCC filing on machinery and equipment and other collateral where applicable | |
| Recourse |
Full guarantee of all principals owning 20% or more of the project |
| Qualifying Requirements |
| - 3 years management experience or 1 year profitable business ownership experience |
| - Adequate historical cash flow cover debt levels (1.25x past fiscal year or recent interim) |
| - Owner / user to occupy at least 51% of existing building or 67% of new construction |
| - Acceptable credit history | |
| Loan Turnaournd Times |
| - 10 business days for Bank approval upon receipt of complete package |
| - 45-60 business days funding/initial disbursement from receipt of completed application package and SBA approval | |
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Conventional Loans
Conventional Commercial Loan Program
| Project Purpose |
Acquisition, expansion, construction, refinance, and cash out |
| Property Types |
Eligible properties include Mulit-family (5 units and up), mixed-use, retail strip malls, restaurants, convenience stores, commercial/condo, office buildings, retail stores |
| Loan Amount |
$100K up to $100M |
| Loan to Value (LTV) |
Up to 80% |
| Interest Rate |
| Fixed and floating rates available: |
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Fixed - Indexed to FHLB for 2 or 5 years |
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Floating - Indexed to Prime Rate, 30 day Commercial Paper or LIBOR | |
| Loan Term |
15 and 25 year terms available, fully amortizing |
| Prepayment Penalty |
Declining scale |
| Collateral |
First lien mortgage on real estate |
| Recourse |
Full guarantee of all principals owning 20% or more of the project |
| Qualifying Requirements |
| - Adequate cash flow to cover debt levels (1.25x past fiscal year or recent interim) |
| - Acceptable credit history | |
| Loan Turnaround Times |
| - 10 days for Bank approval upon receipt of complete package |
| - 45-60 days funding from receipt of completed application package | |
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Non-Recourse Counduit Loans
Non-Recourse Conduit Commercial Loan Program
| Project Purpose |
| Acquisition, expansion, construction, recapitalization, refinance |
| Multi-industry application | |
| Property Types |
All property types |
| Loan Amount |
$3M to $100M |
| Loan to Value (LTV) |
Up to 85% |
| Interest Rate |
Fixed rate (10/10, 10/15, 10/20) loan indexed to the 10-year U.S. Treasury Note with a 90 - 200 bps spread |
| Loan Term |
20, 25 or 30 years, fully amortizing |
| Prepayment Penalty |
For the first 10 years due to non-recourse structure and the yield maintenance requirements |
| Collateral |
Structured as a non-recourse transaction in which the property being financed is the sole source of collateral |
| Recourse |
None |
| Qualifying Requirements |
| - Industry management experience |
| - adequate historical cash flow cover debt levels (1.25x past fiscal year or recent interim) |
| - Acceptable credit history | |
| Loan Turnaround Times |
Not more than 60 days funding from receipt of completed application package |
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Specialty Business Financing
Specialy Business Financing
| Project Purpose |
Business acquisition, partner buyout, franchise acquisition, and start-up financing for specialty industries |
| Property Types |
Including (but not limited to) gas stations, car washes/garages, day care centers, assisted living projects, and independent insurance agents |
| Loan Amount |
$500K up to $3M; real estate financing packages up to $5M |
| Loan to Value (LTV) |
Up to 85%; up to 80% for start-up financing |
| Interest Rate |
Floating rate - can be indexed to Prime Rate, 30 day Commercial paper or LIBOR |
| Loan Term |
| - Up to 25 years fully amortized for real estate purchase |
| - Up to 10 years fully amortized for non real estate transactions | |
| Prepayment Penalty |
Declining scale |
| Collateral |
| - Security interest in business assets |
| - First lien mortgage on real estate | |
| Recourse |
Full guarantee of all principals owning 20% or more of the project |
| Qualifying Requirements |
| - Management experience in same or related field |
| - For start-up financing, previous management experience or prior business ownership |
| - Minimum 10% non-borrowed cash injection |
| - Adequate cash flow to cover debt levels (1.25x past fiscal year or recent interim) |
| - Acceptable credit history | |
| Loan Turnaround Times |
| -10 days for Bank approval upon receipt of complete package |
| - 45-60 days funding from receipt of completed applicatoin package | |
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Stated Loans
Commercial Stated Loan Program
| Project Purpose |
Business acquisition, refinance, and cash outs |
| Property Types |
Mixed Use/Apartment Buildings, Self-Storage Facilities, Retail/Office Buildings, Warehouses/Light Industrial Properties, Automotive Services, Special Purpose/Unique Properties (including day care and educations facilities, funeral homes, campgrounds, outdoor entertainment centers, trailer and mobile home parks and marinas), Hotels/Motels - flagged/unflagged, Restaurants (owner occupied/leased, fast-food/full-serve, suburban/urban), Multi-family housing (5 or more units), and Health Care (assisted living and nursing homes) |
| Loan Amount |
$100K up to $1M |
| Loan to Value (LTV) |
Up to 85% |
| Interest Rate |
| - Fixed and adjustable rates based on Prime Rate |
| - 6mth, 2yr, 3yr, 7yr, ARM and declining fixed options | |
| Laon Term |
15 to 30 years fully amortized |
| Prepayment Penalty |
5% for up to 5, 6, 7 years depending on loan term |
| Collateral |
| - Security interest in business assets |
| - First lien mortgage on real estate | |
| Recourse |
Full guarantee of all principals owning 20% or more of the project |
| Qualifying Requirements |
| - Adequate cash flow to cover debt levels (1.25% past fiscal year or recent interim) |
| - Acceptable credit history | |
| Loan Turnaround Times |
Loans can be closed within 4 to 6 weeks of the initial loan application |
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Hospitality Loans
SBA 7a Hospitality Projects (Hotels / Motels / Inns)
| Project Purpose |
| Hotel Acquisition, construction or refinance |
| Working capital provided | |
| Property Types |
Hotels, motels, inns, hotel conversions |
| Loan amount |
$500K to $2M |
| Loan to Value (LTV) |
Up to 85%; debt refinance up to 100% |
| Interest Rate |
Floating rate - can be indexed to Prime Rate, 30 day Commercial paper or LIBOR |
| Loan Term |
Up to 25 years, fully amortizing |
| Prepayment Penalty |
May prepay without penalty up to 25% during first 3 years. Above 25%, prepay penalty of 5%, 3% and 1% |
| Collateral |
First lien mortgage on real estate |
| Recourse |
Full guarantee of all principals owning 20% or more of the project |
| Qualifying Requirements |
| - Adequate cash flow to cover debt levels (1.25x past fiscal year or recent interim) |
| - Acceptable credit history | |
| Loan Turnaound Times |
| - 10 days for Bank approval upon receipt of complete package |
| - 45-60 dyas funding from receipt of completed application package | |
SBA 504 Hospitality Projects (Hotels / Motels / Inns)
| Project Purpose |
Acquisition and construction of hospitality real estate |
| Property types |
Hotels, motels, inns, hotel conversions |
| Loan Amount |
| Financing available on projects up from $1M to $10M of which: |
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Bank Loan - from $500K to $5M |
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SBA Loan - up to $350K to $3.5M | |
| Loan to Value (LTV) |
Up to 85% |
| Interest Rate |
| Bank Loan - Fixed and floating rates available: |
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-Fixed: Indexed to Treasury Swap Rates or FHLB for 2, 5, 10 or up to 25 years |
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-Floating: Indexed to Prime Rate, 30 day Commercial Paper or LIBOR |
| SBA Loan - Fixed rate determined by SBA (6.7% as of Aug/06) | |
| Loan Term |
| Bank Loan - Up to 25 years, fully amortizing |
| SBA Loan - Second mortgage on business real estate and other collateral where appropriate | |
| Prepayment Penalty |
Declining scale |
| Collateral |
| Bank Loan - First mortgage on business real estate |
| SBA Loan - Second mortgage on business real estate and other collateral where appropriate | |
| Recourse |
Full guarantee of all principals owning 20% or more of the project |
| Qualifying Requirements |
| - 3 years management experience or 1 year profitable business ownership experience |
| - Adequate historical cash flow cover debt levels (1.25x past fiscal year or recent interim) |
| - Owner / user to occupy at least 51% of existing building or 67% of new construction |
| - Acceptable credit history | |
| Loan Turnaround Times |
| - 10 business days for Bank approval upon receipt of complete package |
| - 45-60 business days funding/initial disbursement from receipt of competed application package and SBA approval | |
Conventional Loans for Hospitality Projects (Hotels / Motels / Inns)
| Project Purpose |
| Acquisition, expansion, construction, refinance, business buyout, and cash out |
| Mezzanine and private funding available | |
| Property Types |
Hotels, motels, inns, hotel conversions |
| Loan Amount |
$500K up to $50M |
| Loan to Value (LTV) |
Up to 65%; up to 55% 'Cash Out' loan to value |
| Interest Rate |
| Fixed and floating rates available: |
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Fixed - Indexed to Treasury Swap Rates or FHLB for 2, 5, 10 or up to 25 years |
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Floating - Indexed to Prime Rate, 30 day Commercial Paper or LIBOR | |
| Loan Term |
15 and 25 year terms available, fully amortizing |
| Prepayment Penalty |
Declining Scale |
| Collateral |
First lien mortgage on real estate |
| Recourse |
Full guarantee of all principals owning 20% or more of the project |
| Qualifying Requirements |
| - Adequate cash flow to cover debt levels (1.25x past fiscal year or recent interim) |
| - Acceptable credit history | |
| Loan Turnaround Times |
| - 10 days for Bank approval upon receipt of complete package |
| - 45-60 days funding from receipt of completed application package | |
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