Financial Compound an Adaptable Commercial Mortgage Broker
Financial Compound, a versatile commercial mortgage broker, has been closing some jumbo home loans recently. We are working with a few lending institution offering large home loans with interest rates between 4% and 5.5%, fixed rates up to 30 years. Loan to value up to approximately 65%. These loans are held on the lender’s books and are not sold through residential mortgage conduits. As a result, the financing process is more personalized and the credit underwriting goes quicker.
Why use a commercial mortgage broker
We are able to do cash out refinances. As an example, we recenlty closed a $5 million home loan in Beverly Hills, CA that was acquired by a private 3rd mortgage lender through foreclosure. The lender recently got married and plans to move into the house. His former borrower, the prior owner, had bad credit so the existing first and second mortgages have higher interest rates. Financial Compound is able to refinance all the notes into a new first mortgage with a 4.55% interest rate. We are typically closing these loans in 3 weeks from complete documentation submitted from borrower.
Hard money home lenders
Financial Compound is also working with a number of hard money home loan lenders for investment property who can close as quickly as a week, and are working on structured home loans ranging from short sales to distressed financings where the borrower seeks to pull out cash from the property and may have bad credit. These types of loans are not available for owner occupied homes. Commercial mortgage broker Financial Compound also specializes in hard money loans for speculative single family residential developers. These loans typically can go as high as 65% of project cost. For fix and flip single family residential spec developers these hard money loans can be worth their weight in gold.
While many bank and institutional lenders will not lend for speculative development, commercial mortgage broker Financial Compound works with numerous private lenders active in spec construction loans to single family developers. These programs will work for condos and apartment properties also.
Fix and Flip
An active institutional lending market exists for single family fix and flip. Favorable acquisition and renovation financing is currently available in the 7% to 9% range, up to 5 years in term. As well as long term loans for a buy and hold strategy. These portfolios can be in different locations. For creditworthy borrowers posessing significant construction experience and significant liquidity reserves the loan terms and pricing are significantly more favorable.
Commercial Mortgage Broker Financial Compound provides quick ballpark qoute
What does a commercial mortgage broker do? Financial Compound can review your scenario over the phone and ballpark an accurate loan quote.