Small Balance Commercial Mortgages Nationwide
CLD offers streamed line small commercial loans featuring low interest rates with no application or appraisal fees. The small balance program comes with a rate/fee match guarantee which guarantees to match or beat an offer (*rate and fee combination).
|Loan Type||Property Type *||Loan Amount||Max LTV||Term Length||Amortization||Rates|
|Small Balance||A, I/W, M/H, MU, O, R, SS, **SP||$250K - $750K||80%||5-15 Years||5-25 Years||Fixed or Variable|
|A = Apartment I/W = Industrial/Warehouse M/H = Medical/Healthcare MU = Mixed Use O = Office R = Retail SS= Self-Storage|
|**SP = Auto Repair, Convenience Store, Convalescent Home, Health Club, Gym, Gas Station, Daycare, Preschool, Nursery, Theater|
|Additional Information: | Key Features | Loan Types | Product Comparison | Loan Forms|
|Fees||No application fee, No appraisal fee, 1% origination fee.|
|*Rate Guarantee||If you can find a better priced product by another lender and this product can not match the competitor's $200 will be awarded to you. Learn more here: Rate Guarantee|
|$250 credit||Applied to the customer’s account within 3 billing cycles when automatic payments are set up at funding.|
|Refinance Mortgage||Pay off an existing mortgage on property with cash-out opportunities.|
|Purchase Mortgage||Purchase property. The borrower will be required to pay title and escrow fees associated with purchase mortgages.|
|Equity Mortgage||Finance business needs by using equity in the property.|
|Loan Amount|| Financing up to $750,000 on purchase and refinance mortgages in 1st lien position.
Maximum $500,000 for cash-out, and equity mortgages in 2nd lien position.
|Terms||Fixed: 5/5, 10/10, 15/15, 25 due in 10, 25 due in 5, Prime-based: 5/5, 10/10, 15/15, 25 due in 10, and 25 due in 5|
|Other||Payments are fixed for a year, but rate floats with Prime, Subject to a floor rate of 4%|
|Real Estate Purchase & Refinance||Equity & Line of Credit|
|Min-Max amount||$250,000- $750,000 (1st lien position)||$250,000-$500,000 (cash-out and equity mortgages in 2nd lien position)|
|Use of funds||Large purchases, refinances, and property improvements||Working capital, property improvements, Use of funds property improvements business expansion, purchase of large equipment or property|
|Annual fee||No||Annual fee No 25 bps of LOC, $250 min, $1,000 max, waived 1st year, and only assessed during draw period|
|Early closure fee||Fixed: None $3,000 when closed within the first 3 years Prime-based: $3,000 when closed within the first 3 years||$3,000 when closed within the first 3 years|
|Prepayment fee||Fixed: 3% of loan amount in years 1 through 3. No prepayment fee after that. |
Prime-based loans: None
|No prepayment fee|
|Interest Rate||Fixed or Prime-based||Prime-based (Note: at repayment conversion, Interest rate Fixed or Prime-based customer may request a fixed rate.)|
|Max LTV or CLTV||Up to 80% on Purchase Mortgages; and up to 75% on all other mortgages/line depending on property type, lien position, and/or geography|
Preparing your Financial Package - Loan Forms
Please use these forms when assembling a new financial package.
If you have additional information that you can provide such as a property appraisal, environmental reports, property photos, current credit report(s), etc., please include them as this will help with the pre-approval process.