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| COMMERCIAL MORTGAGE BANKING PRODUCT GENERAL GUIDELINES | ||||||
| Property Type | Interest Rate | "Stated" Underwriting? | Fixed Interest Period | Amort. Period | YSP? | Cash Out Refinance? |
| Multifamily | 6.5%-9.5% | Yes | 2-30 Years | 30 Years | Up to 3% | Yes. LTV Restrictions may apply. |
| Residential Mixed-Use (4+ Units) | 6.5%-9.5% | Yes | 2-30 Years | 30 Years | Up to 3% | Yes. LTV Restrictions may apply. |
| Retail | 6.5%-9.5% | Yes | 2-30 Years | 30 Years | Up to 3% | Yes. LTV Restrictions may apply. |
| Office | 6.5%-9.5% | Yes | 2-30 Years | 30 Years | Up to 3% | Yes. LTV Restrictions may apply. |
| Restaurant (Non-Franchise) | 6.5%-9.5% | Yes | 2-30 Years | 30 Years | Up to 3% | Yes. LTV Restrictions may apply. |
| Light Industrial | 6.5%-9.5% | Yes | 2-30 Years | 30 Years | Up to 3% | Yes. LTV Restrictions may apply. |
| Commercial Condos | 6.5%-9.5% | Yes | 2-30 Years | 30 Years | Up to 3% | Yes. LTV Restrictions may apply. |
| Automotive Use | 6.5%-9.5% | No | 2-30 Years | 30 Years | Up to 3% | Yes. LTV Restrictions may apply. |
| Commercial Mixed Use | 6.5%-9.5% | Yes | 2-30 Years | 30 Years | Up to 3% | Yes. LTV Restrictions may apply. |
| Hotel/Motel | 6.5%-9.5% | No | 2-30 Years | 30 Years | Up to 3% | Yes. LTV Restrictions may apply. |
| *These are general criteria and structures. Details are subject to change due to prevailing market conditions. Please contact Schooner Commercial Funding Corp for further details and for pricing on specific loan scenarios.* | ||||||
| *Ineligible property types include raw land, non-cash-flowing properties of the types above, churches, car washes, auto dealerships, heavy industrial, mining, agricultural properties.* | ||||||
Schooner Commercial Funding Corp offers conventional, conforming loan products secured by commercial real estate properties usually in denominations below $5,000,000. In most cases, Schooner Commercial can lend nationally.
Schooner Commercial performs national loan origination services acting, usually, as ‘Mortgage Banker’. This typically means that Schooner will close a loan in Schooner’s name or the name of an affiliate, and will sell the whole, secured note shortly after closing. Schooner will close either with its own funds, the funds of an affiliate, or the funds of the end note-buyer (‘table funding’).
There are multiple advantages to a borrower working with Schooner Commercial under these conditions. An additional ‘filter’ is added between the borrower and the end note buyer. Also, selling to multiple sources, Schooner can structure a note based upon varying criteria…allowing for the creation of a more tailored and customized loan solution.
Pricing. When acting as ‘Mortgage Banker’ Schooner Commercial is often able to offer loan products to borrowers at prices which are similar and often times better than those the borrower might see through a retail commercial lending institution. Schooner is able to structure loans cheaply by way of wholesale ‘in bulk’ loan sale relationships with secondary market loan buyers.
Wholesale broker relationships. In certain cases, it will make sense (from both Schooner’s perspective, and the borrower’s) for Schooner to act as a broker on national originations. If Schooner chooses to originate a commercial loan in this way, it is usually because of pricing advantages which will be passed on to a borrower.
Intermediary Referrals. Schooner Commercial encourages loan submissions and inquiries by 3rd party referring intermediaries.. Schooner, in most cases, is able to pay a YSP on supporting scenarios and we pride ourselves on always insuring that referring intermediaries are compensated to the highest degree possible.
Please CONTACT for further details and for pricing on specific scenarios.
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