Tier 1 Properties
(up to 90% financing available) & (97%
Structures containing five or more dwelling units with
common area facilities such as entrances, lobby, elevators,
stairs, mechanical space, walks or grounds. Units must be rented
on a non-transient basis such that tenants consider their unit
their permanent residence. Properties that offer weekly or monthly
housing would not be considered multifamily properties.
Mixed-use properties must contain at least one commercial unit
(retail, office etc.) and at least one residential unit. Common
types of mixed-use properties include a ground floor retail or
office unit with apartment(s) above, all within the same building.
The primary use at the property must be for residential purposes
in order for it to be considered Tier 1 mixed-use. The mixed-use
property type can be classified in any tier depending on the
percentage of the multi-family component and the type of
Tier 2 Properties (up to 90%
financing available) & (97% if Owner-Occupied)
Bed & Breakfast
- Bed and Breakfast inns are residential-type
buildings designed for transient boarding and are family style in
character. B&B inns are usually one structure but some may
include an adjacent guest cottage with similar quality amenities
as the main unit. Owner operators live on-site, usually within the
Light Industrial -
Light industrial is characterized by a small size facility where
no heavy manufacturing or specialized industrial process takes
place. Office space within light industrial ranges from 3% to 25%
of the total area. Buildings must include sufficient plumbing and
lighting to accommodate personnel. Common uses found in light
industrial properties may include: cabinet making, assembly
processes, home service industries, etc. Absent from these
properties is any type of heavy machinery, welding operations,
cranes or hazardous materials.
Mixed-Use properties must contain at least one commercial unit
(retail, office etc.) and at least one residential unit. If the
primary use at the property is for commercial purposes, the
property will fall under our mixed- use Tier 2 guidelines. The
mixed-use property type can be classified in any tier depending on
the percentage of the multi-family component and the type of
Automotive is a somewhat broad category and encompasses a variety
of uses that support the automotive segment. Included within this
category are auto repair shops, used car lots, quick-lube
facilities, tire repair shops, etc. The type and size of building
will vary with the use. Many buildings are designed specifically
for the auto trade characterized by overhead doors, car lifts and
usually a small office area.
Mobile Home Park -
Mobile home parks are considered as long as not more than 25% of
the total spaces are used for RV. Mobile home parks vary in
quality and amenities and all will be considered unless the RV
component is too high.
Office buildings are buildings designed for general commercial
occupancy and are normally subdivided into smaller units. Office
use implies a general business use that does not include retail,
manufacturing or warehouse type operations.
Retail buildings are designed for retail sales and display and
usually have display or decorative fronts. This retail
classification encompasses a wide variety of uses including, but
not limited to: markets, convenience stores, drugstores,
department stores, big box retailers, barber shops, laundromats,
Self Storage -
Mini-warehouses are warehouses subdivided into a mixture of
cubicles of generally small size, designed primarily to be rented
for small self- storage or noncommercial storage and may include
some office-living space.
Warehouse - Warehouse
buildings are designed primarily for storage purposes. The size of office space included is usually commensurate with the quality
of the building but typically rages from 3% to 12% of the total
area. Plumbing and lighting are usually limited due to anticipated
light personnel load. The design of the building usually includes
a light frame with large open interior areas. Cold storage and
transit warehouses (truck terminal) are
included in this category.
Tier 3 Properties (up to 80%
Funeral Home -
Funeral homes include those used for viewing purposes as well as
those that include embalming services.
Where the principle structure is designed for manufacturing
processes, heavy assembly or involves the use of heavy machinery.
It contains average size office space commensurate with
the quality of the building and the intended use. Their heavy
frames, walls and floors, specialized manufacturing processes and
power or utility-service characterize industrial facilities.
Rooming House -
Rooming houses are similar to that of multifamily but the nature
of the occupancy is more transient. Rooms are rented on a daily,
weekly or monthly basis and usually only include a bedroom. The
residents share the bathroom and the kitchen. Rent paid usually
includes all utilities and units may be furnished. Most rooming
house properties contain less than 20 units.
Tier 4 Properties (up to
75% financing available)
Day Care - Day
Care Centers are early childhood, handicapped, adult, and senior
care facilities or developmental centers, such as kindergartens,
nurseries, or children’s pre-schools. They have light kitchen
facilities, activity rooms and multiple rest rooms and are more
residential in character than schools.
Health Care - Included
in this category are all Assisted Living or Nursing Home types of
operations where a license is required to operate the business.
Quality and service levels vary considerably. Also included in
this category are hospitals and medical treatment facilities, such
as out patient care or walk-in emergency medicine.
Gas Stations - Gas
stations are automotive properties that dispense fuel for retail
sales. They may have a convenience store, auto mechanic and/or car
Restaurants - Restaurants
are constructed for the purpose of preparation and sale of food
and/or beverages, which include cafeterias, bars, and taverns,
where design is of restaurant type.
Assisted Living Facilities (These
facilities require state licensing).
Bowling Alleys, Skating Rinks, and Golf Courses
will not be considered.
Free standing churches which will
continue in use will not be considered.
Churches located in strip retail centers are
Bed and Breakfast - Usually a converted estate
home. Borrower must live in B&B as their private residence.
Non-Contiguous Properties - Must all be located
within the same county.
Mobile Home Parks - Valuation will include pads
(i.e., land) and permanent structures (e.g. single family residence or multi-family units).
Heavy Industrial - Heavy machinery, heavy
manufacturing, and /or heavy assembly operations.
Student Housing - Residents sharing common
facilities (i.e., bathroom/kitchen) are tier 3
Units are traditional multi family (i.e., no common facilities)
are tier 1.
*We are also able to offer financing for raw land,
construction/rehab, bridge loans, condo conversions, equipment,
second liens, and business lines of credit.