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Commercial Property - Mixed Use -
Apartments (Units) - Land Loans - RV Parks -
Commercial Loan: (Purchase or Refinance)
Equity lending criteria is used in the approval process on commercial
loan, in most cases the loans are approved on a 1st Trust Deed basis,
maximum of 65% loan to value and loan amounts up to $500,000.00. 2nd
Trust Deed loans are also considered and are normally up to a maximum of
60% loan to value. Loans available to the property vesting or ownership of homeowners,
investors, corporations, partnerships, trusts, administrators,
conservators, executors, estates, heirs on all loans programs offered by
Normandy Mortgage.
Any property that generates income is considered commercial. Enclosed is
a sample list of the properties we will entertain loan requests:
- Retail Strip
Center
- Mixed Use
- RV Parks
- Gas Stations
- Grocery Store
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- Automotive
Repair
- Mobile Home
Park
- Night Club
- Nursing Home
- Motel
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- Single Purpose
- Unique
Properties
- Office
- Church
- Hotel
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Debt Service:
Qualifying Income from commercial properties for the purpose of debt
service is calculated different than from conventional lender. We will use 100%
of the rental income (if applicable) and the borrowers personal income to
determine if the borrower has the ability to make the monthly payments on
their loan request. Formal debt to income ratios are not calculated, no
reserve requirements, etc.
For purchase or refinance, cash out to pay off debts, expand business,
repair/remodel, current or past credit problems accepted. Terms on
commercial loans are from one to five years, interest only monthly
payments, No pre-payment penalty. The fees and costs will vary on each loan
please call for details.
Appraisal report by a Normandy Mortgage approved appraiser is required
for each property and we will accept the "Short Form" appraisal
report on most cases. If a Narrative appraisal is available we will review.
Mixed Use Property: (Purchase or Refinance)
Mixed use is property that is being used for more than one purpose,
there may a commercial office downstairs and an apartment upstairs or there
may have been a zoning change and the property legal non-conforming. The
same lending criteria that applies to commercial loans will apply to
Mixed-Use properties.
Apartments/Units: (Purchase or Refinance)
Equity lending criteria is used in the approval process on apartment
loan, in most cases the loans are approved on a 1st & 2nd
Trust Deed basis, maximum of 65% loan to value and loan amounts up
to $500,000.00 and on 2 to 50 units.
For purchase or refinance, cash out to pay off debts, repair/remodel,
and current or past credit problems accepted. Loan terms are from one to
five years, interest only monthly payments, no pre-payment penalty. The
fees and costs will vary on each loan please call for details.
Qualifying Income from apartments for the purpose of debt service is
calculated different than from conventional lender. We will use 100% of
the rental income and the borrowers personal income to determine if the
borrower has the ability to make the monthly payments on their loan
request. Formal debt to income ratios are not calculated, no reserve
requirements, etc.
Appraisal report by a Normandy Mortgage approved appraiser is required
for each property and we will accept the "Short Form" appraisal
report on most cases. If a Narrative appraisal is available we will review.
The fees and costs will vary on each loan please call for details.
Land Loans: (Purchase or Refinance)
For purchase or refinance, cash out to pay off debts, current or past
credit problems accepted. Loan available for purchase or refinance.
Typically available up to 50% loan to value on buildable lots, large
parcels or acreage on a case by case basis. Loans available up to
$100,000.00, terms of 3 years, 1st Trust Deed & No
pre-payment penalty most case.
If purchasing land with plans too build we will entertain a loan based
on the "Future Value" of the completed project and lend up to 65%
of the future value. Future value means the value of the property after all
improvement have been completed. The fees and costs will vary on each loan
please call for details.
(800) 576-0102 Fax (714) 632-9752
Normandy
Mortgage Servicing Co.
Revised 2/12/03
©1999-2001
Normandy Mortgage Servicing Co.
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