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Commercial Real Estate Lending FAQs
What are Balboa Thrift and Loan commercial real estate loans used for?
A Balboa Thrift and Loan commercial real estate loan lets you purchase or refinance an owner-occupied business property or expand or remodel an existing facility. If you own property free and clear, you can also use a commercial real estate loan to leverage your equity to finance a variety of business needs.
What types of commercial real estate property does Balboa Thrift and Loan lend on?
We offer commercial real estate loans that are secured by the following types of property:
- multi-tenant office
- mixed-use commercial
- medical office
- commercial condo
- apartment building
What are the available loan amounts?
We have made loans from $100,000 up to $2 million +. Each lending situation is unique and all are funded using common sense underwriting practices. Cash out option is available to qualifying borrowers.
What does "common sense underwriting" mean?
While there is not one specific definition the general concept is understood to mean that the underlying real estate collateral has value, the borrower can demonstrate the ability to repay, and that the story makes sense.
What terms can borrowers expect?
Industry standard terms are available to qualifying borrowers. We offer 5,10,15 year terms with amortization periods of 25 years (30 years on multi-family). With loan-to-value (LTV) ratios up to 75% (80% on multi-family properties) available with no prepayment penalty Balboa Thrift and Loan is uniquely positioned to offer you competitive terms and pricing options.
Is Balboa Thrift and Loan a "hard money lender"?
No, we are not a “hard money lender”. A hard money loan is typically considered a loan of “last resort” or a short-term bridge loan. Hard money loans are backed by the value of the property, not by the credit worthiness of the borrower. Since the property itself is used as the only protection against default by the borrower, hard money loans have lower loan-to-value (LTV) ratios than traditional loans.
Will I need to pay for a property appraisal?
Yes, appraisal fees are part of closing costs,which may also include such items as flood certificate, title fees and filing fees. Fees per loan vary and you will be provided with a detailed list of all fees before closing.
Where does Balboa Thrift and Loan get interest rates?
We offer a 5 year fixed rate adjusting to the Wall Street Journal prime rate +