Property Type: One to four family residential properties, some mixed-use and small commercial properties for business and investment purposes.
Stonehedge Funding does not finance owner-occupied residential properties.
Geographic Area: Philadelphia and surrounding areas, NJ and Delaware.
Credit: Credit Based Loan.
Loan Amount: Up to $750,000.
Renovation: Flexible draw schedule contoured to your specific transaction.
Draws: Most commonly 12 months.
Interest Rate and Fees: Are determined by income, credit, and cash liquidity.
Loan Structure: Interest only payments excluding customer’s with high deal track record experience.
Ratios: Up to 70% ARV large loan size receive discount pricing.
Lien Position and Collateral: First mortgage positions on acquired real estate. No Subordinate financing permitted.
Types of Borrowers: Individuals, general partnerships, limited partnerships, limited liability companies and corporations.
Guaranty: Personal guaranties will be required.
Underwriting Guidelines: Credit Reports – tri-merged and scored reports ordered by lender with a full application package
Property Inspections – performed by lender/inspector.
Appraisals – are mostly done via desk-top.
Flood Searches – generally not required unless the property is near a flood zone.
Title Insurance – required.
Property Insurance – always required with standard mortgagee clause due prior to closing.
Documentation: Standard commercial mortgage loan documentation required.
Timing: Within 10-30 days for an approved or existing customer.