Loan Guidelines for Office Property Financing
Eligible Property Types:
Class A, B, and C suburban and urban office buildings, professional and medical office buildings. Single tenant office properties with long-term leases located in strong markets are also eligible for this program.
Loan Size:
USDA: $250,000 - $5,000,000; SBA: $250,000 - $5,000,000
Eligible Locations:
East of the Mississippi
Loan Term Amortization:
USDA: Maximum 30 years; SBA: Maximum 25 years
Collateral:
First position mortgage as certified by title search and title policy on property. Subordination of tenant leases may be required.
Loan Escrows:
The borrower may be required to contribute monthly to an escrow account for real estate taxes and property insurance.
Appraisal:
Complete summary appraisal required.
Environmental Screen or Phase 1:
Required
Eligible Principals:
U.S. citizens, or permanent resident aliens. Majority principal owners cannot be on probation or parole.
Recourse:
Every loan will be personally guaranteed by any shareholder with 20% or more ownership in the company.
