| Type of Loan1 |
Conventional Loan |
504 Loan |
|
| Program Highlights |
- Max 1st Mortgage Loan
Amount:
|
$500,000 - $20,000,000 |
$500,000 to $8,000,000 |
|
75% |
85% (AACM first lien up to 67%; CDC Debenture up to 35%) |
|
| Qualifying Parameters: |
| |
- Onsite management of property preferred, but can use internal
management if proven historical performance in same market.
- Property must be less than 20 years old.
- Guarantees - all 10% shareholders.
|
|
| Program Options |
|
Up to 25 years fully amortizing |
Up to 25 years fully amortizing CDC Debenture: 20 years fully amortizing |
- Interest Rate, Balloons,
Covenants/Restrictions:
|
Floating or fixed (5 year reset or 15 - 25 year fixed for term) |
Floating or fixed (5 year reset or 15 - 25 year fixed for term) CDC Debenture: 20 year fully amortizing |
|
Credit approval in 3-5 days;45 days to close |
Credit approval in 3-5 days;45-60 days to close. |
|
|
|
1 For refinancing existing debt and hotel acquisition. Both can include financing
for renovations and closing costs. Refinances not allowed under 504 Loan Program
|
