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![]() DeLorean Other DMC 12 1981 DELOREAN DMC 12 COUPE GULLWING 2K MILES ORIGINAL OWNER NEW TIRES SERVICED $29,999.00 Time Remaining: 20d 16h 50m Buy It Now for only: $29,999.00 |
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![]() BMW 5 Series 530 SPORTpkg 2003 BMW 530i SPORT Cold Weather Pkgs 17Rims Xenon SERVICED 530IA 1 OWNER $13,950.00 Time Remaining: 19d 19h 1m Buy It Now for only: $13,950.00 |
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![]() BMW 7 Series 740IL 2001 BMW 740IL NAVIGATION 1 OWNER SERVICED EXT WARRANTY $8,499.00 Time Remaining: 8d 1h 55m Buy It Now for only: $8,499.00 |
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![]() Jaguar XJ8 XJ8 2001 Jaguar XJ8 XJ 1 Owner Florida Car Sea Frost Green New brakes Serviced $7,990.00 Time Remaining: 18d 20h 27m Buy It Now for only: $7,990.00 |
![]() Mercedes Benz C Class C240 4MATIC 04 C240 4MATIC ONE OWNER COMFORT REAR SEAT PKG SERVICED 6CD $990.00 (2 Bids) Time Remaining: 5d 3m Buy It Now for only: $13,990.00 |
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![]() Toyota Prius One Owner Off Lease Very CLEAN SERVICED 2009 47k Hybrid W tyOne OwnerSmart Clean 48mpg LOW MILES 6154385347 $17,980.00 Time Remaining: 2d 20h 8m Buy It Now for only: $17,980.00 |
![]() Bentley Continental Flying Spur 2009 Bentley Flying Spur Blk Tan One Owner Serviced $118,999.00 Time Remaining: 20d 19h 31m Buy It Now for only: $118,999.00 |
![]() Land Rover LR3 2005 LR3 one owner and cared for from the start dealer maintained and serviced $8,700.00 (1 Bid) Time Remaining: 3d 18h 9m Buy It Now for only: $14,500.00 |
![]() Lincoln Continental 32V Intech V8 1997 Lincoln Continental 43k Miles Garage Kept One Owner Dealer Serviced Florida $5,995.00 Time Remaining: 11d 18h 25m Buy It Now for only: $5,995.00 |
![]() Saab Other Convertible 1997 SAAB 900s Convertible SERVICED ONLY 67K Miles 1 Owner $6,800.00 Time Remaining: 19d 18h 45m Buy It Now for only: $6,800.00 |
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![]() Rolls Royce Ghost 4dr Sdn 2010 Rolls Royce Ghost 1 Owner Ready for Export Fully Serviced Rolls Dealer $209,000.00 Time Remaining: 5d 3h 1m Buy It Now for only: $209,000.00 |
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Skagen Men's SK581XLSLM Black Label Black Dial Watch
List Price: |
DescriptionModern architectural elements are visible in this magnificent timepiece. A Swiss-made chronograph movement is housed in a polished stainless steel case in silver with a grey sunray dial. The black Italian leather completes the design of this exquisitely designed timepiece. |
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Skagen Men's 745XLSTXM Sport Watch
List Price: |
DescriptionSkagen, Sport, Men's Watch, Stainless Steel Case, Stainless Steel Bracelet, Quartz (Battery-Powered), 745XLSTXM |
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Skagen Men's 747LSXN Sport Collection Chronograph Watch
List Price: |
DescriptionElegance beauty and style introducing the Skagen chronograph collection. Polished brushed stainless steel case (39mm wide by 13mm thick) and bracelet. Stylish blue dial with silver tone hands and hour markers... |
Business owners currently considering a commercial mortgage refinance, will find that many of the rules have changed. As the economy and so called credit crisis continue, small balance lenders (loans between $300,000 - $5 mil) are scrambling to reset their guidelines while not denying every loan that comes across their desk.
"Back to basics" seems to be the rule of the day. As little as one month ago, commercial lenders were still "cranking out" untraditional programs such as stated income loans, interest only and second lien position loans. Although not completely gone, these programs have been seriously altered. Business owners will need to have their books, value, and credit in line, in order to receive good finance options.
DCR
The Debt Coverage Ratio is a tool capital sources use to asses if a business can afford the mortgage payments of proposed loan. Typically lenders want to see a ratio of 1:1.20. Meaning the business, would have $1.20 of net income vs. $1 of proposed mortgage debt. So, if the business had a 1:1.2 they would still have $.20 left over after all debt and expenses were paid.
This ratio becomes critical in difficult times. It has in impact on commercial property value and as mentioned above, what a business owner's can qualify for. Most capital sources are now ratcheting up this ratio to a 1:1.3 and with some special purpose properties to 1.4's (like hotels). As a reference point this ratio was as low as 1.1 with many aggressive lenders just a few months ago.
In addition, less obvious underwriting standards, such as increasing vacancy and management fees have a direct impact on net income. Many lenders are raising these underwriting guideline from 3% to 7%. In areas like Phoenix for example, some underwriters are using market vacancy vs. a the standard 5%, which can seriously effect a transaction if market vacancy are, for example 12%. Keep in mind that this vacancy will be factored on to the deal, even if the subject property is 100% occupied at the time of the refinance.
This tightening has its biggest impact on businesses that are highly leveraged and or very tight on cash flow. Borrowers facing a ballooning loan that a borderline, will have difficult time coming up with options.
LTV
Loan to values, as in the difference between what a property is worth vs. what is owed, is another key ratio to reduce risk for banks. The normal high side for the typical owner occupied property, such as office, industrial or retail, is 75%/80% on a refinance. This is being dropped pretty much across the board to a max of 70%. Special purpose properties, such as, restaurants, automotive, hotels, daycares, etc are taking the brunt of it, as many lenders will not lend beyond 60% loan to value. Many lender have simple stopped lending on these properties all together.
CREDIT
Personal credit scores are becoming an all too easy way for banks to quickly and efficiently say NO to a deal. 680 is now the new 640. It's not to say that there are no decent lenders that will look at deals below 680 but the file has to have strength on it to augment the weaker credit score.
GLOBAL
The Global Income ratio effectively computes all income (both business and personal) vs. all expenses (again, both business and personal) that the entrepreneur has. 50% to 60% has been the norm for years, now more and more lenders are demanding 40%.
Beyond the underwriting rules that are becoming more strict, there's seems to be a general confusion among banks as to what actually fits their criteria, and or a "wait to see what happens" mentality. This can be especially frustrating for business owners as most would prefer a quick yes or a no, rather than being dragged out due to confusion.
Jeff Rauth is President of Commercial Finance Advisors, Inc out of Birmingham, Michigan. He specializes in Commercial Real Estate Loans between $400,000 - $5,000,000. Offers unique loan programs such as Commercial Second Mortgages, Commercial 30 Year Fixed and 90% non SBA financing, Commercial Equity Lines. 248 885-8797 or at Commercial Real Estate Refinance or Commercial Loan Calculators or Commercial Loan Broker















































































