What Makes Select Commercial Different

We often have people ask us why they should apply to Select Commercial rather than just going to their local bank for a commercial mortgage loan. Banks typically have one set of guidelines, and if your loan does not meet their guidelines they will probably not be able to accommodate your request. At Select Commercial, we have numerous loan programs to choose from and attempt to custom tailor a commercial mortgage loan that meets your individual needs. Many, if not most, of our successful loan approvals required us to overcome an obstacle that other lenders were not willing to do.

I would like to review a few of these situations that have recently been approved:

  • Our borrower owns an apartment property in Lowell Massachusetts. He was looking to refinance a high rate loan and obtain cash for property improvements. The property was older and needed renovation. The current property condition made the borrower’s bank nervous. We approved this loan at a rate that was lower than the bank. We also offered a long term fixed-rate loan and a long-term amortization. The term was also longer than the bank was offering.
  • An owner of a mixed-use property in Chicago Illinois approached us about refinancing his property. The owner had credit and income problems which his bank could not overcome. The borrower was also looking to minimize his monthly payment and was requesting an interest only loan. We were able to accommodate this borrower at a very attractive rate.
  • A co-op Corporation in New York City was looking to refinance the underlying loan on the cooperative building. Their current loan did not mature for six months and they did not want to pay a prepayment penalty. They were concerned that rates would rise if they waited for six months. We approved their loan and gave them an extended rate lock for six months. In addition, our rates and closing costs were lower than they could obtain on their own.
  • A borrower in Cleburne Texas owns a small un-flagged motel. They needed to pay off the seller who had taken back a mortgage upon purchase. Most lenders do not like loans in small towns and do not lend on motels that are not part of a major chain. We were able to prove this loan without a problem.
  • Another client of ours owns a student housing property in Gainesville Florida. They needed to refinance a very high rate loan and obtain cash to buy out partner. The former partner mismanaged the property resulting in lower than necessary income needed to qualify. We were able to look at pro forma income and approve a loan based on projections.

Most commercial real estate loan transactions require that a lender be willing to listen to the story and try to find a way to overlook the negatives associated with the deal. Good lenders will look for a reason to approve a loan, instead of saying “NO”. At Select Commercial, we are constantly looking to find a way to approve his many loans as we can. Please contact us if you would like to discuss a commercial mortgage loan transaction with us.

You can check out our commercial real estate loan rates here. Then use our commercial mortgage calculator to determine your monthly principal and interest payment.