Single Use Loans from $1,000,000+
Single Use Loan Interest Rates - Rates updated February 17th, 2020
|Loan Product||Rates (start as low as)||LTV||Amortization|
|5 Year Fixed||3.86%||Up to 75%||Up to 30 years|
|7 Year Fixed||3.96%||Up to 75%||Up to 30 years|
|10 Year Fixed||4.05%||Up to 75%||Up to 30 years|
Select Commercial offers many commercial mortgage loan programs to the owners and purchasers of single use properties and/or special use commercial real estate. Single use properties are commercial properties that have a specific purpose geared to a specific industry, such as a gas station, restaurant, or motel. These loans are not generally preferred by traditional banks and are commonly rejected. This is a problem for small business owners and self-employed borrowers as these properties are often owned by small business owners. Also, many small business owners find that they have trouble obtaining traditional bank loans for these properties due to their company’s size, credit rating, or difficulty producing tax returns. In addition, if you are starting up a new business or expanding an existing business, it may be possible for us to use projection based income in order to qualify. Traditional banks can’t match the ability we have to “stretch the guidelines” to help your business grow. These loans have always been a large portion of our business. We actively lend on gas stations, restaurants, hotels and motels, bed and breakfasts, laundromats, service stations, bowling alleys, movie theaters, golf courses, marinas, retail stores, independent groceries, franchises, auto repair, manufacturing plants, liquor stores, health clubs, self-storage, mini-storage, parking garages, campgrounds, recreational facilities, RV parks, and many other single purpose properties. We even financed a sky diving wind tunnel for one of our clients! We have a special division that caters to these single use and specialty real estate loans. Some examples of these property types include:
Hotels and Motels
Special Use Loans includes loans to the hospitality industry. We are actively lending on hotels and motels, including unflagged motels. Unflagged motels are motels that do not operate under a franchise agreement such as Holiday Inn or Marriott. Also, many older motels have outside corridors and limited services. Many lenders will not finance types of properties.
Gas stations are another single use property that are very often rejected by other lending institutions due to environmental concerns. We will actively lend on gas stations – both “branded” gas stations and “off-brand” gas stations.
Restaurants and Bars
Many restaurants and bars are housed in stand-alone, single-use properties. Some might be owner occupied and owner/user, others might be franchised locations of large national chains. We are glad to consider restaurant financing for all types of these situations.
Single Tenant Medical Buildings
We frequently finance single use medical properties for our clients in the medical, dental, and other health related fields. We have helped doctors, dentists, veterinarians, pharmacists, chiropractors and acupuncturists acquire or refinance their own buildings. In fact, we can even lend up to 100% on medical related buildings!
Our Single Use Loan Benefits
Single Use Loan Rates start as low as 3.86% (as of February 17th, 2020)
• No upfront application or processing fees
• Simplified application process
• Up to 90% financing on owner/user properties. Up to 100% for medical professionals.
• Terms and amortizations up to 25 years
• Loans for purchase and refinance, including cash-out
• 24 hour written pre-approvals with no cost and no obligation