Construction Loan Info - Benchmark Fin
BENCHMARK FINANCIAL & REAL ESTATE SERVICES, INC.
8080 La Mesa Blvd., #214 La Mesa, CA 91941
Toll Free: (877) 862-7916
Ofc. Tel: (619) 465-6200
Fax Line: (619) 465-1693
RE: Self Storage Construction Loans
Please provide the following in order to evaluate your construction loan request:
➢ Cost breakdown for the project
➢ Description of improvements (address, construction type, # units, mix of units, etc)
➢ Site plan
➢ Floor plan
➢ Proforma operating statement
➢ Personal Financial Statement for Borrower
➢ Two years Federal Tax Returns for Borrower (include K-1s for partnerships/S-Corps)
➢ Resume for General Contractor
➢ Resume for Borrower
➢ Feasibility study if any for the project
➢ Competitor properties in the area and info on occupancy if available
Our construction Lenders typically charge a rate of Prime + .5%-1.5% and a .75%-1.5% loan fee. Benchmark charges a 1% loan fee in addition to any Lender fees, however, we will rebate back one half of our Construction Fee if we also do the Permanent takeout financing. We always make sure we have a mini-perm that will take effect after the construction period loan expires. The mini-perm usually lasts 2-5 years depending on the Lender giving you time to lease up and stabilize.
Our permanent loan programs are typically running around 6.5%-7.5% fixed today (May 4, 2010) for 10 years with a 25-30 year amortization. The total loan fee is 1% including Benchmark. Longer terms are available if desired although longer terms are typically amortized over a like term (e.g. 20 year fixed rate, 20 year amortization). Our permanent loans are typically non-recourse and carry pre-payment penalties. If prepayment flexibility is needed, we offer other programs to meet those needs.
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