GMC Mortgage Capital
GMC Mortgage Capital is a Florida based commercial hard money lender who lends commercial hard money loans nationwide. GMC Mortgage Capital understands the difficulties faced by the borrowers in the market very well. In order to help borrowers find the funds quickly GMC capitalize on its borrower friendly policies, like relaxed FICO, LTVs, quick processing and so on. The tradition funding organizations made it difficult for borrowers to raise funds in the present market scenario.
For GMC FICO is not the only criterion for granting commercial hard money loans. The property on which the hard money loan is raised plays the primary role. The location and value of the commercial property and borrowing period will determine the acceptance of loan. The loans amount above one million dollars and upwards are considered.
The LTV (Loan to Value) Ratio is limited to 65%. In some cases the LTV could be lower due to the location. LTV is considered on a case by case basis. The interest rates are little higher when compared with any traditional lending sources. The interest rates are usually in the range of 12 -15%. Interest only payments are accepted.
The commercial properties on which GMC grants commercial hard money loans are multi-family buildings, multi-family complexes, warehouse facilities , retail space, self storage facilities, retail strip malls, mixed-use structures, mobile home parks, , office space, flagged hotels , office buildings and not limited to only these. GMC charges 3-4% as processing fees at the time of closing the loan.
The commercial hard money loans are typically structured as a one year balloon, with exception of one to two years extension. Extension are allowed case by case basis only. If a loan is granted an extension then the cost of the loan also goes up. So GMC charges more interest rate or some special processing fees for extensions. There are not prepayment penalties levied. GMC considers only first lien position on the property on which the commercial hard money loan is raised.
Contact info:
150 Davie Boulevard, Suite 201
Ft. Lauderdale, FL 33316
Phone: 954-681-4222
Email: info@gmcmtgcap.com
Website: http://www.gmcmtgcap.com/
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