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1. What is the process to get a loan pre-approved?
Answer: Call Marksman Capital to discuss the transaction over the phone. If you decide to proceed after we talk, we will complete a loan application over the phone. After we review the written material we will then send you a formal loan application with the rate, terms and conditions to proceed.
2. What type of Properties do you loan against?
Answer: Multi family, mixed Use properties, single use properties, vacant land, light industrial, restaurant and many others.
3. What is your maximum loan to value?
Answer: The maximum loan to value for multi-family and mixed use properties is 85%, for commercial real estate the maximum loan to value is typically 80%. We can do seller carry-backs for up to 90% LTV on some properties.
4. How do you determine if the income from property will support the transaction?
Answer: We take the actual income from the property less a vacancy factor and operating expenses to determine the net income from the property. We then divide the net income by the principal and interest payment. The answer is called the debt service coverage ratio (DSCR). Most lenders like to see a 1.25 DSCR. We do have lenders who will lend at lower DSCR ratios.
5. What kind of programs do you offer?
Answer: We offer non-recourse and recourse programs. We also offer programs for A, B, C. and D credit borrowers. All transactions are first lien mortgages only. We can work with seller carry-backs which can lower the cash investment.
6. Who do you lend to?
Answer: We lend to individuals, partnerships, and corporations throughout the United States.
7. How do you verify income?
Answer: We look to the borrower's Schedule E, or actual leases, rental letters or estoppel certificates. We also do loans with no income verification (NIV). These loans look to the property to have sufficient net income and we do not look at the borrower's income to support the payments.
8. What kind of properties won't you do a loan for?
Answer: Very few situations are presented to us that we are unable to find financing for. We generally have trouble with financing industrial properties that handle environmentally sensitive materials. If you have a commercial property we will find financing for you.
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