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Flexible loan programs for:
Rockland Commercial General Lending Parameters
| BRIDGE | FIX AND FLIP | NEW CONSTRUCTION | SUBDIVISION/INFILL | RENTAL HOLD | |
|---|---|---|---|---|---|
| INTEREST RATES | 7.0% – 10.0% interest only, fixed or floating | 7.0% – 10.0% interest only, fixed or floating | 7.0% – 10.0% interest only, fixed or floating | 7.0% – 9.0% interest only, fixed or floating | 3.75% - 6.0% interest only, fixed or floating |
| LOAN TO VALUE/COST | Up to 90% LTV | Up to 90% LTC | Up to 80 - 90% LTC | Vertical: up to 75% LTC (No Land or A&D) | Up to 70 - 75% LTV (Min. 1.10x DSCR) |
| LOAN AMOUNTS | Up to $5 million ($10 million for exceptionally well qualified sponsors) | Up to $5 million ($10 million for exceptionally well qualified sponsors) | Up to $5 million ($10 million for exceptionally well qualified sponsors) | Up to $5 million ($10 million for exceptionally well qualified sponsors) | Up to $5 million ($10 million for exceptionally well qualified sponsors) |
| ORIGINATION FEE | 1% to 2% annualized | 1% to 2% annualized | 1% to 2% annualized | 1% to 2% annualized | 1% to 2% annualized |
| LOAN MATURITIES | 12-24 Months | 12-24 Months | 12-24 Months | 12-24 Months | up to 30-years |
| TYPES OF LOANS | Purchase and refinance | Purchase and refinance | Purchase and refinance | Purchase and refinance | Purchase and refinance |
| TYPES OF PROPERTIES | Non-owner occupied SFR, multifamily, multi-unit or mixed- use | Non-owner occupied SFR, multifamily, multi-unit, or mixed- use | Non-owner occupied SFR, multifamily, multi-unit, or mixed- use | Non-owner occupied vertical SFR and multifamily | Non-owner occupied SFR or multifamily |
| LIEN POSITION | First | First | First | First | First |
| GUARANTY STRUCTURE | Full recourse (corporate guaranty considered) | Full recourse (corporate guaranty considered) | Full recourse (corporate guaranty considered) | Full recourse (corporate guaranty considered) | Full recourse (corporate guaranty considered) |
| PREPAYMENT PENALTY/YIELD MAINTENANCE | None | None | None | None | None |
Minimum Initial Underwriting Documentation
- Full financial underwriting
˗ 2 months bank statements
˗ 2 years of tax returns and/or financial statements (income statement & balance sheet) - Evidence of successful experience and appropriate infrastructure in specific product type strategy
Appropriate sponsor liquidity and potential covenant requirements - Net-worth greater or equal to loan amount
- Subject to additional underwriting
- FICO score of 680+
- Geographic Markets: Genesis Capital is primarily focused on projects located in MSA’s of 250,000+ in the following states:
AZ, CA, CO, FL, GA, NC, SC, TX, UT, WA (Other states will be project and sponsor specific)
Not currently originating loans for the following types of properties:
Micro-Housing, Co-Living, Manufactured Homes, Short-Term Rentals and Land/Horizontal