TIER 2 Properties
Bed & Breakfast – Bed and Breakfast inns are residential-type buildings designed for transient boarding and are family style in character. Financing from $500,000 but may be financed up to 100% with Structured Finance. B&B inns are usually one structure but some may include an adjacent guest cottage with similar quality amenities as the main unit. Owner operators live on-site, usually within the main building.
Light Industrial – Light industrial is characterized by a small size facility where no heavy manufacturing or specialized industrial process takes place. Financing starts at $500,000. Office space within light industrial ranges from 3% to 25% of the total area. Buildings must include sufficient plumbing and lighting to accommodate personnel. Common uses found in light industrial properties may include: cabinet making, assembly processes, home service industries, etc. Absent from these properties is any type of heavy machinery, welding operations, cranes or hazardous materials.
Mixed-Use – Mixed-Use properties must contain at least one commercial unit (retail, office etc.) and at least one residential unit. Minimum loan is $500,000. If the primary use at the property is for commercial purposes, the property will fall under our mixed-use Tier 2 guidelines. The mixed-use property type can be classified in any tier depending on the percentage of the multi-family component and the type of commercial use.
Automotive – Automotive is a somewhat broad category and encompasses a variety of uses that support the automotive segment. Loans starts at $500,000. Included within this category are auto repair shops, new and used car lots, part supply stores, quick-lube facilities, car wash, tire repair shops, etc. The type and size of building will vary with the use. Many buildings are designed specifically for the auto trade characterized by overhead doors, car lifts and usually a small office area.
Mobile Home Park – Mobile home parks are considered as long as not more than 25% of the total spaces are used for RVs. Financing from $500,000. Mobile home parks vary in quality and amenities and all will be considered unless the RV component is too high.
Hotels/Motels – With our industry knowledge and expertise, we feel we understand the non-flagged world of hotels and motels better than most lenders. Our valuation assumptions are based on facts relative to the specific property. Financing from $500,000 and up to 100% with Structured Finance.
Office – Office buildings are buildings designed for general commercial occupancy and are normally subdivided into smaller units. Office use implies a general business use that does not include retail, manufacturing or warehouse type operations. Financing from $500,000.
Retail – Retail buildings includes stand-alone buildings designed for retail sales and display and usually have display or decorative fronts. Finance from $500,000 and up to 100% with Structured Finance. This retail classification encompasses a wide variety of uses including, but not limited to: markets, convenience stores, drugstores, department stores, big box retailers, barber shops, laundromats, offices, supermarkets, bakeries, and beauty shops – as well as strip centers, and neighborhood and community shopping centers, etc.
Self Storage – Mini-warehouses are warehouses subdivided into a mixture of cubicles of generally small size, designed primarily to be rented for small self-storage or noncommercial storage and may include some office-living space. This category also includes cold storage, RV and boat storage facilities, and truck terminals (transit facilities).
Financing from $500,000.
Warehouse – Warehouse buildings are designed primarily for storage purposes. An amount of office space included is usually commensurate with the quality of the building but typically rages from 3% to 12% of the total area. Plumbing and lighting are usually limited due to anticipated light personnel load. The design of the building usually includes a light frame with large open interior areas. Cold storage and transit warehouses (truck terminal) are included in this category. Financing from $500,000.