About Commercial Business Loans
Commercial Business Loans is an asset-based lender headquartered in Lafayette, LA providing funding across these locations: New Orleans, Lafayette, Lake Charles, San Antonio, Austin, Dallas, Fort Worth, and Houston. Their focus is primarily on commercial loans. They offer rates ranging between 9% and 14% and loan amounts ranging from $1,000,000 to $100,000,000 with a maximum LTV of 80%. They make loans on all the following types of properties: multi family residences, apartment buildings, offices, retail units, hotels, storage buildings, assisted living communities, mixed use buildings, warehouse buildings, industrial buildings, medical offices, and raw land.
Loan Types Offered: Commercial Hard Money Loans
Property Types Covered: Multi Family, Apartment, Office, Retail, Hotel, Storage, Assisted Living, Mixed Use, Warehouse, Industrial, Medical, Land
Areas Served: New Orleans, Lafayette, Lake Charles, San Antonio, Austin, Dallas, Fort Worth, Houston
Lending Guidelines for Commercial Business Loans
Below are the general loan guidelines published on the Commercial Business Loans website. Please confirm all terms and rates directly with the lender.
Commercial Hard Money LoansLoan Amounts: $1,000,000 - $100,000,000
Available Rates: 9% - 14%
Typical Terms: N/A
Points Charged: 1% - 4%
Max Loan-to-Value (LTV): 80%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: YES
Prepayment Penalties: N/A
Minimum FICO Score: N/A
Time to Close: 5 - 30 Weeks
The following loans are for education purposes only. They do not represent actual loans executed by Commercial Business Loans.
Loan Example 1
To accommodate her small business, Phyllis must purchase a new building. After being denied a conforming loan from her credit union, she obtains a commercial private money loan from Commercial Business Loans. The list price of the new property is $330,000 and the lending company agrees to fund 60% of the cost (the loan-to-value / "LTV"), or $198,000. The remaining $132,000 will be contributed by the borrower when the transaction is executed. The parameters of the note include a 12 month term, a 14% rate of interest, and a 3 origination fee paid by Phyllis when the transaction closes. In accordance with the parameters of this deal, Phyllis will need to pay an origination fee of $5,940 when the deal is executed. She will also begin making payments of $2,310 per month throughout the duration of the note and will pay back the principle at the expiration of the 12 month loan term. Should she decide to repay the note earlier, she can do so without an additional expense because there is not a pre-payment penalty attached to the loan.
Loan Example 2
Cecilia is a real estate investor in New Orleans, LA. She buys a run-down townhouse for a renovation project and obtains a private money loan from Commercial Business Loans with the following paramters:
$220,000 purchase price
80% loan-to-value (LTV)
6 month term
11% interest rate
5% origination fee
Assuming a $330,000 sales price after the 6 month term, the numbers for the deal would look like the following:
$330,000 sales price
- $176,000 principle (80% LTV)
- $44,000 cash paid at closing (20% on 80% LTV)
- $8,800 origination points (5% of the $176,000 principle)
- $9,680 interest payments (6 months x 11% interest)
= $91,520 total profit (does not include taxes or renovation costs)
Needed help to get my LLC for my business. They were extremely helpful, lowest cost, fastest service and also had other services I was not aware of like...
Read more on Yelp!Needed help to get my LLC for my business. They were extremely helpful, lowest cost, fastest service and also had other services I was not aware of like...
Read more on Yelp!