Daiwa Real Estate Finance Corp. Funds $10.8 Million in Loans in October.NEW YORK--(BUSINESS WIRE)--Nov. 2, 1998--Daiwa Real Estate Finance Corp., a leading national commercial lender Whilst nearly all lenders offer loans on a commercial basis the term commercial lender has differed meanings around the world.
The small balance loans ranged in size from $440,000 to $2.98 million, with amortizations between 25 and 30 years. All but one of the properties were multifamily, and were located in California, Illinois, New Jersey, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Pennsylvania, Texas, and Washington. "Our small balance loan program is targeted to an underserved niche market A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. , and the response has been phenomenal," said Evan Denner, Senior Vice President at Daiwa Real Estate Finance Corp. "We are continuing to fund on a select basis, even with the turbulence in the secondary mortgage market." The $2.8 million conduit loan was for Brentwood Town Center, an 11,940 square foot retail center in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. . The loan has a 10 year term and 25 year amortization, with 1.39 debt service coverage and a loan to value ratio of 57.7 percent. The borrower was FH Distributors. Daiwa's small balance loan program funds loan amounts from $250,000 to $3 million for multifamily, retail, office and warehouse properties. It features non-recourse fixed-rate loans, short form legal documents, capped up-front costs and fast turnaround times. Affiliates of Daiwa Securities America Inc., Daiwa Real Estate Finance Corp. and Daiwa Finance Corp. originate and fund an array of fixed-rate and adjustable rate mortgages This article is about the US mortgage type. For an international perspective, see Variable rate mortgage. An adjustable rate mortgage (ARM) is a mortgage loan where the interest rate on the note is periodically adjusted based on an index. , and mezzanine and equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. on all property types. |
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