RECENTLY COMPLETED LOANS

Commercial Lending Group, Inc. is a volume leader in the commercial lending brokerage business, priding ourselves on serving commercial investors with expertise gained over our combined 50+ years of experience. Employing established relationships with national, regional and local lenders, we ensure our clients receive the lowest rates and best programs to meet their long-term goals.

Echo Park
Los Angeles, CA

  • Type: Multifamily
  • LTV: 67%
  • Loan Amount: $1,000,000
  • Loan Type: Refinance
  • Notes: Very unique property located in Los Angeles.  Some of the challenges we encountered were 2 of the 5 units had been vacant for years.  City was slow to sign off on final permits once the rehab of those units was finished.  More stringent Rent Control passed during the process.  Out of state borrowers who inherited the property through a trust, so very limited direct ownership.  We were able to overcome all of these challenges to get them an extremely competitive rate.

Williams / 33rd
Portland, OR

  • Type: Multifamily
  • LTV: 71%
  • Loan Amount: $1,200,000
  • Loan Type: Refinance
  • Notes: This loan request was for a cash-out refinance of a small apartment complex. The cash is going to fund a business venture idea of the owner. The challenge with this transaction was the fact that the borrower’s CPA was very good at his job so made underwriting global cash flow difficult. Instead of arguing with an underwriter, we were able to find a lender that didn’t require tax returns. We ended up delivering higher proceeds than expected and were able to build some Interest-only payments in as well!

Smit / 143rd
Portland, OR

  • Type: Mixed – Multifamily
  • LTV: 80%
  • Loan Amount: $940,000
  • Loan Type: Purchase
  • Notes: Even in the face of COVID, we were able to deliver high leverage on this smaller apartment complex. A strong borrower and strong property cash flow helped push this along as we took the extra steps to document each tenant’s source of income, both for the lender’s and the borrower’s peace of mind.

Ghim / Dorchester House
Portland, OR

  • Type: Multifamily
  • LTV: 59%
  • Loan Amount: $2,600,000
  • Loan Type: Purchase
  • Notes: “CLG arranged the financing for this challenging property located on the Oregon coast.  The property was purchased by a strong operator located in Portland.  However, the property itself was located in a remote area and had an existing regulatory agreement with the State regarding tenancy requirements that needed to subordinate to the purchase loan.  CLG used a long-standing relationship with a New York-based lender to secure a Fannie Mae loan with a fixed rate in the mid-3’s.  The client was ecstatic about the terms and very appreciative we could even locate a lender for the property.”

Khouri / Belmont
Portland, OR

  • Property Type: Mixed Use
  • LTV: 58%
  • Loan Amount: $1,312,800
  • Loan Type: Refinance
  • Notes:”This loan was a refinance for an existing client paying off the original purchase loan CLG arranged several years ago coupled with a seller carried note. The property was unique in that it had multiple revenue sources from apartment, restaurant, and rooftop cell towers. CLG was again able to overcome seismic issues as the building is un-reinforced masonry with a good long-term fixed rate low interest loan at just over 4%.”

Fairway Apartments
Portland, OR

  • Type: Multifamily
  • LTV: 59%
  • Loan Amount: $2,520,000
  • Loan Type: Refinance
  • Notes: Long term ownership wanted to pull some of their equity for exterior upgrades and to have cash available for new acquisitions. CLG arranged a 10 year fixed loan with Interest Only payments during the entire term. Despite all of the equity extraction, the mortgage payment changed by less than $200/month.

B Street & Catterlin
Portland, OR

  • Type: Mixed – Multifamily
  • LTV: 73%
  • Loan Amount: $1,337,500
  • Loan Type: Refinance
  • Notes: These were two refinance loans used to pay off one underlying note tying up both properties. The original loan was used as a bridge and was at a substantially higher interest rate. CLG successfully made the case with the lender to use a higher than guideline loan to cost as the properties had no long-term ownership. We did this by pushing on the experience and financial strength of the client.

Fessenden Apartments
Portland, OR

  • Type: Mixed – Residential/Commercial
  • LTV: 58%
  • Loan Amount: $638,300
  • Loan Type: Purchase
  • Notes: The client approached us to arrange the financing on this rather unique building with a grocery store on the first floor and multiple residential units and a food cart. Despite the lack of commercial experience, we were able to locate a local lender that could share in the buyer’s vision for the property.

Boston House
Portland, OR

  • Property Type: Multifamily
  • LTV: 80%
  • Loan Amount: $2,640,000
  • Loan Type: Purchase
  • Notes:The client required an 80% loan. On first look, the property financials only warranted 65% LTV. We did some investigation into the numbers and found some additional NOI that allowed us to get the loan amount up to 80%. We were able to arrange a loan with some interest-only which has proven very useful right now.

Atkinsonville Apartments
Portland, OR

  • Type: Apartments / Mini Storage
  • LTV: 75%
  • Loan Amount: $2,276,250
  • Loan Type: Purchase
  • Notes: This was a 1031 transaction with many challenges that seemed to come up throughout the process. Including: Tax Lot challenges, deferred maintenance, health/safety repairs, cash flow challenges, property use discrepancies (related to the storage units) and borrowing entity issues. We were able to address all of these and still maintain a high leverage at a very attractive rate.

Candlewood, Executive East
and Lincoln Court Apartments

  • Type: Mixed – Multifamily
  • LTV: 67%
  • Loan Amount: $6,080,000
  • Loan Type: Refinance
  • Notes: These loans refinanced existing bridge loans use to purchase the properties 4 months ago. All three were secured with new long term Fannie Mae financing with no recourse required and interest rates below 4%.

Retail Center
Portland, OR

  • Type: Mixed – Commercial/Retail
  • LTV: 67%
  • Loan Amount: $1,550,000
  • Loan Type: Refinance
  • Notes: The client was seeking to pull some equity out of their multi-tenant retail building. CLG was able to arrange the cash-out request on a 10 year fixed (30-year amortization) in the low 4’s and include 2 years of interest only. Great win for the investor!

Seven Gables Apartments
Portland, OR

  • Property Type: Multifamily
  • LTV: 60%
  • Loan Amount: $1,950,000
  • Loan Type: Refinance
  • Notes:The client sought to pull equity out of this long-term hold for acquisition of new assets. CLG arranged the 10-year fixed financing in the low 4% range with Interest Only payments for the term of the loan. This afforded the borrowers flexibility in the timing of the new acquisition as their payment did not change.

Porras
Portland, OR

  • Type: Mixed – Residential/Commercial
  • LTV: 58%
  • Loan Amount: $638,300
  • Loan Type: Purchase
  • Notes: The client approached us to arrange the financing on this rather unique building with a grocery store on the first floor and multiple residential units and a food cart. Despite the lack of commercial experience, we were able to locate a local lender that could share in the buyer’s vision for the property.

Forest Grove Apartments
Portland, OR

  • Type: Multifamily
  • LTV: 76%
  • Loan Amount: $3,188,000
  • Loan Type: Refinance
  • Notes: This refinance was done to create cash for another purchase. Even with a prepayment penalty on the underlying lien, the borrower was able to pull the equity, get a lower rate and enjoy interest-only payments.

Washington Way Apartments
Longview, WA

  • Type: Apartments
  • LTV: 75%
  • Loan Amount: $577,500
  • Loan Type: Refinance
  • Notes: The owner contacted us after reaching out to several of his current relationships and was turned down. We were able to provide cash-out of his building located in Longview, WA at very favorable rates.

Cable Apartments
Portland, OR

  • Type: Apartments
  • LTV: 73%
  • Loan Amount: $700,000
  • Loan Type: Refinance
  • Notes: Refinance to take out seller carry. The recent acquisition and lack of historical operating numbers along with the sponsors residing out of state made locating a lender difficult. We located the right lender and assisted in navigating several other challenges that arose during the process.

Fairview Rowhouse
Fairview, OR

  • Type: Mixed Use – Retail & Multifamily
  • LTV: 51%
  • Loan Amount: $427,750
  • Loan Type: Purchase
  • Notes: Very low Cap Rate purchase utilizing 1031 exchange funds. We assisted this client in purchasing their first commercial property.

Multifamily Property
Portland, OR

  • Type: Apartments
  • LTV: 79%
  • Loan Amount: $500,000
  • Loan Type: Purchase
  • Notes: High loan to value acquisition for a first-time multifamily investor utilizing 1031 exchange funds. The property presented with 2 of the 5 units vacant, but we were able to underwrite based on the potential income after the units were fully renovated. Great win for this investor!

Estacada Lakes
Estacada, OR

  • Type: Apartments
  • LTV: 72%
  • Loan Amount: $1,260,000
  • Loan Type: Purchase
  • Notes: CLG arranged the financing for Estacada Lakes through a regional bank located on the West Coast. Estacada is a very small market 15-20 miles east of Portland making it challenging to source for financing. That said, we were able to obtain a 10-year fixed rate at below 4% with a lifetime ceiling of 8.75%.

Hood Street Apartments
Salem, OR

  • Type: Apartments
  • LTV: 72%
  • Loan Amount: $450,000
  • Loan Type: Purchase
  • Notes: Owner wanted to take advantage of great rates and pull out some equity in the process. This was one of the first deals that we have seen values effected by slightly under-market rates due to the newly applied rent control regulations. Appraisers now have to make a calculation for a maximum possible increase and how that would effect cash flow over a 2 year period assuming no turnovers occur naturally. We were lucky in this case that the desired loan amount was still achieved.

Tioga-Koski
Coos Bay, OR

  • Type: Mixed – Retail / Multifamily
  • LTV: 73%
  • Loan Amount: $2,200,000
  • Loan Type: Purchase
  • Notes: Very challenging historical property in a tertiary market. The property had been historically mismanaged while the new owner had a great vision for how the property could be run. We were able to locate and work with a lender that could also see that vision.

Office & Retail Space
Oregon City, OR

  • Type: Office / Retail
  • LTV: 70%
  • Loan Amount: $2,688,000
  • Loan Type: Refinance
  • Notes: Cash-out proceeds being used to fund another acquisition. Different lease types made underwriting the income difficult, lender located was able to work through this challenge and deliver full proceeds.

Calhoun Court Apartments
Portland, OR

  • Type: Apartments
  • LTV: 69%
  • Loan Amount: $658,950
  • Loan Type: Purchase
  • Notes: Smaller purchase of a North Portland apartment property. Historical utilities were high allowing for higher income potential with the installation of water saving fixtures and the implementation of utility bill backs. The buyer was out of state adding another challenge. However, CLG was able to secure the financing with a Salem based Credit Union.

Sunrise Apartments
Gresham, OR

  • Type: Apartments
  • LTV: 75%
  • Loan Amount: $3,712,500
  • Loan Type: Purchase
  • Notes: Sunrise posed some interesting challenges in that the property was located outside the Portland MSA along the Columbia River and the buyer was out of state. However, CLG was able to work with t he lender based on the quality of both the property and the borrower (who had over 35 years experience in apartments and very high net worth). The purchase was an exchange and CLG was able to package and get the loan closed on time.

Office Building
Eugene, OR

  • Type: Office
  • LTV: 47%
  • Loan Amount: $851,000
  • Loan Type: Purchase
  • Notes: CLG arranged financing for the purchase of a small office building located in Eugene, Oregon. Historical income and expenses were low compared to market. The buyers were in a 1031 exchange which  needed only a 50% loan, however, that put the request well under $1m (the typical minimum of office/retail properties). CLG arranged the financing with a regional credit union familiar with the buyers and the Eugene market on very favorable terms.

Clearview Apartments
Keizer, OR

  • Type: Apartments
  • LTV: 75%
  • Loan Amount: $1,912,500
  • Loan Type: Refinance
  • Notes: The borrower needed to replace a higher interest rate, short-term loan bridging three properties. The lender was willing to release Clearview provided we obtained a full leverage 75% loan – which we did. CLG arranged new financing with a rate below 4% and a lifetime ceiling of only 7.5% with a very limited prepayment penalty. The request was complicated also by the short term ownership of less than two years, however, the property underwent significant renovations during that time.

Peyton Plaza Apartments
Portland, OR

  • Type: Apartments
  • LTV: 76%
  • Loan Amount: $2,066,000
  • Loan Type: Purchase
  • Notes: Purchase of a straightforward 2-story apartment project well located in Portland. The buyer was an experienced locally based owner who was looking for a turnkey property. Income and tenancy were both stable and fit the profile the buyer wanted.

Greenview Apartments
Portland, OR

  • Type: Apartments
  • LTV: 77%
  • Loan Amount: $2,994,000
  • Loan Type: Purchase
  • Notes: Refinance for a newly renovated apartment property located on a major SE Portland arterial. After acquisition, the property underwent extensive upgrades with windows, full exterior paint, and full rehab of several units. What was one of the worst properties in that stretch of SE Stark Ave. is now one of the best due to an owner who believes in investing in his real estate.

Parkway Apartments
Corvallis, OR

  • Type: Refinance Apartments
  • LTV: 75%
  • Loan Amount: $2,235,000
  • Loan Type: Purchase
  • Notes: Refinance of a medium sized apartment project in Corvallis, OR. The borrower was using the cash proceeds from the loan to replenish cash reserved used for upgrading the units and some exterior work with the balance to be used for other purchases. The ownership group was strong and CLG faced no issues with the request other than sourcing the loan with a lender familiar with the Corvallis market.

Borica Gardens
Portland, OR

  • Type: Apartments
  • LTV: 57%
  • Loan Amount: $650,000
  • Loan Type: Refinance
  • Notes: Simple purchase of a small apartment property. The buyer was executing an exchange putting some time pressure into the equation. However, CLG was about to source a regional lender who performs well on loans under $1m with lower leverage requirements.

Springfield Apartments
Springfield, OR

  • Type: Apartments
  • LTV: 70%
  • Loan Amount: $1,057,000
  • Loan Type: Refinance
  • Notes: This refinance was complicated by an out of state borrower and a serious credit situation needing explanation. In the end, CLG was able to work with the lender on the credit issue and still obtain a high leverage cash-out refinance which paid off higher interest revolving debt used for capital improvements at the property..

Star Krest Apartments
Portland, OR

  • Type: Apartments
  • LTV: 65%
  • Loan Amount: $2,470,000
  • Loan Type: Refinance
  • Notes:This was a cash-out refinance for a high net worth borrower with over 35 properties in the portfolio. Star Krest when purchased needed several hundred thousand dollars of renovation and repair work coupled with increasing rents to market. Doing both increased the value of the property and allowed for a Freddie Mac 10-year fixed rate loan with interest only payments for the full 10 years.

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