Fairview Commercial Lending can help with a Commercial Property Foreclosure
Fairview Lending specializes in helping borrowers with unique situations such as a foreclosure on their commercial property. This article will discuss the typical causes of commercial property foreclosure and how Fairview can assist in certain circumstances. Please note, this article is not meant to be legal advice, for legal advice on your particular needs please contact a qualified attorney.
What are the leading causes of commercial property foreclosure?
- Failure to pay mortgage (first or second) promptly
- Note is called by the current lender
- Tax liens that have not been resolved (IRS, state, etc..)
- Out of compliance with current loan requirements (credit score has dropped, cash flows no longer sufficient to service debt, business partner separation, etc..)
- Failure to pay other levied fees (water, sewer, garbage, etc…)
How can Fairview help?
Fairview Commercial Lending is a privately funded hard money lender. They strictly make loans for their own portfolio and therefore are not bound by the underwriting rigidity of conventional lenders. All underwriting is done in house by a seasoned commercial real estate professional that understands the intricacies of each transaction.
What is the criterion to qualify for a loan with Fairview? (also see our loan guidelines page)
- Must have a general purpose commercial property (see recent transactions for examples of prior closings)
- Max Loan to Value (60% off the current as is value)
- Ample equity in the property to fully payoff the foreclosure and bring any tax liens, etc… current (we cannot close the transaction with any title exceptions)
- Fairview will always lend a first mortgage