Introducing Our Newest Loan Product: REEF

Jan 23 2019
REEF

Are you looking to purchase or refinance owner-occupied commercial real estate for your business?  If you are exploring financing options then MGCC's newest loan product, Real Estate Enhancement Financing (REEF), may be your solution. REEF loans are designed to assists small businesses based in Massachusetts. Read on to learn more.

 

Loan Details:

  • Term:  5 years
  • Amortization:  Match bank's first mortgage (20-25 years)
  • Rate:  Bank rate plus 2.00%
  • Points:  1%
  • Collateral:  2nd mortgage on subject property, position on business assets
  • Guaranty's:  Personal & business
  • LTV:  Not to exceed 90%

 

Eligibility Requirements:

  • Owner occupied properties of at least 25%, no residential units
  • Business must be based in Massachusetts
  • For business purposes, NO personal use
  • New or existing bank participation

 

Sample Loan Structure:

Bank:  1st mortgage, 50% LTV

MGCC:  2nd mortgage, 40% LTV

Owner:  10% equity

 

Contact our lending team for more information and how to apply!

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