We are very pleased to be able to offer this product to both churches and other commercial property owners as it gives options to those that think they may not have any when it comes to a commercial mortgage.
Fredericksburg, VA (PRWEB) December 05, 2013
Griffin Capital Funding has been serving churches for over ten years by providing church loans for the refinance, construction, renovation and purchase of almost any type of church building.
Griffin Private Capital Group, LLC provides hard money loans on commercial real estate, their niche being lending to churches in addition to other types of commercial property. “We are very pleased to be able to offer this product to both churches and other commercial property owners as it gives options to those that think they may not have any when it comes to a commercial mortgage,” stated John Berardino, President of both Griffin Capital Funding and Griffin Private Capital Group, LLC. “We are proud to include churches as those that can benefit, as many of our competitors do not extend this offer to religious organizations.”
The opportunities Griffin Private Capital Group, LLC looks for meet a certain set of criteria. There are three main areas reviewed. First, loan to value no greater than 65% as determined by an appraisal, brokers’ price opinion or tax assessment. Second, the property is located in a market where the potential for resale is within 12 months. And lastly, no ground up construction or raw/vacant land.
As for the type of borrower Griffin Private Capital Group, LLC is looking for; there are a number of characteristics property owners will be happy to hear will not rule them out. A typical borrower may have poor payment history with their current lender or have poor credit because of bad payment history with other loans. They may be facing foreclosure or close to foreclosure and have an opportunity to pay off their current lender at a substantial discount. This discount would make it possible for the borrower to make their payments to Griffin and save them a tremendous amount of money off of their principal balance. Another possible scenario is that the borrower has good credit but is facing a balloon payment and unable to find a lender that will give them a conventional loan. Or, it may be that the church or company is asset rich, but cash flow poor. There are also many lenders that will not refinance a loan if the proceeds are going to be used for particular reasons, such as paying off tax liens. Again, this is generally not a problem for Griffin. And, finally, even if statements have not been kept of the quality and type needed to quality for a traditional loan, which is a common issue for churches, this does not mean Griffin will pass on the loan.
Those interested in learning more about hard money loans for commercial and church properties, can visit http://www.statedcommercialloans.com or call John Berardino at 540-736-7360 for more information.
About Griffin Private Capital Group, LLC and Griffin Capital Funding:
Griffin Capital Funding is one of the most well-known and respected church financing companies in the country, (churchloan.net). On average Griffin closes over $100,000,000 a year in commercial and church loans, they are well known for Church financing and nonprofit lending but also offer some of the most competitive commercial mortgage products available in the market place.
Griffin Private Capital Group, LLC is a private hard-money lender offering direct loans from $50,000 to $600,000 in most parts of the country, (http://www.statedcommercialloans.com). Funds are raised through private investors looking to maximize returns with minimal risk.