Boston, MA (PressExposure) November 05, 2008 -- MasterPlan Capital announced today that it has increased its private commercial mortgage lending capacity by $50,000,000.00.
The additional lending capital comes from one of the firm's strategic lending partners.
The funds will be dispersed as first position, private "hard money" commercial mortgage loans against income producing property. MasterPlan anticipates that the funds will be loaned out for terms of less than 36 months at rates starting at 12.99%. Further, the investor has mandated that a maximum loan-to-value ratio (LTV) of 65% be applied to any loans and that the minimum loan be $1,000,000.00
Private "hard money" commercial mortgage lending has gained in popularity during the current credit crisis as investors and developers have found it increasingly difficult to secure conventional financing from traditional institutional sources. Hard money loans are generally equity based and not credit driven. MasterPlan can close privately funded loans in less than 3 weeks.
The firm now boasts private lending capacity of close to $200,000,000.00 and will consider commercial mortgage applications for the purchase, refinance and construction of all types of commercial property.