Cornerstone Commercial Mortgage
2356 Moore Street, Suite 201
San Diego, CA 92110
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About Cornerstone Commercial Mortgage
Cornerstone Commercial Mortgage is a San Diego, CA based private lender who offers funding throughout San Diego. They provide commercial hard money loans and hard money bridge loans. They provide loans on most types of properties, including single family residences, multi-family, apartment buildings, office units, retail storefronts, hotels, storage facilities, senior housing communities, mixed use, warehouse spaces, industrial buildings, medical buildings, and undeveloped land.
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Loan Types Offered: Commercial Hard Money Loans, Bridge Loans
Property Types Covered: Single Family, Multi Family, Apartment, Office, Retail, Hotel, Storage, Assisted Living, Mixed Use, Warehouse, Industrial, Medical, Land
Areas Served: San Diego
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Lending Guidelines for Cornerstone Commercial Mortgage
Below are the general loan guidelines published on the Cornerstone Commercial Mortgage website. Please confirm all terms and rates directly with the lender.
Commercial Hard Money Loans
Loan Amounts: N/A
Available Rates: N/A
Typical Terms: N/A
Points Charged: N/A
Max Loan-to-Value (LTV): N/A
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: N/A
Prepayment Penalties: N/A
Minimum FICO Score: N/A
Time to Close: N/ABridge Loans
Loan Amounts: N/A
Available Rates: N/A
Typical Terms: N/A
Points Charged: N/A
Max Loan-to-Value (LTV): N/A
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: N/A
Prepayment Penalties: N/A
Minimum FICO Score: N/A
Time to Close: N/A -
Loan Examples
The following loans are for education purposes only. They do not represent actual loans executed by Cornerstone Commercial Mortgage.
Loan Example 1
So he can purchase a new commercial building for his small business, Paul looks to Cornerstone Commercial Mortgage to fund his purchase with a commercial hard money loan because he is unable to secure a standard loan from a bank. The price of the new building is $400,000 and the lender agrees to fund 75% of the cost (the loan-to-value / "LTV"), or $300,000. The other $100,000 will need to be contributed by the borrower when the transaction closes. In addition, the lender will charge a 5 percent origination fee in combination with the 13%, 18 month term on the deal. They will not charge a pre-payment penalty if Paul pays off the loan before it expires. Paul will have to pay an origination fee of $15,000 and will then begin making the interest payments in the amount of $3,250 ($300,000 principle x 13% interest rate / 12 months per year). He may re-pay the note whenever he decides to because there is no pre-payment penalty but he will be responsible for paying off the full principle whenever he closes the loan.
Loan Example 2
Jesse takes a bridge loan from Cornerstone Commercial Mortgage in order to remodel a townhome to resell in San Diego, CA. The loan has the following terms:
a) A $260,000 sales price, b) a 85% loan-to-value (LTV), c) a 6 month term, d) a 13% interest rate, and e) a 2% origination fee.
If Jesse achieves his goal of a $338,000 sales price, the final numbers of the deal would be the following:
$338,000 sales price
- $221,000 principle on note (85% LTV)
- $39,000 cash paid at closing (15% on 85% LTV)
- $4,420 origination fee (2% of the $221,000 principle amount)
- $14,365 total interest paid (6 months x 13% interest)
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= $59,215 gross profit (does not include taxes or rehab costs) -
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