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Paid advertisement | More on this advertiser on Pages 4 and 5
Valuation:
Get a tech edge
on appraisals:
Page 32
Q&A: Boxwood Means

Main Street properties
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Page 20
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Volume 16: Issue 10
Receivers are a bridge

over troubled assets
66
Underwriting changes
with the times
77
Transparency speeds
loan approvals
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Contents
Commercial Edition
Volume 16: Issue 10
October 2016
Departments
16 | From the Editor

Technology is reshaping the commercial mortgage industry.
18 | Beyond Our Borders
16
Resource-rich Congo faces uncertain political and economic

prospects.
20 | Q&A: Boxwood Means

Randy Fuchs discusses the outlook for small-scale commercial

properties.
18
22 | News Roundup

Catch up on the latest developments and trends in the

commercial sector.
26 | Property TypeCast

The rent-growth pace is uneven in multifamily markets.
22
28 | DataDecoded

Wall of maturities increases CMBS-loan delinquency.
30 | Spotlight: Connecticut

The Constitution State is a land of contrasts.
30
Continued >>
Scotsman Guide Commercial Edition | ScotsmanGuide.com | October 2016
We are pleased to announce some recent financings:

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CONDOMINIUM
LAND
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PREDEVELOPMENT
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Contents
<< Continued
Articles
32 | Harnessing Valuation Data

Technology ensures that commercial property is evaluated

accurately
By Clyde Prestowitz,
LRES Corp.
40 | The Slow and Steady Advance of Technology

The lending industry has evolved, but many still favor the
human touch

By Kellen Jones,
FundingDatabase
51 | Keeping Distressed Properties Afloat

Receivers protect and preserve lenders interests

By Bill Hoffman,
Trigild
32
56 | Welcome to the Digital Age of Commercial
Property

The brave new world of technology is expanding vistas for

mortgage professionals and borrowers
By Tommy Snyder,
1619 Capital Partners
62 | The Blanket-Mortgage Advantage

Pursuing portfolio loans for residential property pools can

prove to be a profitable niche
By Tim Leber,
Colony American Finance
51
66 | Underwriting Doesnt Conform to Static Rules

The goal posts for commercial-property loan approvals tend to

move with the times
By Stephen Sobin,
Select Commercial Funding
77 | 6 Ways to Speed Up Funding

77
Transparency and responsiveness work wonders with lenders

By Corey Fueston,
Civic Financial Services
ScotsmanGuide.com
Articles and News
Focus: Technology
Every month, Scotsman Guide zooms in on a particular industry topic
that is essential to the collective knowledge of commercial mortgage
professionals. This months focus is on technology. Read past Scotsman
Guide articles online for insight into various technology trends.
Editors Pick
Smart Automation Pays Off,
Kellen Jones, October 2015
sctsm.in/Jones1015
Search our archives, which go back to 2003, at sctsm.in/COMsearch
Digital Magazine
Our digital magazines are vivid replicas of Scotsman Guides print

editions. Read current and past issues going back to 2008 for free.
ScotsmanGuide.com/Commercial/DigitalMagazines
Scotsman Guide News
Stay on top of mortgage-industry news and trends by following our

online daily updates.
ScotsmanGuide.com/News
Tools and Resources

Scotsman Guide Community
Join the newest gathering place for mortgage professionals.

It is free and open to all.
ScotsmanGuide.com/Community
Loan Post
Post a loan scenario and receive lender replies for free.

ScotsmanGuide.com/LoanPost
Niche Lenders
Who can do a loan for that specialty property? Check out our list.
ScotsmanGuide.com/comniche
Search
Whether youre a broker or a banker, start your search here for

wholesalers, branch opportunities, correspondent lenders and more.
ScotsmanGuide.com/Commercial/LenderSearch
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Google.com/+ScotsmanGuideOnline
10
Bloomfield Capital is focused on bridge loan opportunities between $1 million

and $15 million, with a focus on sub $10 million loans. Typical transactions
have an urgent closing timeline, a strong value proposition,
and a clear exit strategy within 12-24 months.
ASSET T YPES
FUNDING USES
Multifamily, Retail, Office, Mixed-Use, Senior Housing, Self-Storage,

Hospitality, Specialty, Manufactured Housing, Industrial/Flex.
Every loan is unique, but generally our terms are:
Highly structured transactions

Discounted note payoffs
Property acquisitions
$1.0 - $15.0 M
up to
Rates starting at
Loan Size
3 Years of Term
9.0%
Note acquisitions
Recapitalizations
Capital restructuring
Bankruptcy resolutions
Rehabilitation / redevelopment
/ repositioning
1st Mortgage Lien
up to
2.0%6.0%
Security
80% LTV
Origination Fee
Lease-up / stabilization
Partner buyout
Other uses depending on
borrowers specific needs
RECENT CLOSED LOANS
INDUSTRIAL
M U LT I F A M I LY
H O S P I TA L I T Y
M U LT I P L E A S S E T S
Midwest
Georgia
Florida
Midwest
$5,400,000
Bridge Loan
$2,400,000
Bridge Loan
$5,400,000
Bridge Loan
$1,500,000
Bridge Loan
August 2015
July 2016
June 2016
January 2016
THE DIRECT LENDERS

FOR URGENT PROJECTS
www.bloomfieldcapital.com
C O N TA C T U S F O R M O R E I N F O R M AT I O N
deals@bloomfieldcapital.com or 248.745.1700
Matrixes
37
Commercial Edition
Volume 16: Issue 10
October 2016
Commercial
ScotsmanGuide.com/comsearch
Commercial lenders provide loans for common loan purposes/properties
and for situations such as mezzanine financing, nonrecourse loans, second
mortgages, Small Business Administration loans and more.
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53
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Multifamily lenders provide loans for properties with five or more units,
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Contributing Authors
87
Events
88
Commercial Lenders
ScotsmanGuide.com/comevents
ScotsmanGuide.com/comdir
Find company addresses, descriptions, account executives

and other information.
Sean Barrie, Victor Calanog, Manus Clancy, Barbara Byrne Denham,

Corey Fueston, Bill Hoffman, Kellen Jones, Tim Leber, Clyde Prestowitz,
Tommy Snyder, Stephen Sobin
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12
Display
Advertisers
Commercial Lenders
American Savings Life Insurance Co......................................................................................................... 21
APEX Mortgage Corp. ...................................................................................................................................... 9

Athas Capital Group........................................................................................................................................ 74

Avatar Financial Group.................................................................................................................................. 60
Banner Bank....................................................................................................................................................... 42
Bloomfield Capital........................................................................................................................................... 11
BofI Federal Bank.................................................................................................... Inside Front Cover

Bolour Associates Inc. ................................................................................................................................... 35
Cherrywood Commercial LLC..................................................................................................................... 54
Civic Financial Services.................................................................................................................................. 17
Valuation:
Get a tech edge
on appraisals:
Page 32
Q&A: Boxwood Means

are in demand:
Page 20
51
Receivers are a bridge

over troubled assets
66
Underwriting changes
with the times
77
Columbia Pacific Advisors............................................................................................................................ 82
Concord Church Lenders.............................................................................................................................. 74
Transparency speeds
loan approvals
Kennedy Funding Financial...................................................................................................... Cover, 4-5
Volume 16: Issue 10
Key Capital Mortgage.................................................................................................................................... 23
Companies bearing the Proven Direct

Lender designation have undergone a
reasonable auditing process to confirm the lenders directlending capabilities. Scotsman Guide Media does not assume
any obligation or liability for this designation. The inclusion of
the Proven Direct Lender designation is a paid advertisement
and should not be construed as a recommendation or
endorsement by Scotsman Guide Media.
For advertising information,

call (800) 297-6061 and contact:
Lancewood Capital......................................................................................................................................... 48
LD Capital........................................................................................................................................................... 13
Logan Investments.......................................................................................................................................... 70
Lone Oak Fund LLC......................................................................................................................................... 68
MetWest Commercial Capital LLC.............................................................................................................. 44
Ocean Capital.................................................................................................................................................... 36
RCN Capital........................................................................................................................................................ 38
Redwood Mortgage....................................................................................................................................... 80
Rodeo Captial Inc. ........................................................................................................................................... 74

Seattle Funding Group Ltd. ........................................................................................................................... 3
Todd Britton-Simmons
Sales Director/Principal
toddb@scotsmanguide.com
ext. 6014
Silver Arch Capital Partners LLC..................................................................................................................... 7
Silver Hill Funding........................................................................................................................................... 58
South End Capital Corp................................................................................................................................. 19
Ray Murphy
Senior Account Executive
raym@scotsmanguide.com
ext. 6043
Summit Financial and Investment Group LLC....................................................................................... 59
Breana Winkley
Account Executive
breanaw@scotsmanguide.com
ext. 6002
Meghan Thompson
Sales Support
meghant@scotsmanguide.com
ext. 6036
Velocity Mortgage Capital............................................................................................................................ 64

Wilshire Finance Partners Inc. .................................................................................................................... 57

World Business Lenders LLC.................................................................................................. Back Cover
Other

All Star Group.................................................................................................................................................... 74
Festival of Trees................................................................................................................................................ 57
Information Management Network.......................................................................................................... 74
Mortgage Bankers Association .................................................................................................................. 46
PeerStreet........................................................................................................................................................... 15
RealShare............................................................................................................................................................ 59
14
From the Editor

By Bill Lewis
Technology is reshaping
the commercial mortgage industry
If you look for articles about technology in the commercial mortgage business, as I have in putting together
this months issue focused on technology, you will find those who argue that the industry has been slow to
embrace technology and that technological advances have a lesser impact on commercial mortgage lending
than on the residential side of the business. Although there is some truth to that line of thinking, it is striking
to consider how technology has already changed the commercial mortgage industry and illuminating to
ponder the potential effect of changes still to come.
To an extent few would have imagined a decade ago, technology shapes the
way commercial mortgage brokers manage their offices, decide whether potential deals are worthwhile and even how they originate loans. For years, customerrelations management systems have helped guide brokers relationships with
borrowers. Today, more sophisticated technological advances, such as valuation
software and online investment sites, are producing new levels of change and
demanding greater technological understanding on the part of brokers.
Whether you are an expert or a novice, when it comes to commercial mortgage technology, our offerings this month will help you learn more about how
sophisticated data-gathering techniques and other advances are affecting the
industry, and how to put technology to its best use in your business.
In our lead article on Page 32, Clyde Prestowitz, chief technology officer at
LRES Corp., writes about how technology has improved the ability of brokers
and their clients to determine how much a commercial property is worth.
Appraising commercial property can be problematic, especially property used
by uncommon niche businesses. As Prestowitz points out, however, valuation
technology is capable of gathering information on thousands of properties in far-flung markets and giving
appraisers the ability to make the sort of solid comparisons that are essential in placing a value on property.
There is an array of other technological tools as well, which Tommy Snyder, president of 1619 Capital Partners,
examines in his article on Page 56. From sophisticated underwriting software to drones, these tools are
producing an unprecedented level of automation in the leasing and inspection of property, as well as the overall
due-diligence process.
Despite its positive impact, technology is not always employed wisely by brokers, some of whom may see it as a
threat or, conversely, use it to squeeze out valuable human interaction. Kellen Jones, CEO of FundingDatabase,
writes about finding the right balance between automation and the human touch in his article on Page 40.
We report on a variety of other subjects this month, including working with court-appointed receivers in
distressed-property cases and examining the prospects for those investing in smaller office, retail and
industrial properties. As always, the bulk of whats in the magazine comes from our readers the experts
in the commercial mortgage industry. If you have expertise and opinions you want to share with your peers,
I invite you to consider contributing an article yourself.
Bill Lewis is editor of Scotsman Guide Commercial Edition.

Reach him at (800) 297-6061 or blewis@scotsmanguide.com.
16
Beyond
Our Borders
By Rob Crow
Congo
A nation of tremendous size and resources, Congo also has experienced tremendous
strife and violence. Today, even as it enjoys a relative peace, the nation still faces uncertain political and economic prospects.
7.7
Congo (also known as the Democratic Republic of the Congo and previously known
as Zaire) is located in the middle of Africa and is the continents second-largest country by area smaller only than Algeria. By population, Congo is Africas third-largest
country and ranks in the top 20 globally, with nearly 80 million people.
It also is among the most resource-rich nations on Earth. Receiving water from both
the Nile and Congo rivers, the soil in Congo is among Africas most fertile, and the
country has vast reserves of minerals such as gold, diamonds and uranium.
Even with its vast size and abundant resources, however, prosperity has eluded Congo.
In many economic measures, Congo ranks as one of the planets poorest countries.
According to the CIA World Factbook, Congo had an estimated per capita income of
just $800 in 2015, ranking it ahead of only Somalia and the Central African Republic.
There has been solid economic growth in recent years, however, as Congos gross
domestic product (GDP) grew by at least 6.9 percent every year from 2010 to 2015,
according to the Central Bank of the Congo. In 2015, the countrys GDP was $35.2 billion, the World Bank reported.
Congos annual GDP growth rate

in 2015
3.5
From the mid-1990s until 2003, Congo was in a state of constant civil war. Eventually,
several other countries joined the conflict, which was known as the Great African
War, and more than 5 million lives were lost.
President Joseph Kabila took power in Congo after his father was assassinated in 2001.
He has since won two presidential elections. In 2006, he emerged the victor in Congos
first democratic elections in more than 40 years, and in 2011 he was re-elected in a
contest marred by protests, violence and fraud accusations. Kabila is constitutionally
prevented from running for president again, but many critics fear he will postpone
elections scheduled for this November to prolong his time in office.
Year-over-year inflation rate in

Congo in 2015
The World Bank remains bullish on Congos future potential. Because of its size and
the amount of natural resources available within the country, it has the potential to
become one of the richest countries on the African continent and a driver of African
growth, the organization says. The World Bank also expects annual GDP growth to
continue in the 8 percent range.
The African Development Bank Group, however, says short-term economic growth
is to be expected, but that Congos high poverty rates and poor infrastructure could
make sustained long-term growth difficult. n
Congos unemployment rate

as of 2013
Rob Crow is online content editor at Scotsman Guide Media. Reach him at (800) 297-6061 or
robertc@scotsmanguide.com.
18
BUSINESS
LOANS
FOR
ALL
BORROWERS
With no credit score minimum, industry restrictions, geographic restrictions
r
Brokees
rebat6%!
up to
or collateral requirement, SECC has a financing option for almost every business owner borrower.
RECENTLY FUNDED
PRIVATE -TERM PROGRAM

($2,000 to $2,000,000)
Property: Furniture business

Purpose: Working capital
Loan Amount: $50,000
Location: South Venice, FL
Daily, weekly & monthly payments

Bank statement-only options
No restricted industries
No NSF cap or deposit minimum
No credit minimum (derogatory items OK)
2 months minimum time in business
Fixed rates up to 10 years start at 10%
2 to 5 day closing timeframe
SECC provided this private business loan in under a week. No real estate collateral was required
and unrestricted working capital was funded at closing. SECC delivered a 3-year loan with a
fixed monthly payment and no prepay penalty.
Property: Lumber company
Purpose: Expansion capital
Location: San Francisco, CA
email: bizloans@southendcapital.com
or call: (888) 268-7778 x 4
SECC provided a 2-year fixed, uncollateralized private business term loan at 10%, with a monthly
payment and no prepayment penalty. We closed this loan in 5 days and paid the broker $3,000.
SBA UNRESTRICTED PROGRAM
RECENTLY FUNDED
($250,000 to $5,000,000+)
Credit considered down to 550

Past BKs and foreclosures are workable
Property: Assisted living

Purpose: Cash-out refinance
Loan Amount: $2,700,000
Location: Santa Barbara, CA
No restricted industries (SBA must approve)

No real estate or collateral required
SECC provided a $2,700,000 SBA 7(a) refinance of $2,377,582 of first mortgages secured by three
assisted-living facilities located in Santa Barbara, CA. SECC delivered $322,000 of working capital, a
5.5% quarterly adjustable interest rate amortized over 25 years, and funded this loan in 60 days!
No working capital restrictions

Startups considered (with collateral)
Rates from 5.5%, adjustable and fixed
60 day closings and we handle the paperwork
email: sba@southendcapital.com
or call: (888) 268-7778 x 2
Property: Automotive service

Purpose: Purchase
Location: Federal Way, WA
SECC provided a 90% LTV purchase loan, enabling the borrower to acquire a vacant 11,000 sq. ft.
building to relocate his automotive service business. SECC delivered a 6% rate, 25-year term, high
LTV and financed the borrowers closing costs.
southendcapital.com
This is an advertisement for informational purposes and is not a commitment or guarantee of financing. SECC is licensed under California Finance
Lenders License # 603 L334. SECC does not make consumer loans and the terms above are estimates subject to change or withdrawal.
Q&A
Randy Fuchs
Principal, Boxwood Means
By Bill Lewis
Higher demand on small-balance properties

Although there are some indications that the market for so-called small-balance commercial properties
those valued under $5 million may be starting to ebb, it has remained robust overall during the first half of
2016, following a strong performance in 2015. Businesses absorbed 76.1 million square feet of space in buildings under 50,000 square feet during this past second quarter, up 90 percent year over year, according to
research and consulting company Boxwood Means. We spoke with Randy Fuchs, principal and co-founder of
Boxwood Means, about the state of the small-balance market and its prospects.
Randy Fuchs is a commercial real

estate market analyst with 30 years of
industry experience. He co-founded
Boxwood Means in 2003 and subsequently pioneered research and
analysis of small-balance commercial real estate property and loan
markets that today are the focus
of Boxwoods SmallBalance.com
platform which provides property
valuations and data analytics. Fuchs
has overall responsibility for the
companys administration, as well as
sales, marketing and new-product
development. Reach Fuchs at
randy.fuchs@boxwoodmeans.com.
What is behind the solid performance of the small-balance market, and what are the chances that it will
continue to thrive?
Even though the cyclical rebound in the U.S. economy has been slower and more inconsistent than other
post-recession recoveries, moderate GDP [gross domestic product] growth trends were pivotal in lifting business and consumer confidence, [which] inspired the strong jobs recovery. That, in turn, has led to steady gains
in income and, finally, wage growth, too. Lets not forget that the export boom and the significant reduction
in domestic energy prices have also been important drivers behind the well being of the Main Street USA
economy and the rise in commercial real estate [CRE] fundamentals. Were pretty upbeat that in a low-inflation,
low-energy-cost environment, the economy will continue to bolster jobs and household spending. That, and
the housing-market resurgence, are likely to extend the health of the current CRE cycle.
Is there a segment of the market office, industrial or retail that stands out as doing much better or
much worse than other small-balance commercial real estate?
By all metrics, the small-balance industrial sector led the other commercial sectors out of the Great Recession and has consistently outperformed. Post financial crisis, demand for warehouse, flex and light industrial/
manufacturing facilities has not only been steady, with 23 consecutive quarters of positive net absorption
through the second quarter of this year, but also has digested large lots of industrial square footage. With
only modest supply, the sectors vacancy rate has plummeted 430 basis points since the post-crisis high to a
national average of 4.2 percent, which is the lowest level since at least 2006. And industrial rents, at a national
average of $7.84, according to CoStar data, have recovered nearly 20 percent from the bottom and posted an
unprecedented 6.8 percent year-over-year gain during [the past] second quarter. Whether industrial can sustain that, six-plus years into the recovery, is an open question. In fact, during [the past] second quarter, we saw
significant advances in both the office and retail sectors as [they] have matured with the economic cycle. As a
result, national vacancy rates for both of those sectors hit new lows at midyear.
How significant a threat is e-commerce to small retail buildings?
Well, theres no doubt that the digital economy represents a paradigm shift threatening some of our traditional
shopping activities. While online shopping has disintermediated [eliminated] some brick-and-mortar retailers,
I think the future of retail will continue to embrace, at minimum, routine physical trips to local strip centers,
grocery-anchored stores and street-retail locations to satisfy needs for everyday products and services. So
small neighborhood-based retail isnt likely to go away anytime soon.
What should mortgage brokers know to improve their clients chances of getting loans for
small-balance projects?
With the tightening of the debt spigot from some conventional lenders, life has grown a bit more complicated
for mortgage brokers sourcing loans for their clients. Alternative sources of capital, from private lenders to
specialty finance firms and marketplace lenders, will play an increasing role in providing liquidity in primary
and secondary/tertiary markets, albeit at somewhat higher rates of interest than banks. Brokers that adjust to
this emerging reality and develop new relationships with alternative lenders will be best-prepared to solve
their borrowers financing needs. n

20
News Roundup
By Victor Whitman
In Numbers
In Brief
Commercial lending is running ahead of 2015 pace
Overall commercial lending rose sharply in the past second quarter, but loan volume
for commercial mortgage-backed securities (CMBS) has plummeted, the Mortgage
Bankers Association (MBA) reported. CMBS lending was down 33 percent compared
to the prior quarter and by 40 percent compared to the second quarter of 2015.
Overall lending by all investor types, however, rose 17 percent in the past second
quarter compared to the first quarter, and was up 1 percent year over year, MBA
reported. The gains have been driven by strong lending in the office and industrial
sectors, which were up 11 percent and 9 percent year over year, respectively.
Cracks are appearing in the CMBS maturity wall

The wave of maturing bubble-era CMBS loans showed the first major signs of trouble
this past June. On-time payoff rates sank to 62.7 percent in the month, the lowest
level in two years, Morningstar Credit Ratings reported. The year-to-date payoff rate
slid 2.5 percentage points, to 76 percent. Loans backed by retail and office properties showed the most weakness, with payoff rates this past June below 62 percent,
Morningstar said. Loans originated in 2006 accounted for nearly 85 percent of the
$7.09 billion balance maturing this past July, the company said. The 2006 vintage had
an on-time payoff rate of 58.7 percent in June 2016.
The annual pace of multifamily starts

as of this past July, up 15.2 percent
year over year
Source: U.S. Census Bureau
Small-cap commercial leasing skyrockets

Main Street commercial real estate has been a hot commodity through the first half of
2016. During the past second quarter, businesses absorbed 76.1 million square feet in
buildings with less than 50,000 square feet, up 90 percent compared to the same quarter in 2015, Boxwood Means said. For the six months ending this past June 30, companies absorbed a total of 106.3 million square feet, the largest amount since 2006, the
company said.
Demand for apartments is still strong

Analysts say there is little cause to worry that too many new apartments are being
built, despite recent warnings from banking regulators that the multifamily sector
could be reaching the point of oversupply. Multifamily starts have been running ahead
of the long-term average of around 268,000 units annually, analysts say. During the recession, however, construction fell below 100,000 units, which didnt match the number of units that age out of the market each year.
The cumulative sales volume of small-cap

commercial properties valued under
$5 million year to date through this past
May, up 2.5 percent compared to the
prior-year period
Source: Boxwood Means
Commercial real estate prices push upward

Commercial real estate prices rebounded in the past second quarter. The CoStar index
that tracks the prices of high-quality large assets increased by 3.3 percent in the quarter, compared to first-quarter 2016. The index that charts sales of smaller properties
rose by 2.1 percent over the same period, CoStar said. The company said the annual
price gain for commercial real estate assets has moderated, however. n
The year-over-year increase in the dollar

volume of commercial originations held
in bank portfolios as of the past second
quarter
Source: Mortgage Bankers Association
Continued >>
22
News Roundup
<< Continued
In View
CMBS-Loan Defeasance Volume
Defeasance volumes
cool in 2016
(Billions)
Defeasance volume for commercial mortgagebacked securities (CMBS) loans has declined in
2016, dropping more than 22 percent through
the first half of the year, compared to the same
period last year. Volumes totaled $7.9 billion
through second-quarter 2016, down from
$10.2 billion for the year-earlier period. In
a defeasance, a property owner purchases
government securities to service the loan
payments through the maturity date.
*Year to date through June 30
In Words
Low interest rates combined with
strong commercial-property
market fundamentals to further
support lending and to keep
overall borrowing levels on pace
with last years strong level.
Source: Moodys Investors Service
In Focus
Major investors in commercial real estate generally
increased their volumes during the past second quarter and are lending at a greater pace than in 2015,
the Mortgage Bankers Association (MBA) reported.
The one exception is in the category of loans originated for commercial mortgage-backed securities
(CMBS). New originations for CMBS loans declined by
40 percent in second-quarter 2016, compared to the
prior years second quarter, MBA reported.
Annual Gain/Loss in Commercial Loan Volume
Jamie Woodwell
Vice president of commercial real estate research,
Mortgage Bankers Association
We have sort of put ourselves

in a hole as far as supply
[of multifamily units].
Kim Betancourt.
Director of economics and multifamily research, Fannie Mae
Q2 2016 year over year

Source: Mortgage Bankers Association
Scotsman Guide News

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Victor Whitman is chief reporter at Scotsman Guide Media.

Reach him at (425) 984-6017 or victorw@scotsmanguide.com.
24
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Property TypeCast
By Victor Calanog and Barbara Byrne Denham
Rent-growth pace is
uneven in multifamily markets
A number of markets across the country are facing rising apartment-vacancy rates as new development has
exceeded net space absorption. Of the 82 metros that Reis Inc. tracks, 50 have seen vacancy-rate increases in
the past 24 months.
The good news is that every market has
seen positive rent growth in the past
two years. Some markets, however,
have seen rent growth decelerate at a
faster clip than others.
Victor Calanog is chief economist

and senior vice president for research
at Reis Inc. (www.reis.com). He writes
a monthly column on property types
for Scotsman Guide. Calanog and his
team of economists are responsible
for data models, forecasting, valuation
and portfolio services for clients in
commercial real estate. Reach him
at victor.calanog@reis.com.
Top Markets by Apartment-Inventory Growth
Of the markets with the highest

vacancy-rate growth, many are what
we would deem healthy markets, with
strong effective-rent growth in the past
two years. Likewise, markets with the
highest inventory growth fall into the
same category: significant growth in
apartment inventory accompanied by
still strong but slowing net absorption.
To focus on the markets that may bear
watching, Reis examined effective-rent
growth year over year as of secondquarter 2016, compared to rent growth
year over year for the prior-year period
Source: Reis Inc.
Growth in apartment inventory from Q2 14 to Q2 16.
(second-quarter 2015 over secondquarter 2014). It is important to stress
that the rent-growth deceleration figures
do not represent rent declines, but rather just a slowing down in the pace of rent increases.
Market performance
Barbara Byrne Denham is an economist in the research and economics
department at Reis Inc. She previously
served as chief economist at Eastern
Consolidated and is a Ph.D. candidate
at New York University, where she
has studied economics, monetary
theory and game theory. Reach her
at barbara.denham@reis.com.
A number of markets saw sharp rent-growth deceleration year over year as of second-quarter 2016 after posting strong rent-growth increases year over year as of second-quarter 2015. The markets that posted the sharpest deceleration in rent-growth in the period were the following: San Francisco, down 6 percentage points;
San Jose, California, 5.7 points; Oakland, California, 3.6 points; Miami, 3.3 points; and Denver, 2.8 points.
Rounding out the list of markets posting the steepest rent-growth deceleration for the period are Austin,
Texas, down 2.5 percentage points; San Bernardino/Riverside, California, 2 points; New York City, 1.8 points;
Minneapolis, 1.7 points; and Cleveland, 1.6 points.
An analysis of the markets with the highest apartment-inventory and vacancy-rate growth between
second-quarter 2014 and second-quarter 2016 shows that Austin is the only metro to appear on the top 10 rankings in both of those categories, as well as the top 10 list of markets with the steepest rent-growth deceleration.
Four markets Fairfield County, Connecticut; Nashville, Tennessee, Charlotte, North Carolina; and San Francisco
appear on two of the three lists.
Continued growth
All of the metros making the rankings are still growing, which will feed demand for apartments. Some
cities, such as New York and San Francisco, however, have a few submarkets that posted rent declines in
second-quarter 2016, compared to the prior quarter. These are the highest-priced submarkets in the U.S., so
those rent declines are no cause for serious concern.
In fact, job growth also has been positive this year in every metro area with the exception of Houston, which
posted a slight job loss year to date as of this past second quarter. In 27 of the 82 metros analyzed by Reis,
job growth has accelerated during the first half of 2016, compared to 2015.
In most of the other markets, through the first half of 2016, new jobs came online at about the same pace as
recorded in 2015. The U.S. metro average for job growth year over year as of this past second-quarter was
2.2 percent, compared to the 2.4 percent job-growth rate recorded for 2015. These added jobs should lend
support to the growing apartment market. n
26
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DataDecoded
By Manus Clancy and Sean Barrie
Wall of maturities
increases CMBS-loan delinquency
When the $3 billion in CMBS-loan debt behind New York Citys Stuyvesant Town/Peter Cooper Village was paid
off in December 2015, CMBS pros could sleep a little easier at night. Not only was the loan debt backing that CMBS
deal relieved, but the overall CMBS-loan delinquency rate was finally unburdened from the largest CMBS loan
ever originated which had been delinquent since March 2010.
Manus Clancy is senior managing

director and the leader of the applied
data, research and pricing departments at Trepp LLC. Clancy has been
a driving force behind the development of Trepp products and services
with over 27 years of experience
in modeling structured-finance
transactions. Clancy spearheaded the
development of Trepps commercial
mortgage-backed securities research
and commentary. Reach Clancy at
manus_clancy@trepp.com.
The CMBS-loan delinquency rate dropped

from 5.17 percent in December 2015 to
4.35 percent this past January, and 2016
seemed to be starting off on the right foot.
But the debt woes have increased every
month since this past March, and the slew
of now-maturing 10-year loans issued
between 2006 and 2007 seems to have
evolved from a potential industry roadblock to an anchor on the CMBS market and
those invested in it.
Overall CMBS-Loan Delinquency Rate
The CMBS-loan delinquency rate reached

4.76 percent this past July moving up
from 4.23 percent in April of this year,
4.35 percent in May and 4.60 percent in
June. Perhaps the main driving factor of the
Source: Trepp LLC
climbing delinquency rate is the shrinking
portion of CMBS loans that are paying up at
their maturity date. Many of these loans that are maturing were issued between 2005 and 2007 and make up what
is called the wall of maturities.
That wall of maturities totaled more than $300 billion, of which more than $147 billion is remaining. With CMBS
issuance slowing to a crawl and pending risk-retention rules scaring away some traditional lenders, not enough
properties have been refinanced. This has caused balloon and maturity payoffs to slow, thrusting many loans into
delinquency.
Sean Barrie is a research analyst at

Trepp LLC. Barrie handles media outreach as well as inquiries for columns
and insight. He is one of the companys
voices to the media on industry topics,
news and company updates. Reach
Barrie at sean_barrie@trepp.com.
The percentage of loans that paid off on their balloons has slid each month from March 2016 to July 2016, in lockstep with the uptick in CMBS-loan delinquency rates. This past Julys payoff reading of 55.56 percent is the lowest
since December 2015 and is well below the 12-month moving average of 67 percent. Since Marchs reading of
75.28 percent, the percentage of loans that paid off on their balloon date has fallen almost 20 percentage points.
Although it is arguably more crucial to have a higher payoff rate when it comes to loan balance, the percentage
of loans by count that have been paid off at their maturity date has been fairly consistent. By count, 72.5 percent
of CMBS loans were paid at their balloon date in July 2016, an increase from 67.9 percent in June. That level also
outpaces the 12-month rolling average of 69.1 percent.
When looking at major property types, the office delinquency rate has undergone the largest increase from
this past March through July. After falling to 4.98 percent in February, its lowest point in six years, the office
CMBS-loan delinquency rate ballooned to 6.23 percent this past July.
The rate increased 100 basis points from March through July of this year, although the office sector was not the only
culprit. Retail CMBS-loan delinquencies posted the second-largest increase during the same period, climbing from
5.33 percent to 5.76 percent. The lodging delinquency rate jumped from 2.76 percent to 3.12 percent between
March and July of this year. The industrial sector was the only major property type to undergo a decrease in
delinquent CMBS loans, falling from 5.91 percent to 5.63 percent over the five-month period.
As we continue through 2016 (and into 2017), maturing CMBS loans are likely to possess lower credit quality than
at origination because they were originated later in the 2006-07 lending-boom cycle. In addition, the loans that
get to maturity are likely to be the weaker-performing properties, given the majority of higher-quality properties
would have prepaid or defeased before reaching their balloon date. On this basis, it would not be surprising to
see the payoff rate sag further in upcoming months. n
28
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Spotlight:
Connecticut
Fairfield County Apartment Market
By Bill Lewis
The Constitution State is a land of contrasts
Connecticut is an affluent state of 3.5 million people known for old money,
strong ties to the financial and insurance industries, and vibrant education
and health care systems. In recent years, however, the Constitution State also
has been characterized by slow economic growth, persistent fiscal problems,
and an exodus of young workers and venerable corporations.
Commuters to Manhattan populate southern Connecticut and wealthy
outposts such as Greenwich, where the per capita annual income is near
$90,000, according to the U.S. Census Bureau. Only 30 miles away in Bridgeport, Connecticuts largest city (population 147,000) and a one-time manufacturing hub, the per capita income is $20,000 annually and a quarter of the
population lives in poverty.
Manufacturing remains an important segment of the states economy.
Aerospace and building-systems manufacturer United Technologies Corp.,
based in Hartford, is Connecticuts largest employer. Shipbuilder General
Dynamics, drug-maker Pfizer and industrial conglomerate General Electric
also are among the states top sources of jobs.
Connecticut suffered a blow this past January when General Electric said
it would move its corporate headquarters, and some 800 jobs, to Boston.
The decision came after Connecticut passed a series of tax hikes, including
an increase in corporate taxes, to counter budget deficits and a drop in the
states personal income-tax receipts.
Asking rent
Vacancy rate
Source: Marcus & Millichap
*Projected
Fairfield County multifamily trends

The apartment landscape in southern Connecticuts Fairfield County
includes pricey Class A suburban complexes in the Stamford/Norwalk
area, student housing in New Haven, and working-class rentals in
Bridgeport and Danbury. A Marcus & Millichap report on the areas multifamily market says demand is particularly high among New York City
commuters responding to relatively low rents in Fairfield County. As a
result, multifamily construction has been strong in 2015 and 2016.
Attractive multifamily investment opportunities exist in the Bridgeport
and Danbury areas, just north of the Manhattan suburbs, according to
the Marcus & Millichap report. Investors in search of apartment complexes in the $1 million to $10 million range will find attractive listings,
the report says, where leveraged yields continue to be the most compelling available in all classes from northern New Jersey to Boston.
Connecticut has the fifth-highest median household income among

the states, but the drop in tax revenue reflects a slow-growing economy.
Connecticuts $258 billion gross domestic product increased by 0.6 percent in 2015, compared to a national rate of 2.4 percent. There was some
improvement this past first quarter, to a 0.9 percent growth rate the 28th
best in the country.
Commercial real estate activity in Connecticut is tied closely to the insurance industry, and the health and education sector of the economy.
Education and health services is the largest employer segment in the state,
led by the University of Connecticut and Yale University, and the schools
health centers. In the Hartford area, offices are occupied by insurance and
financial-services companies, and a proposed merger involving two local
insurance giants, Aetna and Cigna, may reshape the insurance landscape in
the state.
What the locals say

The medical-office market is expanding and doing very well
in Connecticut. Some of that is because there is a lot of office
space available. So hospitals and other medical-office users
are taking advantage of that and converting those buildings
into medical buildings.
Jim Fagan
Managing principal,
Cushman & Wakefield, Stamford
30
3 Communities to Watch
MYSTIC
Located on the Thames River near Long Island Sound, the 4,000-resident
hamlet is a tourist destination and marine research center. The Mystic
Seaport aquarium and museum supports a restaurant district and more
than a dozen hotels. The museums Collections Research Center exhibits
marine artifacts and makes millions of pieces of art, oral histories and
historic ship registers available to maritime scholars.
Focus: Population
Connecticut loses an average of 500 residents a week, according to
DataCore Partners in New Haven. Its been happening since 2013, and
at an annual population-exodus rate of 0.77 percent, Connecticut is
among the top five states in net loss of population. The exodus is led
by retirees leaving the state and millennials, who in 2014 departed
Connecticut at the 12th highest rate in the country. Better job prospects
elsewhere is the reason most often cited among those who depart.
Connecticut is a popular place for foreign immigrants, however.
According to the U.S. Census Bureau, the state gained 19,000 residents
from outside the U.S. in 2014, representing the seventh-highest international in-migration rate in the country.
Unemployment Rates
WEST HARTFORD
An upscale Hartford suburb, the city of 65,000 includes a downtown
retail district built around a 220,000-square-foot mixed-use development called Blue Back Square. Another proposed residentialcommercial development in the city, set to be completed in 2018,
has drawn a $20 million financing commitment from a local bank,
as well as $15 million in federal tax credits.
Connecticut
U.S.
Source: U.S. Department of Labor
Unemployment
Connecticut shed more than 1 million jobs, about 5.8 percent of its
workforce, over the two years ending February 2010. The state has increased jobs steadily since the end of the recession, but total employment is still slightly below the 2008 peak, according to the U.S. Bureau
of Labor Statistics.
NEW BRITAIN
The Hardware City (population: 73,000), a tool-making center for generations, is the corporate home of Stanley Black & Decker. Manufacturing
has declined over the decades, but the citys economy is strengthened
by Central Connecticut State University and its 12,000 students, about
three-quarters of whom live in off-campus multifamily housing.
The unemployment rate reached a high of 9.2 percent in February 2011

and nearly mirrored the national rate during much of the recovery.
Lately, the two have diverged, and as of this past June the states jobless
rate of 5.8 percent was almost a full percentage point higher than the
national level of 4.9 percent.
The information segment of the economy telecommunications,
broadcasting and filmmaking was the fastest-growing source of new
jobs year over year as of this past June, increasing by 4.9 percent, to
34,000 employees. Mining, trade and transportation as well as manufacturing represented the slowest-growing segments of the workforce.
Sources: Central Connecticut State University, Hartford Courant, Federal Reserve Bank of
St. Louis, Marcus & Millichap, The Connecticut Mirror, Mystic Seaport, U.S. Bureau of Labor
Statistics, U.S. Census Bureau, U.S. News & World Report education rankings, we-ha.com

31
32
The large number of individual classes of

commercial property is a main factor that
differentiates it from residential property
and can complicate valuation efforts.
<< Harnessing continued from Page 32
lthough commercial and multifamily mortgage originations will be down slightly

in 2016 from the highs of previous years,
according to projections from the Mortgage
Bankers Association (MBA), the industry is having another solid year overall. The Federal Reserve revealed
in a recent Beige Book report that economic and real
estate activity expanded between mid-May and late
June of this year.
Strong prices from increased demand for commercial properties play a role in contributing to this
healthy market. And in the wake of Britains Brexit
vote this past June to leave the European Union, the
commercial-property industry can likely expect more
foreign investment to move toward United States,
which will only further strengthen prices in the market.
With a healthy outlook and increased activity,
commercial-property brokers and lenders are under
increasing pressure to make sure their technology is
sufficient to support their business in order to remain
competitive. Valuation technology is the quiet force
behind the lending process, offering a full range of
appraisal/evaluation order-fulfillment transactions,
including order placement, status updates and delivery of appraisals along with the raw valuation data.
For a variety of reasons, it is often harder to
determine the price of commercial property than it is
residential property. Valuation technology, as a result, is
very useful in determining what a commercial property
is worth, but it is essential that the technology be used
correctly, and that brokers, investors and lenders understand the information that the technology provides.
Fast analysis
When put to its best use, valuation technology is capable
of analyzing large quantities of information quickly and,
among other things, speeding up the valuation process
giving brokers and clients sound information about
the various classes of commercial real estate and assuring that compliance efforts are consistent and accurate.
The large number of individual classes of commercial
property, including multifamily, hospitality, industrial
and retail, is a main factor that differentiates it from residential property and can complicate valuation efforts.
Commercial lending is multifaceted, and there are a

number of moving parts that go along with any transaction. Valuation technology creates the ability to generate
property information that is both repeatable and accurate in an otherwise unwieldy process. This is especially
valuable because commercial lenders work with several
field agents and/or appraisers who assist in fulfilling the
orders for various property types. Valuation technology
enables lenders to increase efficiency and effectiveness
when monitoring and tracking these various appraisal
assignments. Without automated technology, the quality
of the reports being delivered to lenders would vary
widely, which ultimately leads to unhappy clients.
The effective gathering and analysis of valuation
data also supports quality control by streamlining
the review process and ensuring specific guidelines
are met and thoroughly addressed within the report.
For both borrowers and lenders, for example, the final
decision on whether a deal is worthwhile is based on
the adjusted price per square foot of a property compared to comparable properties in similar commercial
categories. When selecting properties for comparison,
automated technology will flag and reject any outliers
that are not within the target propertys size range.
Although price determinations are harder to make
on the commercial side than with residential properties, there is a great deal of data available on most
commercial properties. Valuation technology can acquire and verify that information quickly and classify it
in, potentially, hundreds of data fields.
For commercial real estate, the selection of comparable properties is one of the most difficult components
of the valuation process. In highly specialized property types, especially, valuation technology is helpful in
searching over a wide area for similar properties that
can be used for value comparisons.
Technology allows brokers and investors to gather
and store a tremendous amount of information on
commercial properties. It allows comparisons among
long lists of properties within a database to ensure the
field agents and/or appraisers have ample comparables to review while valuing properties as opposed to
relying solely on local multiple listing services (MLS).
Again, the information provided by technology is particularly useful in commercial-property evaluations,
where traditional MLS information is often lacking.
Valuation companies have strong relationships
with data providers and agents who gather information on thousands of properties. They also have
extensive collections of aerial property photos to
give evaluators a feel for properties and allow for
more effective comparisons between similar pieces
of real estate.
Valuation technology also is capable of assigning
the most qualified and knowledgeable field agent or
appraiser to a property, based on that professionals
experience working with that specific property type.
The technology also will assign the closest qualified
and available professional, a factor thats particularly
valuable in remote rural areas.
Solid comparisons
Compliance assistance
Technology significantly reduces the possibility of a

variety of errors that can distort the evaluation of a
propertys value. Technology can, for instance, flag
any discrepancies within an evaluation report
such as cases where the gross-income assessment
does not match up with the rental rate provided in a
report on a given property. When valuation technology is used effectively, it identifies discrepancies in
property reports, notifies field agents and appraisers
of inconsistencies they need to address and, ultimately,
shortens the property-evaluation, underwriting and
loan-approval process.
Another common challenge felt by most commercial

brokers and lenders today is the increasing costs and
intricacies associated with regulatory compliance. The
Dodd-Frank Wall Street Reform and Consumer Protection Act and the Basel III bank-capital rules are just
two of the many regulations that add time and complexity to the process. Banks are exposed to higher
risks than ever before, and technology alleviates the
challenges through seamless connectivity with data
providers and built-in processes within the valuation
order-management platform.
Continued on Page 36 >>
Clyde Prestowitz is the chief technology officer at LRES Corp., a national residential and commercial real
estate services company providing valuations, REO-asset management, HOA and technology solutions for
the mortgage and real estate industry. For more information, visit www.lres.com
Reach Prestowitz at (714) 520-5737, or cprestowitz@lrescorp.com
34
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count on us to create value by capitalizing
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For more information, please contact:

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www.bolourassociates.com
It is vital that those involved in the mortgage process

perform thorough due diligence and also partner with
the best technology providers.
<< Harnessing continued from Page 34
Expert partners can be very useful to

investors and brokers, especially those
without a great deal of technological
background, and it is important to know
what to look for when seeking techno-
logical advice. Commercial-property

lenders and brokers should ensure
their vendor partners meet current auditing-standard requirements and have
the financial capacity to employ a full-
time compliance officer entirely dedicated to the day-to-day monitoring

and interpreting of the latest legislation
on the local, state and national levels.
In addition, commercial lenders should
ensure their valuation technology is

based on Mortgage Industry Standards
Maintenance Organization (MISMO)
data standards so that the data can be
more easily shared across all systems,
which speeds the valuation process
and ensures full compliance.
MISMO, a nonprofit subsidiary of the
MBA, develops technology standards
for both commercial and residential
transactions. Its consistent approach
to information gathering and dissemination has streamlined the use of data
contained in commercial-property valuation reports.
This is particularly beneficial to lenders in the event of an audit, and the
lender needs fast access to loan-level
data in a standardized format. Todays
audits are deeper than ever before.
Auditors are no longer just auditing
summary-level data; they are auditing
loan-level data, including the valuation
itself. Valuation technology houses that
data and automatically directs it back
to the commercial loan origination
system. Commercial borrowers and
lenders that do not have the bandwidth
to be tech savvy should recognize that
partnering with a third-party one-stop
shop for their valuation needs is a wise
decision in todays demanding and
competitive environment.
n n n
It is vital that those involved in the

mortgage process perform thorough
due diligence and also partner with
the best technology providers, such as
vendors with proven track records
of financial stability, well-crafted
compliance/privacy policies, good
audit results and solid references. By
aligning valuation technology with
business priorities, commercial lenders
and brokers can expect an enhanced
customer experience, improved productivity, more efficient growth and
improved risk management. n
36
Matrix: Commercial Lenders

Post your loan: ScotsmanGuide.com/LoanPost
Search matrix: ScotsmanGuide.com/comsearch
LOAN LIMITS
Commercial lenders provide loans for common

loan purposes/properties and for situations such
as mezzanine financing, nonrecourse loans,
second mortgages, Small Business Administration
loans and more.
LENDER NAME
A.S.K. Investments Inc.
Min $
Max $
none
none
65
16 Agricultural
17 Automotive (no gas, dealer, body
shop, oil change)
18 Churches, synagogues, temples
19 Energy production & transmission
20 Hospitality (hotels and motels)
21 Industrial (manuf., mining, distr.)
22 Land (lots, bare, subdivision)
23 Leisure (golf course, marina,
RV park, etc.)
24 Medical (hospitals, rehabilitation
center, clinics, assisted living, etc.)
9
10
11
12
13
14
Purchase
Rate and term refinance
Cash-out refinance
Acquisition and development
Bridge loans
Business loans
(operating capital, buyouts,
no real property)
7 Equity line of credit
8 Accounts receivable
financing
Mezzanine
Second mortgages
Nonrecourse
Joint ventures
Notes purchased
Agency lending
programs: HUD,
SBA, USDA, FNMA
15 Private money
25
26
27
28
29
30
31
32
33
34
Mixed-use properties
Mobile/manufactured home parks
Municipal; public works financing
Non-owner-occupied residential
Office (building, condo, complex)
Owner-occupied business
Retail (malls, strip malls, shops)
Self-storage
Single-tenant buildings
Specialized-single-purpose
buildings
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34
714-299-6209
www.agricultural-finance.com/Beat-The-Banks/
info@agriculturalfinance.info
Aileron Capital Management

813-341-3654
www.aileroncap.com
jbonora@aileroncap.com
Allied Commercial Funding Corp.

800-247-8212
www.alliedcommercialfunding.com
loans@alliedcommercialfunding.com
American Savings Life

Insurance Co.
1M
10M
Y
Direct Lender
500K
20M
75
Correspondent
1M
12M
90
1.2
Direct Lender
150K
50M
75
Atlas Hospitality Group

949-622-3409
www.atlashospitality.com
alan@atlashospitality.com
AVANA Capital
877-850-5130
www.avanacapital.com
avanateam@avanacapital.com
Avatar Financial Group

866-885-4251
www.AvatarFinancial.com
LoanRequest@AvatarFinancial.com
Bank of North Carolina

404-274-7614
www.bankofnc.com
mjackson@bankofnc.com
LENDER NAME
AL AR CO FL IL KY LA ME MO MS NE NV
250K
8M
65
50K
1M
250K
10M
70
1.25
65
90
1.1
Direct Lender
1M
25M
65
90
1.25
Bank
Min $
Max $
Min
Max
LTV% DSCR
AVANA Capital, LLC is licensed in California under DBO license number 603K752 and in Arizona
under CBK license number 0921662.
Y
Lending on income-producing commercial property. Brokers welcome and protected.
AL FL GA KY NC SC TN VA
1
Specializing in hotel/motel lending in Western states.
Direct Lender NATIONWIDE
500K
10M
No gas stations.
NATIONWIDE except: SD VT
Weve been making NOT SO HARD MONEY Loans for over 60 years. We fund with our own capital and
we underwrite and service all our loans in-house.
NATIONWIDE except: AK AL HI MI ND NV VT WV
Y
Direct Lender AZ CA CO MT NM NV OR TX UT WA WY
150K
25M
Southern California
Mortgage
Bank
Ground-up construction SBA 504 and USDA B&I loans $5M-$25M (hotel and ALF focus). Purchase and refinance
$1M-$10M. Bridge loans $1M-$5M.
AZ CO NM NV TX UT
Beat the Banks! Faster payoffs with our unbeatable credit line - phone us. No PPP, cash-outs, min FICO,
now offering beat-the-bank rates on non-ag.
NATIONWIDE
Senior debt, subordinate debt, convertible, private equity and venture capital.
(We do not lend on investment properties.)
AR CO NV OR UT WA
Nationwide $4M-$50M range.
Direct Lender CA
Insurance Co.
877-512-9622
www.apexmtg.com
bworthington@apexmtg.com
888-526-3008
www.alfcorp.com
ae@alfcorp.com
APEX Mortgage Corp.
Preferred SBA lender for the SE. Loans for owner-user commercial real estate, equipment &
business acquisitions & construction. Fast decisions with full packages. Call today!
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34
Companies bearing the Proven Direct Lender designation have undergone a reasonable verification process to confirm the lenders directlending capabilities. Scotsman Guide Media does not assume any obligation or liability for this designation. The inclusion of the Proven Direct
Lender designation is a paid advertisement and should not be construed as a recommendation or endorsement by Scotsman Guide Media.
These companies are display advertisers with Scotsman Guide

Media. See the Display Advertiser Directory on Page 14 for more
information.
Scotsman Guide makes every attempt to ensure the quality of matrix and directory information, which all listed lenders verify or update monthly. Because of the production cycle and dynamic nature of the industry, loan product
terms and availability may not reflect the latest changes. Please contact lenders directly for the most-recent program details. If you believe data is inaccurate or misrepresented, please e-mail: matrixfeedback@scotsmanguide.com. Continued >>
Tell lenders you found them in Scotsman Guide
DISPLAY
Agricultural Finance
DISPLAY
314-725-0800
www.advantagecap.com
rhummell@advantagecap.com
80
37
DISPLAY
Advantage Capital Partners
4M
50M
DISPLAY
516-535-0015
www.acrescap.com
mreasoner@acrescap.com
DISPLAY
Min
Max
LTV% DSCR
PROPERTY TYPES
Private Lender CA
ACRES Capital
DISPLAY
1
2
3
4
5
6
Minimum and
maximum loan size
may not apply to all
property types and/
or in all regions and
is subject to change
without notice.
800-834-6544
DISPLAY
LOAN TYPE / PURPOSE / PARAMETERS


<< Continued
BankUnited Small Business

Finance
20K
250K
Direct Lender
500K
10M
90
877-893-7823
www.BankUnited.com/sbf
BizCapital
DISPLAY
DISPLAY
314-725-0800
www.biz-capital.com
rhummell@biz-capital.com
BofI Federal Bank

888-778-7109
www.bofifederalbank.com
multifamilylending@bofifederalbank.com
Bolour Associates Inc.

323-677-0550 x102
Bridge Loan Financial

888-257-8051
www.bridgeloanfinancial.com
ehart@bridgelf.com
Business Loan Capital

877-774-4240
www.businessloancapital.com
dmanser@blclending.com
750K
7M
DISPLAY
800-819-4199
www.cherrywood.com
info@cherrywood.com
CMN Funding
518-435-1119
www.cmnfunding.com
info@cmnfunding.com
Colony American Finance
DISPLAY
888 471-3487
www.colonyamericanfinance.com
info@colonyamericanfinance.com
Columbia Pacific Advisors

206-576-1292
www.columbiapacific.com
bridgelending@columbiapacific.com
LENDER NAME
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34
70
1.3
1M
15M
75
100K
10M
70
500K
8M
90
Direct Lender
90
1.15
70
1.25
Direct Lender
50K
100M
90
CA
Direct lender specializing in SBA lending. (We do not lend on investment properties.)
Y
6.99% to 8% for loans up to 60% LTV, no prepay and non-recourse, 2-3 week closing. Starting at 8% for loans up
to 75% LTV, closing as quick as 5 business days.
Y
California's direct portfolio lender. Fast funding on residential and commercial properties. Contact us at ehart@bridgelf.com or
call 714-264-4660 direct or 888-257-8051.
Y
6th largest SBA lender in the U.S. Celtic Bank offers SBA loans, CAPLines (asset-based lending) as well as
equipment leasing for small businesses nationwide.
Direct lender specializing in SBA 504 purchase, refi & interim loans up to 90% LTV & conventional commercial
purchase/refinance/refi cash-out on O/O commercial real estate.
NATIONWIDE except: AK ND SD
BofI Federal Bank is a nationwide commercial lender offering financing for mixed-use, retail center, industrial,
self-storage, warehouse and investor-owned office buildings.
NATIONWIDE
AZ CA NV TX
Direct, nationwide, SBA Preferred Lender specializing in SBA 7(a), SBA 504 and USDA B&I.
Broker-friendly. Call 877-893-7823 to be routed to our nearest sales office.
NATIONWIDE
Bank
200K
5M
Direct Lender
Direct Lender
NATIONWIDE
Bank
BHG lends exclusively to health care professionals, providing fast access to working capital. Commission available for
loans referred by mortgage brokers.
Direct Lender AL AR FL IL KY LA MO MS NE NV OR
750K
25M
Self-storage
buildings
NATIONWIDE
877-861-7819
www.celticbank.com/referralprogram
Cherrywood Commercial LLC
NATIONWIDE except: CA
Bank
25K
5M
Celtic Bank
1.2
25
26
27
28
29
30
31
32
33
34
DISPLAY
646-553-4240
www.bankershealthcaregroup.com/scotsman
bhgreferral@bhg-inc.com
Min
Max
LTV% DSCR
Mezzanine
Second mortgages
Nonrecourse
Joint ventures
Notes purchased
Agency lending
programs: HUD,
SBA, USDA, FNMA
15 Private money
Cherrywood Commercial LLC is a small-balance direct lender specializing in loans that don't
necessarily fit the bank-qualifying guidelines. Call 800-819-4199.
DISPLAY
Bankers Healthcare Group
Min $
Max $
16 Agricultural
shop, oil change)
RV park, etc.)
9
10
11
12
13
14
Purchase
Cash-out refinance
Bridge loans
Business loans
no real property)
financing
Private Lender INTERNATIONAL Various funding programs available. Visit our website or even apply online. E-mail deal summaries to info@cmnfunding.com
500K
50M
75
1.2
Direct Lender
5M
50M
75
Direct Lender
Min $
Max $
Min
Max
LTV% DSCR
NATIONWIDE
Colony American Finance has financing solutions for residential rental investors nationwide.
We work closely with brokers to fund loans easily and quickly.
Y
NATIONWIDE
1
We are a direct private-money lender. We will do our best to respond quickly. Please give us a call or e-mail.
We love to look at all income-producing opportunities.
5
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34

information.
39
DISPLAY
LENDER NAME
1
2
3
4
5
6
Minimum and
maximum loan size
property types and/
without notice.
PROPERTY TYPES
DISPLAY

loans and more.
DISPLAY
LOAN LIMITS
The Slow and Steady

Advance of Technology
The lending industry has evolved, but many still favor the human touch
By Kellen Jones
here has been a monumental shift in

credit-market technologies, and private
lending is no exception. Marketplaces
make it possible for investors and borrowers to connect in a streamlined online format. Private
lenders have begun deploying underwriting systems
that allow bank-like credit decisions to be made in
record time. Even banks are utilizing technology to
improve efficiencies and profitability.
Even with more technology than ever at lenders fingertips, however, some are still processing paper files,
calculating terms with traditional spreadsheet software and writing term-sheets with word processors.
In many cases, for these devout traditionalists, its not
that new technology is intimidating, but that human
involvement trumps automation.
On the other hand, with the dramatic advancements
in financial technology, or fintech, and more flexible
securities laws introduced with the federal JOBS Act,
a new contingent of investors also can take advantage
of private-finance opportunities. This fintech-driven
wave has created a relatively new and extremely large
secondary market for commercial bridge loans and
single-family property investment loans. The impact
has driven interest rates and fees down on some private loans to just above bank rates.
Changing industry
The fintech phenomenon presumably means significant changes for commercial mortgage brokers and
their clients. Most notable is the possibility of major
technology-related job cuts in the banking industry
over the next decade.
With greatly reduced brick-and-mortar costs, online
and other types of private lenders will, with fewer people, still be able to make decisions in minutes and fund
loans in just a few days. If the rates those private lenders offer are the same as those offered by local banks,
borrowers will choose the more flexible, faster-funded
private loan.
Loan-origination software (LOS) system options
are priced by user, by license, by term, or by subscription. A midsized loan operation could spend
upwards of $100,000 per year on software that falls
short of loan- and investor-management requirements. Users also can pay very little each month to
acquire a simple, workable underwriting-workflow
manager. For mortgage brokers, the key is finding
a lender with the ability to employ technology that
supplements the investment strategy and lending
criteria of a given offering and lending product.
40
Key Points
Loan-origination technology
Computer-based advances have helped create a

large secondary market for commercial bridge
loans and single-family property investment
loans.
The pace of technology adoption varies widely
among mortgage brokers and lenders.
Users must decide whether the technology will increase efficiency, or risk making an expensive bad
decision by investing in the wrong technology.
Brokers and lenders that put technology to its
best use understand where human interaction is
required and are careful not to underestimate the
importance of a personal touch.
With a tectonic shift in fintech, in general, it seems

many brokers and loan shops are fighting to find the
best technology, or fleeing from it. Early adopters,
innovators and traditionalists can be characterized
in a few broad categories:
Flip-phone and notebook person: This is the
type of loan originator or underwriter that runs on
phone calls and meeting notes. This individual often
sees technology as a threat, at least to loan integrity.
Instead of combing available data or keeping tabs
through a task manager, this individual believes that
the best credit decisions are made by listening to the
borrower and talking through possible solutions.
The sampler: As a result of fiduciary obligations
or confronting the demands of a burgeoning financial
offering, fund managers and loan committees can
be slow to choose a loan- or investor-management
system. Before integrating a system companywide,
however, many will dabble with an LOS system
just to kick the tires. This becomes so expensive
and frustrating that most in this category resort to
spreadsheets and processors. Its difficult to get a
true sense of an LOS system without fully integrating loan data and performance.
Shiny object group: This is the group that will get
easily distracted by the next best thing in lending.
Today, perhaps its a hot new LOS platform. Tomorrow, it may be a technology-enabled alternative to
FICO scores. Those in this group are likely to try to
Before making a large investment in technology,

users must decide whether the technology will increase
their efficiency. They must decide whether technology
is always a friend, or whether it could become a foe.
Acceptance levels
Although a wave of fintech innovation is buffeting
private lending, the pace of adoption varies widely
among mortgage-industry companies. Considering
the hundreds of millions of dollars generated in commercial bridge-loan activity, its still rare to find small
loan-origination shops mining data to make credit decisions. It is highly likely, however, that many of those
smaller players are either using, searching for, or trying
to develop a functional LOS system.
Kellen Jones is CEO and co-founder of FundingDatabase,

which has developed the most comprehensive loan- and
investor-management platform, called idealSUITE. Jones is
a fintech expert with particular affinity for private-lending
technologies. He also is chief operating officer of Cache
Private Capital, which makes direct loans nationwide to
borrowers seeking commercial financing ranging from
$500,000 to $5 million. Jones also serves on the ethics
committee for the American Association of Private Lending.
Reach Jones at kellenlender@gmail.com.


<< Continued
LENDER NAME
Commercial Loan Center LLC
DISPLAY
610-990-6050
www.clcllc.net
info@clcllc.net
Min $
Max $
75K
2.5M
Min
Max
LTV% DSCR
75
1.25
Direct Lender
Concord Church Lenders

800-926-0399
www.concordchurchfinance.com
concordacceptance@cox.net
Dominion Mortgage Corporation

310-477-3041 x133
www.dominfin.com
keitho@dominfin.com
Eagle Ledge Foundation Inc.

866-980-9435
www.eagleledgefoundation.org
creid@eagleledgefoundation.org
Fidelity Bancorp Funding

714-908-5100
www.fidelitybancorpfunding.com
info@fbfloans.com
Fidelity Mortgage Lenders Inc.

800-752-9533
www.fidelityca.com
lfrank@fidelityca.com
First Chatham Bank
100K
5M
750K
40M
888-297-4440
fundmortgagecapital.com
jp@fundmortgagecapital.com
Freedom Capital LLC

480-656-2688
www.FreedomCapital.biz
info@freedomcapital.biz
FundingEdge
830-331-4030
www.fundingedge.com
cs@fundingedge.com
Gateway Capital Partners

801-746-0800
www.gatewaycp.com
info@gatewaycp.com
75
1.1
50K
5M
910-239-9304 x2
www.geobanking.com
mgilson@geobanking.com
LENDER NAME
90
90
1.15
60
Direct Lender
250K
5M
90
1.15
90
90
1.25
Correspondent
50K
5M
75
1.1
90
1.25
250K
5M
100
Bank
Min $
Max $
Min
Max
LTV% DSCR
SBA 7(a) and USDA B&I loans. We will consider SBA 504 loans. Brokers, for quick response and to gauge our interest,
e-mail us a summary. We pay brokers and referral sources.
Y
Nationwide. Loans based on the credibility of the real estate, not the borrower. We are a direct lender,
not a broker. No upfront fees. Rates start at 3.75%, 5 yr.
Bank-based loans for brokers with 0.5%-2.5% fee. 50%-90% LTV for OO commercial (50 states).
50%-65% LTV for NOO (37 states). 35%-50% LTV for foreign investors.
Y
Private money, low doc, full doc, business loans, church programs and oil & gas royalty funding.
Y
We offer a variety of direct loan products including SBA 504, conventional, NOO property, construction and private
loans to accommodate your needs.
Y
NATIONWIDE
1
Equity-based loans on commercial property value. Immediate decisions and fast funding.
Long-term loans. No prepayment penalties.
NATIONWIDE
Bank pricing, broker friendly, 3 easy steps to submit. We close loans. www.fbfloans.com. Nationwide.
NATIONWIDE
NATIONWIDE except: AK
Correspondent TX
500K
25M
CA
1.125 Y
Direct Lender
250K
9M
Church, synagogue and temple financing only. Direct line to Thomas 209-363-6262.
We do hard projects when others decline. Multiple funding options.
NATIONWIDE
Bank
100K
35M
Dominion offers mortgages that most other lenders do not. We love bank and CMBS 'fall-outs'.
Creative and flexible underwriting to get your loan funded.
50K
15M
NATIONWIDE
Visit our website to pre-qualify and request a quote!
NATIONWIDE
Self-storage
buildings
Stated-income, owner-occupied and investment properties. Purchase & rehab blanket loans
considered with income-producing properties as additional collateral.
Y
25
26
27
28
29
30
31
32
33
34
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34
1.1
Mezzanine
Second mortgages
Nonrecourse
Joint ventures
Notes purchased
Agency lending
programs: HUD,
SBA, USDA, FNMA
15 Private money
NATIONWIDE except: AK MI ND VT
85
Private Lender
GBC Banking Company
NATIONWIDE
Direct Lender
250K
50M
16 Agricultural
shop, oil change)
RV park, etc.)
9
10
11
12
13
14
Purchase
Cash-out refinance
Bridge loans
Business loans
no real property)
financing
Mortgage
Broker
Private Lender
912-424-2557
DCampbell@FirstChatham.com
FMC Lending
1
2
3
4
5
6
Minimum and
maximum loan size
property types and/
without notice.
PROPERTY TYPES
SBA lending nationwide. PLP lender. No concentration issues.

5
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34
DISPLAY

loans and more.

information.
41
DISPLAY
LOAN LIMITS
<< Slow continued from Page 40
develop their own applications until

they realize the time and expense
involved. This impact compounds,
because as new fintech solutions
evolve, the group will try to keep up
with the latest trends. The biggest
downside to this mentality is the lack
of focus that is directed to actual loan
and fund management. Despite the
best intentions to really improve efficiencies, the opposite often results.
The factory: This type of lender has
eliminated as much human interaction
While some lenders rely on computers to

make credit decisions, others are removing their
computers and improving their workforce to
ensure high-quality human interaction.
throughout the loan- and investormanagement system as possible. Loan
applications are made digitally. Loan
information is sifted against the
available data and a credit box is
assigned. The underwriting file is built
through a series of e-mails and prompts

directed at the borrower. Submitting
brokers can even name their fees in
some cases. A human doesnt interact
with the file until a final-approval
signature is needed. Some would
Get the big

shot treatment
you deserve.
Changing strategies
From your biggest project to your smallest, our real estate experts
respond quickly, provide tailored solutions and always make the
extra effort, so your clients succeed and our communities thrive.
RECENT CLOSINGS
$15,500,000
Vacaville, CA
176-unit refinance
$13,640,000
San Francisco, CA
40-unit portfolio refinance
$3,777,000
Santa Monica, CA
7-unit refinance
$3,485,000
Salt Lake City, UT

60-unit purchase
75% LTV
$3,185,000
Los Angeles, CA
7-unit construction loan
speculate that the long-term health of

a portfolio underwritten this way will
eventually wane.
The happy medium: This type of
operation deliberately chooses the
place for technology in its processes.
Sometimes, the extent of fintech is a
workflow manager, data room and investor-servicing portal. In some cases,
lenders may become more scientific
about automated loan decisions.
Regardless, this type decides where
human interaction is required and
merely uses technology to replace
clerical tasks that have no impact on
loan approvals.
$7,425,000
Yakima, WA
120-unit refinance
$6,500,000
Tucson, AZ
322-unit refinance
$9,750,000
Portland, OR
168-unit refinance
While some lenders rely on computers

to make credit decisions, others are
removing computers from the equation and improving their workforce
to ensure high-quality human interaction. For those banks plugging into
fintech, the reasons range from a desire
to reduce workflow inefficiencies to
the need for faster decisionmaking.
In reaction, private lenders are adapting risk strategies and technologies to
win good loans overlooked by banks.
The trouble with fintech in lending
private commercial lending, in particular is that the variables are difficult to
define. Problems can be vastly different
from one operation to the next. A group
may integrate an LOS system, but then
require servicing software. A lender
may utilize the best servicing software,
but fail to find a technology that also
integrates investor management within
the same platform. Pricing constraints
also can cause delays in how quickly
lenders are willing to integrate certain
technologies.
n n n
SOUTHERN CALIFORNIA
NORTHERN CALIFORNIA
THE ROCKIES
Dan Kelly
310.883.1153
John Caulfield
925.332.5400
Jim Robertson
801.715.3103
Carlos Cesena
858.625.8852
PACIFIC NORTHWEST
Wayne McCoy
310.883.1145
Cara Velez
206.270.4784
Tim Scanlan
909.437.2117
Darcy Nordby
503.475.8618
bannerbank.com
42
Time will tell whether machine learning

and other cutting-edge technologies
threaten the human workforce, but its
clear that some groups are not willing
to hand over commercial mortgage
industry jobs to robots. It is important
for leaders in the industry to determine
the most important ways to integrate
technology without diminishing the
influence of the high-quality people
that have crafted the industry. n
Member FDIC


<< Continued
LOAN LIMITS
202-810-5273
www.greatjonescap.com
jordan@greatjonescap.com
GreenSpring Capital Inc.

949-296-9856
www.greenspring-capital.com
ekeillor@greenspring-capital.com
Home Bank of California
DISPLAY
DISPLAY
COVER
858-270-5881 x229
www.homebankofcalifornia.com
dheyden@homebankofcalifornia.com
Kennedy Funding Financial

800-342-8500
www.kennedyfundingfinancial.com
info@kennedyfundingfinancial.com
Key Capital Mortgage

844-450-6685
www.keycapitalmortgage.com
hello@keycapitalmortgage.com
Lancewood Capital
866-839-0337
www.lancewoodcapital.com
info@lancewoodcapital.com
Liberty SBF
DISPLAY
610-816-0200
www.libertysbf.com
lcohen@libertysbf.com
Lone Oak Fund LLC

310-826-2888
www.loneoakfund.com
alexa@loneoakfund.com
Mission Federal Credit Union

858-546-2189
www.MissionFed.com
frankp@missionfed.com
Money360 Inc.
949-525-9311
www.money360.com
garybechtel@money360.com
Navesink River Capital

855-778-1000
www.navesinkrivercapital.com
info@navesinkrivercapital.com
LENDER NAME
1.2
80
Private Lender
50K
10M
70
90
70
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34
CO DC MD NJ NY PA VA
CA FL WA
70
Direct Lender
500K
15M
85
GreenSpring Capital, Inc., direct portfolio lender, offering first and second trust deeds on commercial and residential.
Up to 70% LTV on exception.
SBA 7(a) and 504, hard to place CRE & 1-4, Foreign Nationals accepted, competitive rates and fees, fast response/approval,
outstanding broker cooperation.
1.2
Over 30 years of experience in real estate lending and commercial development. We have underwritten
over $1 billion in commercial loans.
30K
1M
Global Credit Union has a long history and expertise in commercial lending. Our team has the experience, background and
tools to grow your business
CA
Bank
1M
50M
Private Lender
250K
5M
ID WA
Bank
250K
5M
Self-storage
buildings
Kennedy Funding Financial is a real estate secured lender with loans starting at $1M.
Y
CO CT DC DE FL GA LA MA MD NC NH NJ NY OH PA RI SC TX WI
Key specializes in the commercial real estate loans
that do not fit the criteria of traditional banks. Rates start at 7.5% for a 30-year, fully amortizing loan.
Y
Private Lender NATIONWIDE except: AK HI
300K
25M
70
1.25
250K
30M
60
Direct Lender
300K
4M
75
1.2
Bank
1M
15M
75
CA
75
Min
Max
LTV% DSCR
Your success is our bottom line. Competitive rates and outstanding service. Wholesale pricing is available to brokers.
San Diego County properties only.
Y
When the bank says no, we say yes.

Y

Min $
Max $
Lone Oak Fund LLC is a direct portfolio lender offering 1st trust deeds on commercial properties. Fast closings. 7.9-9.9% interest only.
Up to 60% LTV. Brokers protected.
200K
3M
Full-service commercial real estate financing. Origination, servicing and lender services. SBA 504, CMBS and bridge loans.
CA
Direct lender specializing in all types of real estate. Fast funding available up to 75% LTV. $200K-$3M.
5
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34

information.
COVER
Great Jones Capital
80
25
26
27
28
29
30
31
32
33
34
DISPLAY
509-455-4652
www.globalcu.org
rick.green@globalcu.org
50K
5M
Min
Max
LTV% DSCR
Mezzanine
Second mortgages
Nonrecourse
Joint ventures
Notes purchased
Agency lending
programs: HUD,
SBA, USDA, FNMA
15 Private money
DISPLAY
Global Credit Union
Min $
Max $
16 Agricultural
shop, oil change)
RV park, etc.)
9
10
11
12
13
14
Purchase
Cash-out refinance
Bridge loans
Business loans
no real property)
financing
43
DISPLAY
LENDER NAME
1
2
3
4
5
6
Minimum and
maximum loan size
property types and/
without notice.
PROPERTY TYPES
DISPLAY

loans and more.


<< Continued
Northeast Bank
DISPLAY
508-202-3125
www.northeastbank.com
ebancroft@northeastbank.com
Ocean Capital
401-773-9716
www.ocean-capital.com
tlively@oceancapitalonline.com
Pacific Enterprise Bank

949-623-7585
pacificenterprisebank.com
thalbmaier@pacificenterprisebank.com
Pacific Premier Bank

949-864-8085
www.ppbi.com
tcody@ppbi.com
500K
5M
Min
Max
LTV% DSCR
90
1.15
250K
5M
80
1.25
Direct Lender
250K
5.5M
90
75
310-447-8899
www.partcap.com
bill@partcap.com
1M
15M
1.25
75
888-348-0341
www.patchofland.com
commercial@patchofland.com
PMC Commercial Trust

800-486-3223
www.pmctrust.com
l.ivy@pmctrust.com
100K
5M
70
Direct Lender
400K
5M
85
1.15
888-950-9339
www.popularcommercial.com
dyoung@popularcommercial.com
Prescient Capital Management LLC

262-244-0797
www.pcm-funding.com
syoung@pcm-funding.com
Provident Bank
866-781-1142
www.myprovident.com
1M
20M
1M
9M
415-315-9534
www.reitless.com
brokers@reitless.com
LENDER NAME
75
0.55
Direct Lender
500K
6M
70
1.25
85
Direct Lender
50K
300K
75
Private Lender
Min $
Max $
Min
Max
LTV% DSCR
Ocean Capital is a preferred SBA 7(a) and USDA B&I lender currently paying up to a 5% referral fee through our
preferred broker program. Please contact Taylor at 401-773-9716.
Y
Self-storage
buildings
SBA 7(a) & USDA lending nationwide. Broker referrals welcomed and protected. Creative, cash flow & logic based
lending with focus on saying "yes".
25
26
27
28
29
30
31
32
33
34
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34
NATIONWIDE
Collateral focused. Eligible: prior losses, pers. credit, business type, BK, special purpose.
All loan types offered in CA. Only 7(a) loans outside of CA.
Nationwide SBA Preferred Lender. Financing available in western US for CRE and MFR.
Construction lending available in Southern CA.
AZ CA CO ID MT NM NV OR TX UT WA WY
Partners Capital Finance is a direct portfolio lender that finances 1st TD on
commercial & business purpose residential properties in the Western US. Rates between 7.95-9.95%.
Y
NATIONWIDE except: AZ MN OR SD
Prescient Capital consistently works with a select group of intermediaries around the country and these relationships
continue to bring prospective credit opportunities.
See Directory for a listing of loan officers and contact information or call 866-781-1142.
Y
NATIONWIDE except: MN OR SD UT
We are a private lender that works directly with experienced real estate professionals to
finance the purchase of non-owner-occupied real estate. Brokers protected.
Y
NATIONWIDE except: AZ NV OR SD TN VT
PCLG is a nationwide mortgage banker and correspondent lender specializing in commercial permanent, commercial
bridge and agricultural financing, including hard money loans.
NATIONWIDE
Direct SBA Preferred Lender specializing in hotels and other special purpose real estate. Referral fees up to 2%.
NATIONWIDE
PoL is a national alternative online lender focused on residential and commercial rehab, refi
and bridge loans for companies needing to scale their business.
CA
Bank
860-432-5858
www.RCNCapital.com
info@RCNCapital.com
REITless
1.25
Correspondent
50K
2.5M
RCN Capital
80
NATIONWIDE
REIT
Popular Commercial Lending Group
AZ CA CO NV OR WA
Private Lender
Patch of Land
Mezzanine
Second mortgages
Nonrecourse
Joint ventures
Notes purchased
Agency lending
programs: HUD,
SBA, USDA, FNMA
15 Private money
AZ CA CO NV OR UT WA
Bank
500K
50M
NATIONWIDE
Bank
Bank
Partners Capital Finance
DISPLAY
Min $
Max $
16 Agricultural
shop, oil change)
RV park, etc.)
9
10
11
12
13
14
Purchase
Cash-out refinance
Bridge loans
Business loans
no real property)
financing
DISPLAY
LENDER NAME
1
2
3
4
5
6
Minimum and
maximum loan size
property types and/
without notice.
PROPERTY TYPES
We specialize in short-term loans secured by real property. Broker friendly! Fast closings!
Loans available from $50K-$300K for 3-12 months.
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34
DISPLAY

loans and more.
DISPLAY
LOAN LIMITS

information.
45
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<< Continued
LOAN LIMITS
RS Lending Inc.
Seattle Funding Group Ltd.
Silver Arch Capital Partners LLC
Silver Hill Funding
DISPLAY
DISPLAY
DISPLAY
888-SFG-FUND (734-3863)
info@sfgfunds.com
DISPLAY
DISPLAY
855-880-6050
www.realtyshares.com
credebt@realtyshares.com
866-451-2932
www.silverarchcp.com
info@silverarchcp.com
888-988-8843
www.SilverHillFunding.com
info@SilverHillFunding.com
South End Capital Corp.

888-268-7778
www.southendcapital.com
loans@southendcapital.com
Summit Financial and

Investment Group LLC
250K
5M
310-587-3500
www.theevergreenadvantage.com/apply/
theevergreenadvantage@gmail.com
TMC Financing
888-989-8855
www.tmcfinancing.com/sguide
rich@tmcfinancing.com
Union Bank
800-463-0687
karla.miranda@unionbank.com
Universal Bank
626-854-2818
www.universalbank.com
apartmentloans@universalbank.com
LENDER NAME
Direct Lender
1M
5M
85
1.2
Direct Lender
250K
12M
75
Direct Lender
1M
100M
75
250K
1M
75
1.2
Direct Lender
2K
10M
90
Direct Lender
2M
100M
250K
8M
80
1.2
1M
10M
1.2
Bank
100K
15M
Min $
Max $
Our commercial financing solutions are designed to address the full capital stack, including debt, preferred equity
and joint venture equity.
Y
NATIONWIDE
NATIONWIDE
Savings &
Loan
CA
Min
Max
LTV% DSCR 1
Silver Hill provides direct lending nationwide for small-balance

commercial mortgages from $250K to $1M.
Y
We are a licensed CA lender offering "Bankable Terms for Un-Bankable Borrowers." Non-conforming real estate and
business loans for A to F credit borrowers.
Y
Outside the U.S., minimum loan amount $10M.
We are a direct lender specializing in business-purpose bridge loans on non-owner-occupied investment properties.
Y
TMC Financing provides SBA 504 commercial real estate financing for owner-occupied properties in California and Nevada
at up to 90% LTV and below-market, long-term rates.
Y
CA OR WA
75
CA NV
NATIONWIDE except: DE HI ID MT ND SD TN VT WV WY
Silver Arch Capital is a nationwide commercial real estate lender. Quick closings on bridge loans outside the scope of
traditional banks/lenders. As low as 7%/2 pts.
75
AK CA CO HI ID NV OR TX UT WA
For California properties, contact the San Diego office at 858-751-0556.
E-mail us at info@sfgfunds.com; visit www.SeattleFundingGroup.com and call us at 888-SFG-FUND.
60
Direct Lender
NATIONWIDE
NATIONWIDE
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34
NATIONWIDE except: AK AZ CA MA MI MT ND NH NJ NV SD TN VT
No financials required, direct lender, not credit-driven,
fast approval and easy qualifications. All credit histories accepted!
Mortgage
Broker
90
A direct lender specializing in originating $1M-$25M short-term commercial mortgage loans on a national basis.
Closings typically less than 14 days.
50K
5.5M
NATIONWIDE
Private Lender
800-649-0311
kim@sfig.com
The Evergreen Advantage Management Inc.
65
Par pricing, broker rebates up to $20K, step-down prepay fees, no-cost 90-day rate locks; 3, 5, 7 & 10 yr. fixed programs.
Universal Bank is a 60-year-old savings institution based in Southern California, specializing in income-property lending.
2
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34

information.
47
DISPLAY
888-368-5116
www.riverdalefunding.com
info@riverdalefunding.com
Private Lender
Self-storage
buildings
DISPLAY
Riverdale Funding LLC
70
25
26
27
28
29
30
31
32
33
34
DISPLAY
214-227-9337
www.reverecapital.com
cbriner@reverecapital.com
1M
25M
Min
Max
LTV% DSCR
Mezzanine
Second mortgages
Nonrecourse
Joint ventures
Notes purchased
Agency lending
programs: HUD,
SBA, USDA, FNMA
15 Private money
DISPLAY
Revere Capital LLC
Min $
Max $
16 Agricultural
shop, oil change)
RV park, etc.)
9
10
11
12
13
14
Purchase
Cash-out refinance
Bridge loans
Business loans
no real property)
financing
DISPLAY
LENDER NAME
1
2
3
4
5
6
Minimum and
maximum loan size
property types and/
without notice.
PROPERTY TYPES
DISPLAY

loans and more.
Every loan has a story...
We are the White Knight
hether you seek bridge financing because
In most cases, we will review and reply to your
of bank ineligibility, a timing crunch, an existing
inquiry within 24 hours. We can even assist you
loan maturity or another reason, were here to help.
in negotiating with your current lender.
FIRST LIEN FINANCING FOR:

Multi-family
Retail
Office
Mixed-use
Warehouse
Non owner-occupied
residential
Loans from $1mm to $10mm
Interest-only
Competitive Rates
Up to 75LTV
Non-recourse available
12- 60 mo terms
Quick close possible
Nationwide
www.LancewoodCapital.com
Toll free: (866) 839-0337
Email: info@lancewoodcapital.com
Brokers welcome & protected
Purchase
Refinance
Bankruptcies
Workouts
Foreclosures
Rehabs
Note Purchases
1031 Exchanges
Foreign Nationals
Restructurings


<< Continued
LOAN LIMITS
100K
5M
866-505-FUND (3863)
www.velocitymortgage.com
info@velocitymortgage.com
75
Direct Lender
250K
5M
Wilshire Finance Partners Inc.

800-369-9457
www.WilshireFP.com
sg@wilshirefp.com
65
1.15
Direct Lender
100K
3M
Windvest Capital
619-285-0777x205
www.windvestcorp.com
tim@windvestcorp.com
65
Direct Lender
10K
2M
World Business Lenders LLC

212-293-8235
www.wbl.com
afausel@wbl.com
Min $
Max $
Min
Max
LTV% DSCR
Self-storage
buildings
California AG real estate loans parcels down to 5 acres with a home. Vineyard, orchards, cattle and other AG uses. Up to 70% LTV,
fixed and adjustable interest rates.
Y
AZ CA OR WA
Velocity is a direct, wholesale lender offering 'No Income Verification' financing for investment and commercial props.
Broker rebates & correspondent relationships available.
Y
CA CO FL HI MD NM OR TX UT VA WA
25
26
27
28
29
30
31
32
33
34
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34
NATIONWIDE
75
Direct Lender
LENDER NAME
CA
Bank
Velocity Mortgage Capital
Mezzanine
Second mortgages
Nonrecourse
Joint ventures
Notes purchased
Agency lending
programs: HUD,
SBA, USDA, FNMA
15 Private money
Non-bank loans. Direct, portfolio lender specializing in small-balance bridge loans on

residential, multifamily and commercial real estate. Minimum loan outside of CA is $1M.
Y
We specialize in bridge loans, flexible terms & quick closings with generous broker programs. Our team is very
easy to work with, call us today for same-day pre-approval.
Y
NATIONWIDE
Business loans secured by real estate. Any position mortgage. 75% LTV on commercial/residential (owner-occupied OK).
50% LTV on land. Annual business revenue >/= $500K.
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34

information.
terms and availability may not reflect the latest changes. Please contact lenders directly for the most-recent program details. If you believe data is inaccurate or misrepresented, please e-mail: matrixfeedback@scotsmanguide.com.
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DISPLAY
70
16 Agricultural
shop, oil change)
RV park, etc.)
9
10
11
12
13
14
DISPLAY
DISPLAY
DISPLAY
661-371-2024
www.valleyrepublicbank.com
m.love@vrbank.com
DISPLAY
Min
Max
LTV% DSCR 1
500K
50M
Valley Republic Bank
Purchase
Cash-out refinance
Bridge loans
Business loans
no real property)
financing
49
DISPLAY
Min $
Max $
LENDER NAME
1
2
3
4
5
6
Minimum and
maximum loan size
property types and/
without notice.
PROPERTY TYPES
DISPLAY

loans and more.
51
<< Distressed continued from Page 51
Commercial property has had a prolonged priceappreciation period since the depths of the financial
crisis. The long run-up raises the possibility of a cyclical
downturn ahead and, with it, the potential for commercial real estate distress is once again rearing its head.
If other slumps experienced over the past 40-plus
years are an indication, a downturn will be accompanied by increasing interest in new ways a receiver, trustee, partition referee or other court-appointed third
party can enhance a lenders or servicers recovery. In
some cases, methods and strategies may not even be
new, just unfamiliar to newer asset managers, as well
as to commercial mortgage brokers and their clients.
This is an opportune time to catch up on these issues,
before there are wide-ranging problems in the market.
The protective role of a receiver an independent
third party appointed by the courts to take possession and control of secured assets while legal action
is pending is a very old remedy that had a bit of a
resurgence after the collapse of the savings and loan
industry several decades ago. It did not diminish with
the arrival of commercial mortgage-backed securities
(CMBS) as a new financing source for commercial real
estate, and in more recent cycles has become more
commonplace each year.
Protecting lenders
The receivers primary role of protecting the security
interest of the lender used here as a generic term to
include CMBS servicers is only a small part of what
can be accomplished through receivership. As many
asset managers have learned, a monetary default is often only one indication of financial difficulties.
A distressed borrower typically will have deferred
some repairs and maintenance, marketing expenses,
franchise fees, insurance, taxes and a host of other operating costs before missing the big one that sends a
property into receivership. Extending those additional
defaults and the resulting damage to the value of the
asset while waiting to complete a foreclosure (or other
solution) can greatly exceed the cost of a receivership
appointment.
A skilled receiver will be able to assess the extent
of any damages and starts with a clean slate. The appointee is not responsible for any debts or obligations
incurred prior to the appointment, which remain those
of the owner.
Varied responsibilities
Working with a sense of urgency and cost-efficiency,
the receiver will keep a close eye on a lenders ultimate
recovery. A receiver may be able to quickly renegotiate
or even terminate unfavorable contracts, defer some
obligations until the next owner is found, calm worried
employees and vendors, and establish solid controls
and reporting systems, all with the intent of making
the property attractive to a new buyer and demonstrating opportunity for even greater upside.
Additional functions of a receiver include applying

for and/or maintaining necessary permits and licenses;
verifying that documents are being properly recorded;
securing approvals; selecting and monitoring vendors
and contractors; and, most importantly, assuring the
project moves along carefully and swiftly.
Other troubleshooting tasks a receiver can tackle
include the following:
Insurance issues: In a case where a property has
been damaged and insurance proceeds are due,
receivers can collect all proceeds from multiple insurers and dispute those that they dont feel are appropriate. In addition, a receiver would determine
if adequate insurance is in place, and reinstate or
replace recently canceled policies.
Tenant improvements: In multifamily properties,
tenant units may need immediate work to meet health
and building code standards. Office buildings may
need tenant improvements to be able to increase occupancy and drive value for future sale of a property.
In these cases, the lender may decide to cover costs
for the improvements based on the receivers research
and recommendations. In contrast, providing funds to
a defaulting borrower would not be considered, particularly if the borrower has already demonstrated a
lack of ability in leasing and/or construction.
Refinancing: A receiver may be appointed by
stipulation of both parties, when a lender has
confidence in the availability of a new buyer and/
or refinancing, but is less comfortable having the
existing borrower in place during the process. A receiver can then immediately begin creating value
through market-rate renewals, new leasing, property improvements, and by cleaning up financial
reports, on which new financing is based.
In a recent case, the borrowers property had
100,000 square feet of vacancy, which prevented refinancing. A letter of intent had been negotiated for
a tenant to take the entire space, but the borrower
did not have the funds for the tenant improvements.
The receiver was able to execute the lease, manage the construction with funds provided by the
existing lender, and keep the borrower in place as
day-to-day manager under the receivers control.
Bill Hoffman is chairman and CEO of Trigild, a national real estate services company specializing in property/asset management. He
also is an attorney admitted to practice in California and New York, a licensed real estate broker in multiple states, and an operator of
nearly 3,000 commercial real estate properties and related businesses for owners and lenders. Hoffman has been appointed by state
and federal courts as a receiver or bankruptcy trustee in over 700 cases. Reach Hoffman at bill.hoffman@trigild.com.
52
Matrix: Multifamily Lenders

Search matrix: ScotsmanGuide.com/Multifamily
Arbor Commercial Mortgage LLC
DISPLAY
DISPLAY
800-Arbor-10 (272-6710)
go.arbor.com/multifamily
requests@arbor.com

866-885-4252
BofI Federal Bank

888-778-7109
www.bofifederalbank.com
multifamilylending@bofifederalbank.com

888-257-8051
ehart@bridgelf.com
Budget Mortgage Corp.
DISPLAY
800-225-6267
www.budget.loans
info@budget.loans
1.25
65

800-819-4199
www.cherrywood.com
info@cherrywood.com
518-435-1119
www.cmnfunding.com
info@cmnfunding.com

206-576-1292

714-908-5100
info@fbfloans.com

800-752-9533
www.fidelityca.com
FMC Lending
888-297-4440
fundmortgagecapital.com
LENDER NAME
200K
5M
75
1.2
70
70
1.2
75
1.2
80
1.2
80
Direct Lender
250K
50M
80
1.15
Direct Lender
50K
15M
60
Direct Lender
50K
35M
95
Direct Lender
Min $
Max $
Max Min
LTV% DSCR
NATIONWIDE
10
11
12
13
14
15
CA
22
23
24
25
26
27
Small & large-balance programs available. We can provide some of the most competitive MF pricing in the US.
Contact Scott at 518-703-5756 or smarchand@cmnfunding.com.
Y
Nationwide direct lender offering quick underwriting and fast funding.

We like looking at all income-producing opportunities.
Y
We close loans. Bank pricing, broker friendly. FBFLOANS.COM offers 3 easy steps to submit. Complex clients welcome.
You'll enjoy our full service platform.
Y
Equity-based loans on commercial property value. Immediate decisions and fast funding. Long-term loans.
No prepayment penalties.
Y
1
21
NOO residential California real estate. Business purpose only, no prepay and non-recourse available, fixed 1-5 years.
CalBRE Broker #01891885
CA
20
Californias direct portfolio lender. Fast funding on residential and commercial properties. Contact us at ehart@bridgelf.com or
call us at 714-264-4660 direct.
NATIONWIDE
19
APEX, a subsidiary of Firstrust Bank, offers fixed loans with terms up to 25 years.
NATIONWIDE
18
BofI Federal Bank is a nationwide multifamily lender. We are a wholesale shop that offers A, B, and C price products
for multifamily and mixed-use.
NATIONWIDE
17
Stable properties near metro areas 250,000+. No minimum FICO, 5-year fixed from 3.9%, 30-year, multifamily,
student housing, mobile home parks. Bridge loans also available.
CA
16
Top small-balance (<$5M) multifamily direct lender. Top 10 Fannie Mae/Freddie Mac lender;
dedicated FHA, CMBS and bridge platforms.
NATIONWIDE
Private Lender
5M
50M
NATIONWIDE
Direct Lender
50K
100M
Direct Lender
50K
5M
1.2
Bank
100K
10M
80
Direct Lender
300K
25M
NATIONWIDE except: AK AL HI MI ND NV VT WA
Direct Lender
1M
25M
Mortgage
Bank
Direct Lender
CMN Funding
DISPLAY
1M
100M
70
22 Fannie Mae DUS

23 Freddie Mac:
Program Plus
24 HUD
25 Securitized
mortgage programs
26 Bank portfolio
27 Private money
Purchase
Cash-out refinance
Bridge loans
Foreclosure avoidance
Mezzanine
Nonrecourse
Joint ventures
Second mortgage
Loans based on credibility of real estate, not the borrower. Direct portfolio lender.
No upfront fees. Rates start at 3.75%, 5 yr., alt-doc OK, no prepay.
6
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27

information.
DISPLAY
877-512-9622
www.apexmtg.com
25K
1M
Max Min
LTV% DSCR
13
14
15
16
17
18
19
20
21
PUDs
Assisted living
Senior housing
Student housing
Low-income
DISPLAY
APEX Mortgage Corp.
Min $
Max $
8
9
10
11
12
Apartments
Corp. apartments
Hi-rise apartments
Apts. over retail
(mixed-use)
5 Condo building/complex
6 Lofts
7 Manufactured housing
FUNDING TYPE
53
DISPLAY
DISPLAY
LENDER NAME
1
2
3
4
Minimum and
maximum loan size
property types and/
without notice.
LOAN PURPOSE / TYPE
DISPLAY
Multifamily lenders provide loans for properties

with five or more units, apartments, low-income
housing, student housing and more.
PROPERTY TYPES
DISPLAY
LOAN LIMITS
DISPLAY
<< Distressed continued from Page 52
When the tenant improvements were

completed, the borrower was able to
refinance and pay off the first lender,
and the receiver then returned possession to the borrower.
Borrowing money: A lender may

be prepared (particularly if forewarned) to fund operating losses of
the business in order to maintain or
enhance the ultimate sale value of
the asset. If this is anticipated, the
order appointing the receiver may
grant permission for the receiver to
borrow money. The loans can be added to the underlying indebtedness as
additional advances, or receivers
certificates can be issued as a senior
debt, which can be repaid as soon as
funds allow, and need not wait until
the receiver is discharged.
Borrower
bankruptcy: In some
cases, a property owner may decide
to file bankruptcy as soon as the
motion to appoint a receiver is filed,
or even earlier. This leaves the owner
of the property in place as a debtor in
possession," including limiting the borrowers use of lenders cash collateral.
In the event the defaulting property
owner files for bankruptcy protection
to regain custody of the property after a receiver has been appointed
and the lender intends to quickly file
a motion in court contesting it the
receiver may be excused from returning
1-4 UNIT
RENTAL
PROPERTY
Program
Thank you for your business and for

working with us over the last two years.
PROGRAM HIGHLIGHTS
Includes 2, 3 and 4 Unit Properties
Cherrywood Commercial has been working hard to create

a finance company that best serves the small-balance
commercial real estate community. We continue to build
and improve our company in order to better serve you.
Includes non-warrantable condos
We are excited to announce our 1-4 Unit Rental Property

Program as an additional product to our platform. This
loan program is designed to help investors grow their
investment portfolio through refinancing their existing
properties or purchasing new assets.
Stepdown Prepayment - 3, 2, 1
Rates as low as 6.75%

Loan Amount from $75K to $2MM
Cash-Out up to 70% LTV
650 Minimum Credit Score
NO Tax Returns
NO Global DSCR
800.819.4199|cherrywood.com
Connect with us on
Cherrywood Commercial Lending, LLC is licensed in California as a finance lender under the California Finance Lender Law, License 603 L126.
54
possession immediately, if it is likely

that would endanger the value of the
property. In those cases, the court
may appoint a third person as trustee, or have the receiver remain in
possession of the collateral, making
the receiver an agent of the bankruptcy court under a variety of titles.
Complexities
A receiver also may be given authority to
sell the asset an increasingly common
move as the economy enters a downcycle. Federal receivership rules already
have a specific provision allowing the
receiver to sell any or all of the assets in
the receivership estate, subject to court
approval. Most state courts receivership
rules are less specific and do not automatically provide the receiver with the
power to sell, however. In the case of a
bankruptcy action, the court may decide
to appoint a liquidating trustee for the
specific purpose of selling the asset(s)
and then distributing the funds to various parties. In any event, a receiver can
help expedite a sale.
Receiverships also can help deal
with the complexities of operating
businesses, such as hotels, country
clubs, water parks and restaurants.
Receivers are capable of handling
payroll and employment matters, tax
liabilities, vendor and supplier relationships, utility services, special permits,
professional certifications and inventories
that may require immediate attention.
Each state has its own foreclosure
laws and receivership rules. California,
for example, is known as a trust deed
state rather than a mortgage state. A
distinguishing characteristic is the matter of who holds the title to the property until the underlying loan is paid off.
In certain cases, if the lender has
foreclosed and the sale of the property
is insufficient to fully repay the lender,
that lender may take action against the
borrower for the amount of the deficiency. This is an increasingly used tool,
but step one is always to first determine
if the borrower holds other assets of
value. In a post-judgment action, the
receiver may seize and sell any of the
borrowers assets until all obligations
and expenses are satisfied, at possibly
little or no expense to the lender.
n n n
If commercial real estate distress

mounts, there is likely to be another
onslaught of receiverships. With this
in mind, it is important for brokers, investors and lenders to remember that
the receiver has a critical role as an impartial third party who can oversee and
protect a troubled asset. n


<< Continued
LOAN LIMITS
Hunt Mortgage Group
DISPLAY
DISPLAY
COVER
949-221-6684
www.huntmortgagegroup.com
rick.warren@huntcompanies.com

800-342-8500
Key Capital Mortgage
250K
25M
1M
none
949-525-9311
www.money360.com
North Star Lending LLC

424-279-3735
www.nslfinance.com
bob@nslfinance.com
1.25
80
1.25
1M
50M
70
949-864-8085
www.ppbi.com
tcody@ppbi.com
877-700-3707
www.calhardmoney.com
info@calhardmoney.com
Prescient Capital
Management LLC
30K
1M
70
1.2
Direct Lender
250K
30M
60
Direct Lender
1M
15M
100K
3M
500K
50M
25K
5M
75
949-517-0824
Lending.Sabalfin.com
Jason.Hull@sabalfin.com
LENDER NAME
NATIONWIDE
10
11
12
13
14
15
16
17
18
19
20
21
65
75
75
1M
9M
75
0.55
Direct Lender
350K
6M
75
1.25
Bank
1M
5M
80
1.2
Private Lender
Min $
Max $
Max Min
LTV% DSCR
24
25
26
27
Agency lender with a dedicated small-loan practice. Please e-mail or go to our website.
Y
Lone Oak Fund LLC is a direct portfolio lender offering first trust deeds on investment properties.
Fast closings. 7.9-9.9% interest only. Up to 60% LTV. Brokers protected.
Y

Y
CA Reliable financing of commercial purpose loans. Brokers protected. Interest-only terms with no pre-payment penalty options available.
NSLfinance.com
Y
AZ CA CO NV OR WA
23
We offer a variety of direct loan products including conventional, investment property, construction and private loans
to accommodate your needs.
CA
1.2
22
CO CT DC DE FL GA LA MA MD NC NH NJ NY OH PA RI SC TX WI
Key specializes in the commercial real estate loans
that do not fit the criteria of traditional banks. Rates start at 7.5% for a 30-year, fully amortizing loan.
Private Lender
866-781-1142
www.myprovident.com
Sabal Financial Group LP
22 Fannie Mae DUS

23 Freddie Mac:
Program Plus
24 HUD
25 Securitized
mortgage programs
26 Bank portfolio
27 Private money
Purchase
Cash-out refinance
Bridge loans
Mezzanine
Nonrecourse
Joint ventures
Second mortgage
262-244-0797
www.pcm-funding.com
Provident Bank
Bank
PB Financial Group Corp.
Direct Lender
310-826-2888
www.loneoakfund.com
Money360 Inc.
80
Private Lender
844-450-6685
Lone Oak Fund LLC
Max Min
LTV% DSCR
13
14
15
16
17
18
19
20
21
PUDs
Assisted living
Senior housing
Student housing
Low-income
COVER
801-746-0800
www.gatewaycp.com
info@gatewaycp.com
Min $
Max $
8
9
10
11
12
Nationwide SBA Preferred Lender. CRE and MFR financing available in Western US. Construction lending
available in Southern CA.
Y
CA NV
Short PP; rates from 8.25%-11.99%; 1st and 2nd; we do our due diligence before we issue an LOI; not an LOI to do our due diligence.
E-mail scenarios to info@calhardmoney.com.
NATIONWIDE
See Directory for a listing of loan officers and contact information or call: 866-781-1142.
Y
NATIONWIDE
Prescient Capital consistently works with a select group of intermediaries around the country and these relationships
continue to bring prospective credit opportunities.
CA
Y
Exclusively funding small balance ($1M-$5M, up to $7.5M on highly affordable product).

Closing in as little as 26 days. Wholesale only.
4
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27

information.
55
DISPLAY
Apartments
Corp. apartments
Hi-rise apartments
Apts. over retail
(mixed-use)
6 Lofts
FUNDING TYPE
DISPLAY
LENDER NAME
1
2
3
4
Minimum and
maximum loan size
property types and/
without notice.
LOAN PURPOSE / TYPE
DISPLAY

PROPERTY TYPES
Welcome to the Digital

Age of Commercial Property
The brave new world of technology is expanding vistas
for mortgage professionals and borrowers
By Tommy Snyder
nderwriting, articulating and valuing

commercial real estate have long involved
the tedious task of entering numbers into
spreadsheets.
In the pre-digital era, investors who were in the
game often played in a small area, where they found
properties locally and had access to previous owners
and brokers who could give them some insight into
property performance. They had a comfort level with
the economics of their region, and being able to touch
and feel meant that they were comfortable investing
in that space.
Although the commercial real estate industry has
been slow to embrace technology, it finally has found
itself wrapped in the binary code of ones and zeros.
Technology has revolutionized the purchase and sale
of commercial real estate worldwide.
As a commercial mortgage broker, it pays to understand and embrace the technology. In the process, you
will gain credibility with clients who have embraced it
themselves and have the opportunity to be of service
to less tech-savvy investors.
Related Articles
For more articles on

emerging technologies
Transformative Technology,
Joe Derhake,
June 2016
Interconnected market
As late as 2010, a majority of master/special servicers
did not even have all of their documents in electronic
format. Investors looking to purchase properties from
these servicers often did not have access to the information they needed to conduct effective due diligence.
A half-decade ago, there were no third parties handling these sales. They were carried out from the offices of the servicer, and the steps were very clunky.
Today, this process has given way to partnerships with
online auction sites and a new age for purchasing and
selling commercial real estate.
Aided by technology, investors have access to new
opportunities and possess a greater ability to consider
properties from all over the world. Due-diligence information is at their fingertips in electronic form. They are
able see the properties online, and loan-sale advisors
are just a call away to help investors answer questions
about real estate they are interested in purchasing.
Todays investors can underwrite, evaluate and purchase commercial properties from a desktop, laptop or
tablet computer. The microcosm of investing 20 years
ago has expanded, and portfolios now contain properties located wherever investors have an interest, not
just in their backyard.
Only a few years ago, your clients options may
have been limited to a fairly narrow geographic area.
It is now possible, however, for the client to gather
56
data on a much broader level and, for a fee, have

direct access to all of the information necessary to
make an informed purchase decision based on solid
market analysis.
High-tech inspections
Commercial-property inspections also have become
technology-driven operations. Its worthwhile to
understand and to tell your clients about the efficiencies that can be gained by using the most modern
inspection processes.
Third-party inspectors now commonly use online
platforms, and site inspectors in the field have thrown
away pens, paper and even digital cameras, and
replaced them with tablet computers. Inspectors
gather all of their information on a mobile device
through a custom app, and that information can now
be seen and archived through a web-based portal,
giving potential investors real-time information without ever leaving their desks.
The process of inspecting a roof, which required
insurance for the inspectors and permission from
the property owner, changed with the introduction of drone technology. Now, an investor can hire
a third-party roof inspector and, through the use of
a drone, will receive digital video footage of a roof
without stepping foot on a ladder or having to fly to
Speed and Information Are Reshaping the

Mortgage Business,
Paul Cleary,
June 2016
Technology Amplifies Market Intelligence,
Ely Razin,
April 2016
Competing in the Cloud,
Joe Matthias,
January 2016
View these articles and more at
ScotsmanGuide.com
Tommy Snyder is president of 1619 Capital Partners,

a Dallas/Fort Worth-based investment-consulting company
that specializes in commercial real estate lending and investment. After more than nine years with C-III Capital Partners,
Snyder left to form his new company offering clients a
range of expertise, from loan restructures and lending
products to investment opportunities and guidance
through the world of note and REO auctions.
Reach Snyder at tommy@1619cp.com.


<< Continued
888-988-8843
info@silverhillfunding.com

1M
100M
250K
1M
2M
100M
800-369-9457
www.WilshireFP.com
sg@wilshirefp.com
80
1.2
1.2
70
1.15
Direct Lender
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
Y
Silver Hill provides direct funding nationwide for small-balance
commercial mortgages from $250K to $1M.
Par pricing, broker rebates up to $20K, step-down prepay fees, no-cost 90-day rate locks:
3, 5, 7 & 10 yr. fixed programs.
Y
NATIONWIDE

Y
Silver Arch Capital is a nationwide commercial real estate lender. Quick closings on bridge loans outside the scope of
traditional banks/lenders. As low as 7%/2 pts.
CA OR WA
10
NATIONWIDE except: DE HI ID MT ND SD TN VT WV WY
75
NATIONWIDE
75
1.2
For California properties, contact the San Diego office at 858-751-0556.
E-mail us at info@sfgfunds.com; visit www.SeattleFundingGroup.com and call us at 888-SFG-FUND.
NATIONWIDE
Direct Lender
250K
5M
Mortgage
Broker
Bank
100K
5M
Velocity is a direct, wholesale lender offering 'No Income Verification' financing for investment and commercial props.
Broker rebates & correspondent relationships available.
Y
Non-bank loans. Direct, portfolio lender specializing in small-balance bridge loans on

residential, multifamily and commercial real estate. Minimum loan outside of CA is $1M.

LENDER NAME
Min $
Max $
Max Min
LTV% DSCR
10
11
12
13
14
DISPLAY
DISPLAY
DISPLAY
75
Direct Lender
800-463-0687
karla.miranda@unionbank.com
866-505-FUND (3863)
75
Private Lender
500K
10M
Direct Lender
800-649-0311
kim@sfig.com
Union Bank
65
22 Fannie Mae DUS

23 Freddie Mac:
Program Plus
24 HUD
25 Securitized
mortgage programs
26 Bank portfolio
27 Private money
Purchase
Cash-out refinance
Bridge loans
Mezzanine
Nonrecourse
Joint ventures
Second mortgage
DISPLAY
250K
12M
Max Min
LTV% DSCR
13
14
15
16
17
18
19
20
21
PUDs
Assisted living
Senior housing
Student housing
Low-income
DISPLAY
Silver Hill Funding
866-451-2932
Min $
Max $
8
9
10
11
12
DISPLAY
DISPLAY
DISPLAY
888-734-3863
info@sfgfunds.com
Apartments
Corp. apartments
Hi-rise apartments
Apts. over retail
(mixed-use)
6 Lofts
FUNDING TYPE
15
16
17
18
19
20
21
22
23
24
25
26
27

information.
CCCCCCCCCCC II KKK
Small Balance Multifamily &
Commercial Real Estate Bridge Loans
(800) 369-9457 sg@wilshirefp.com

This communication is intended for real estate professionals only and is not a commitment to lend. Rates and terms subject to change.
Wilshire Finance Partners, Inc. CA Bureau of Real Estate Broker Lic. #01523207 and CA Department of Business Oversight Lic. #603K729
57
DISPLAY
DISPLAY
DISPLAY
LENDER NAME
1
2
3
4
Minimum and
maximum loan size
property types and/
without notice.
LOAN PURPOSE / TYPE
DISPLAY

PROPERTY TYPES
DISPLAY
LOAN LIMITS
<< Digital continued from Page 56
a city that is hundreds of miles away.

Everything is reported electronically
and can be accessed from the comfort
of a broker or investors office.
Investors who purchase properties
using the new technologies available,
especially those acquiring distressed
properties, previously had to hire
brokerage companies where the
properties were located which could
have been hundreds or even thousands
of miles away from an investors office. The relatively recent advances
New platforms and online applications will

make the future of commercial real estate an
automated marvel.
in technology, combined with the
increased prevalence of online-leasing
platforms, have dramatically increased
the scope of business for brokers and
investors who once operated strictly
local businesses.
Online transactions
Commercial-property management companies also have adapted to the shift toward technology-driven operations. Lease
management and accounting today is all
handled through third-party software.
Tracking leasing activity, making maintenance requests and even collecting rents
online have made property management
more efficient and cost-effective than
ever. Investors can have highly detailed
management reports at their fingertips
within minutes.
On yet another front, when a distressed property has been stabilized,
and the time has come to sell, there are
numerous online auction platforms that
can present that property to potential
investors worldwide. Online auctions
have enormous contact data bases,
with the names and property types of
everyone who has participated in the
process. They use these databases to
connect your property to potential investors. When investors sign up at the
online auction site, they even can filter
the searches and choose which specific
property types they want to be alerted
to as potential acquisition targets.
Signing up to participate in an online
property auction has become a simple
task as well. Investors simply fill out an
online form, show proof of funds and
submit a bidders deposit via an electronic wire transfer. Once investors are
approved, they are ready to participate
without leaving their offices.
n n n
The tech tools that are available today

have, for the most part, only surfaced
within the past six years, and are just
beginning to transform how business
is conducted in the commercial property market. New platforms and online
applications will make the future of
commercial real estate an automated marvel. As younger analysts with
tech savvy rise through the ranks of
the commercial real estate business,
spreadsheets and printer paper will
fade away.
Players throughout the industry are
embracing technology as never before.
The commercial real estate market is a
more efficient, fast-paced business today because of technological advances. It also is an industry that presents
an opportunity for more brokers to
help clients capitalize on the evolving
technological landscape. n
58
Summit Financial
and inveStment
Group
Creative FinanCial SolutionS For your

unique CommerCial real eState tranSaCtionS
Broker Submissions Accepted
Loan tyPes
equity ParticiPation
Construction
Acquisition and Development
Permanent
Bridge
Renovation/Rehabilitation
Refinancing
Land (no land-only loans)
Hard Money on a select basis
SFIG can arrange equity participation

to facilitate a transaction in
conjunction with debt financing.
ProPerty tyPes
Loan Parameters
LTV 60%-75% subject to property type
LTC 65%-75% subject to project type
Minimum loan amount for USA-based transactions
is $2MM USD. For selected International
transactions the minimum is $10MM USD.
No maximum loan amount (subject to underwriting)
Mixed Use
Retail (Anchored and Unanchored)
Office Buildings
Hotels
Resorts
Single Family Subdivisions
Golf Courses
Condominiums/Apartments
Industrial
Marinas
Special Purpose Properties
Phone: 800.649.0311 or 801.944.4320 Fax: 801.944.4322 E-mail: sfig@sfig.com www.sfig.com

10421 South Jordan Gateway, Suite 600 South Jordan, Utah 84095 Real Estate Investment Bankers
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Humphreys & Partners
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IPA
KIG
Luther Burbank Savings
Marcus & Millichap
Mike Rovner Construction
NorthMarq Capital
Patch of Land
Pinnacle
RealPage
RED Capital Group
Rentlytics
Ten-X
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EXECUTIVE SPONSORS:
Ascent Multifamily
Koss Resource
MVE + Partners
Walker & Dunlop
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FEATURED SPEAKERS: Brad Cribbins, Alliance Residential; Bob Hart, TruAmerica; Angela Kleiman, Essex;
COCKTAIL RECEPTION SPONSOR:
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Alliance Residential
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Sponsorship: Kristi Procopio 858.775.7297 kprocopio@alm.com

General Info: Emily Lettieri 212.457.7765 elettieri@alm.com
Registration: Kaiser Kennedy 212.457.9618 kkennedy@alm.com
59
s
e
t
Ra
t
a
g
tr in
sta
%
0
5
.
6 $100 Million
Available Now!
Quick bridge solutions for non-standard loans nationwide

$1- $25+ Million
Maximum LTV
70%
Lien Position
First
Timing
Maximum Loan Term
Acceptable Markets
Fees
Minimum DSC
Minimum Personal
FICO score
2 Week Closings
$3.7 Million - Retail
3 Years
Urban/Suburban
2% 3%
Case by Case
$6.3 Million - Apartment
None
Multifamily, Hotel,
Property Types
Office, Retail, SelfStorage, Warehouse,

Business Park,
Mobile/RV Park
$7.5 Million - Hotel
$2.9 Million - Industrial
Call us today at 866.880.0079 to discuss your loan or visit AvatarFinancial.com for more information.
Offices:
Seattle
Los Angeles
New York
Matrix: Hard Money Lenders

Search matrix: ScotsmanGuide.com/comhardmoney
LOAN LIMITS
Hard money lenders generally give more
consideration to the value of a property/
collateral than to debt-service-coverage ratios.
Loan-to-value ratios are usually less than
75 percent. These lenders specialize in unique,
hard-to-find loans and sometimes are known
as private, equity or portfolio lenders.
LENDER NAME
A.S.K. Investments Inc.
Minimum and
maximum loan size
property types and/
without notice.
5
6
7
Min $
Max $
Max Max
LTV% Term
none
none
15
10 Notes purchased
11 Joint ventures
12 Rehab/remodel/
renovation
13 Corporations,
trusts and legal entities
14 Foreign nationals: no
green card
15 Nonrecourse
Purchase
Cash-out refinance
Acquisition and
development
Bridge loans
Blanket loans
Balloon payments only;
no periodic payments
Second mortgages
Mezzanine
PROPERTY TYPES
16 Churches, temples, synagogues

17 Land (bare, commercial, lot,
subdivision)
18 Automotive (no gas, body shop,
oil change)
19 Retail (shops; strip malls;
anchors; c-stores)
20 Entertainment (nightclubs, bars,
theaters, etc.)
21 Gas stations (w/wo c-store)
RV park)
23 Hospitality (hotels, motels,

condotels, B&B)
24 Industrial (manufacturing,
mining, distribution)
25 Mixed-use properties
26 Office (building, condo,
complex)
27 Ranches and farms:
income producing
28 Residential investment
properties
29 Restaurants
30 Self-storage
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
Private Lender CA
559-825-6650
www.agricapitalinc.com
Scott@agricapitalinc.com

813-341-3654 x137
www.aileroncap.com
Alera Management Group

503-747-6910
www.aleramanagementgroup.com
ben@aleramg.com
Alliance Portfolio Private

Equity Finance
Private Lender
100K
3M
800-247-8212
loans@alliedcommercialfunding.com
Alpha Funding Solutions LLC

732-657-2014 x304
www.alphafundingsolutions.com
info@alphafunding.com
American Savings
Life Insurance Co.
65
500K
5M
70
Direct Lender
100K
3M
70
Direct Lender
100K
5M
65
150K
50M
65
30
100K
10M
CA
65
250K
8M
65
15
50K
1M
1M
25M
602-381-0238
www.artemisrealtycapitalllc.com
greg@artemisrealtycapitalllc.com
70
25
Min $
Max $
OR WA
Weve been making NOT SO HARD MONEY loans for over 60 years. We fund with our own capital and
we underwrite and service all our loans in-house.
AZ CA CO FL ND NM NV OR TX UT WA
Call for quick approval. Visit our website.
Southern California. Closing within 5 to 10 business days.
AZ CO NM NV TX UT
California only. 1st and 2nd trust deeds.
Direct private-money lender. Up to 70% LTV. Quick and creative financing to meet your needs on deals/projects that
fall outside the scope of bank approval. NMLS #1209239
80
Max Max
LTV% Term
AL AZ CA CT FL GA IL LA MO NC NJ NV NY OH OK PA SC TN TX UT VA
Up to 70% LTV. Target loan size $1M-$5M on
improved properties with clear exit strategy. No land at this time.
NATIONWIDE except: AK AL HI MI ND NV VT WV
Direct Lender
Agri Capital Inc. is a California direct lender specializing in agricultural properties.
Mortgage
Bank
Broker friendly, close fast! NOO 1-4 residential, commercial, fix-n-flip to $950K. We do not lend on owner occupied.
Southern California only, Los Angeles & nearby counties.
Direct Lender CT FL MD NJ NY PA
877-512-9622
www.apexmtg.com
LENDER NAME
Direct Lender CA
Insurance Co.
Artemis Realty Capital LLC
Private Lender CA
888-526-3008
www.alfcorp.com
ae@alfcorp.com
APEX Mortgage Corp.
Direct Lender CA
949-349-1322
www.AlliancePortfolio.com
jperry@allianceportfolio.com
Allied Commercial Funding Corp.
10
No gas stations.
Direct private portfolio lender. Brokers protected. We specialize in bridge loans on

all asset types. Quick closings!
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

information.
61
DISPLAY
Agri Capital Inc.
65
DISPLAY
818-707-3452
www.AgouraHillsFinancial.com
allyson@agourahillsfinancial.com
50K
1M
DISPLAY
Agoura Hills Financial
DISPLAY
1
2
3
4
8
9
800-834-6544
DISPLAY
The Blanket-Mortgage Advantage

Pursuing portfolio loans for residential property
pools can prove to be a profitable niche
By Tim Leber
ets take a step back and analyze the reasons

why commercial mortgage brokers have
not had a strong focus on the residential
income-property portfolio space. The first
misconception to address is that arranging financing
for pools of rental homes and small multifamily properties will be time-consuming.
This notion may have been true 10 years ago, when
the commercial mortgage-backed security (CMBS)
space had seen very few conduit deals arranged for
mortgage pools involving varied property assets. Back
then, outside of some creative transactions arranged
through investment banks or regional banks with
large private clients, midlevel and quasi-institutional
investment groups simply could not find a one-stop
shop for structuring blanket financing for these property pools. That is no longer the case, given the host of
lenders that now have experience in arranging some
share of the hundreds of billions of dollars in CMBS
conduit financing currently in play in the market.
The second major concern that mortgage brokers
and borrowers share is the perceived complexity and
cost associated with arranging financing for these
large pools of residential assets. Commercial blanket
mortgages are loans structured to finance the purchase of multiple properties. This financing tool offers
a streamlined solution to the high closing costs associated with collateralizing hundreds of properties via
individual mortgages all with separate rates and
loan terms.
One way to think about blanket loans is that they are
similar to an institutional loan for a multifamily property. Instead of apartment units, however, borrowers are
financing the purchase of multiple separate properties
through a single blanket mortgage.
Attractive niche
The ease of having one interest rate, one payment,
and a drastically less-expensive and less-strenuous
closing-cost schedule lead many borrowers to choose
the portfolio blanket loan to save money upfront
even though the cost of capital might be comparable
to financing the assets individually in some cases.
Another important item that borrowers should understand is that this loan type requires some time-intensive
due diligence on the part of the broker or adviser in
order to execute the financing properly.
When it comes to a fragmented residential portfolio, truly understanding the blanket-loan product, as
well as the processes associated with it, can elevate
a brokers value and put that individual in a position
to command significant fees from clients. Being able
to navigate everything from the entity formation,
title-transfer process and insurance requirements on a
blanket mortgage allows a savvy broker to offer clients
62
Business opportunity
Related Articles
For more articles on niche lending

Become a Product Champion,
Melissa Foxall, August 2016
Stitched With Small Lending,
Ryan Boyle, April 2016
Traditional multifamily lenders targeting core apartment products compete with slim margins. With so
much competition among lenders and brokers to win
business, there is simply little room left in many cases
for a broker to fit a fee into the spread and still remain
competitive. The core asset classes are too well-understood
to have a lot of variation from lender to lender.
As result, more and more lenders are beginning to
offer solutions for out of the box financing requirements, such as the commercial blanket mortgage for
residential property pools. Because this type of loan
is a relatively new asset class (or at least not widely
understood), it offers brokers with the know-how an
opportunity to expand their business opportunities.
More often than not, brokers starting out in the
market are given a trial run financing-transaction
opportunity involving a more difficult property portfolio before private investors or large investor groups
will give them a shot at lining up financing for their
quality institutional assets. With fewer players in the
space and more ambiguity in terms of the asset profile,
these blanket-loan deals can provide savvy mortgage
brokers with an opportunity to offer a high level of service to their clients and to command a premium fee
as payment that would normally be unobtainable in
other more mainstream deals.
Brokers choosing to operate in this niche-lending
space not only have an opportunity to transact and
execute deals at a high level, but also to find new and
creative ways to finance assets that dont fit into the
mold of the mainstream lending community.
n n n
Knowing Your Niche Can Bolster Your Business,

Joe Mardesich, February 2016
Say Land Ho! with Private Capital,
Doug Esteves, August 2014
ScotsmanGuide.com
swift execution and near certainty of closing especially

if the broker is expertly familiar with the unique attributes of the residential portfolio product.
There is a true value to paying a well-versed adviser
or commercial mortgage broker to arrange financing
in order to take most of the headaches away from
the borrower in the negotiations and due diligence.
In an ever-competitive brokerage environment,
arranging blanket mortgages for single-family rentalproperty pools can prove to be a profitable niche for
mortgage brokers.
Brokering commercial blanket loans for residential

real estate is a market space that is becoming more
and more attractive. With the volatility in the capital
markets over the past year, borrowers with residential
holdings are beginning to turn to long-term commercial blanket loans as a means to maintain certainty in
an uncertain world. n
Tim Leber is an origination analyst at Colony American

Finance, a leading financier for residential real estate investors. Leber has spent his career in real estate finance. Prior
to Colony American, he was an associate at Newmark Grubb
Knight Frank, a commercial real estate advisory company.
He also has held positions at Grubb & Ellis and Morgenstern
Property Co. Leber is a graduate of the University of Arizona.
Reach Leber at timothy.leber@colonyamericanfinance.com.


<< Continued
DISPLAY
949-622-3409
alan@atlashospitality.com
DISPLAY
214-953-3188
www.baymountaincapital.com
katherine@baymountaincapital.com
DISPLAY
8
9
Min $
Max $
250K
10M
Bloomfield Capital
1M
25M
50K
10M
702-997-3009
www.bccnmi.com
alison.jarvis@bccnmi.com
1M
15M
800-225-6267
www.budget.loans
info@budget.loans
65
70
18
80
Direct Lender
1M
15M
75
Direct Lender
1M
50M
75
Direct Lender
100K
10M
888-257-8051
ehart@bridgelf.com
Budget Mortgage Corp.
70
Direct Lender
50K
5M
70
Direct Lender
Cache Private Capital

435-590-6350
www.cacheprivatecapital.com
kjones@cacheprivatecapital.com
Capstone Financial
602-692-2380
www.capstonefi.com
tstone@capstonefi.com
Century Capital Partners

877-335-5464
www.centurycapllc.com
info@centurycapitalfinance.com
LENDER NAME
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

condotels, B&B)
complex)
income producing
properties
29 Restaurants
30 Self-storage
Specializing in hotel/motel financing in Western states.

Y
Direct lending on income-producing commercial property. Brokers welcome and protected.
Private Lender TX
323-677-0550 x102
Bridge Capital LLC
65
Direct Lender NATIONWIDE except: AR MT
248-745-1700
deals@bloomfieldcapital.com
Bolour Associates Inc.
Max Max
LTV% Term

subdivision)
oil change)
anchors; c-stores)
theaters, etc.)
RV park)
Direct Lender AZ CA CO ID MT NM NV OR TX UT WA WY
866-885-4250 x106
Bay Mountain Capital
5
6
7
10 Notes purchased
11 Joint ventures
12 Rehab/remodel/
renovation
13 Corporations,
green card
15 Nonrecourse
Purchase
Cash-out refinance
Acquisition and
development
Bridge loans
Blanket loans
Second mortgages
Mezzanine
450K
5M
70
24
Direct Lender
50K
2M
80
Private Lender
200K
16M
65
Private Lender
Min $
Max $
Max Max
LTV% Term
NATIONWIDE
Certainty of funding: CPC Diversified Fund is a leading national private bridge lender, funding complex
projects with opportunistic circumstances.
Y
Capstone is a private lender focusing on loans $50K to $2M, small commercial and resi investment,
fix-n-flip and bridge are our DNA. Please contact us, brokers protected!
Y
NJ NY
NOO residential and commercial California real estate. Business purpose only, no prepay and non-recourse available,
fixed 1-5 years. CalBRE Broker #01891885.
NATIONWIDE
California's direct portfolio lender. Fast funding on residential and commercial properties.
Contact us at ehart@bridgelf.com or call 714-264-4660 direct or 888-257-8051.
NATIONWIDE
Direct commercial hard-money lender that expedites capital quickly for almost all property types in the
U.S. and globally. www.bccnmi.com
CA
CA NV
6.99% to 8% for loans up to 60% LTV, no prepay and non-recourse, 2-3 week closing.
Starting at 8% for loans up to 75% LTV, closing as quick as 5 business days.
INTERNATIONAL
Bloomfield Capital is the direct lender for your urgent deal. Please e-mail all new deal submissions to:
deals@bloomfieldcapital.com.
AZ CA NV TX
We focus on each borrowers individual circumstances in order to provide flexible and innovative solutions.
Specialist in NY/NJ area; will consider deals nationwide.
3
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information.
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Atlas Hospitality Group
1
2
3
4
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LENDER NAME
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maximum loan size
property types and/
without notice.
PROPERTY TYPES
DISPLAY

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<< Continued
800-819-4199
www.cherrywood.com
info@cherrywood.com
Civic Financial Services

424-336-7901
www.civicfs.com
info@civicfs.com
518-435-1119
www.cmnfunding.com
info@cmnfunding.com
DISPLAY
8
9
Min $
Max $
200K
5M
Max Max
LTV% Term
70
30
Direct Lender
100K
5M
75
Direct Lender
CMN Funding

206-576-1292
Commercial Loan Center LLC

800-959-2370
www.clcllc.net
info@clcllc.net
50K
100M
70
36
310-597-4001
www.CrosswindFinancial.com
info@CrosswindFinancial.com
Dominion Mortgage Corporation

310-477-3041 x133
www.dominfin.com
keitho@dominfin.com
Ellis Equity Lenders

800-816-7583
www.ellismanagementco.com
bvh@ellislend.com
Endeavor Capital LLC

617-971-9700
www.Endeavor.com
5M
50M
75
Direct Lender
100K
2.5M
65
500K
10M
70
Private Lender
500K
25M
75
Private Lender
100K
10M
60
Direct Lender
100K
5M
512-633-1816
www.equitysecured.com
info@equitysecured.com
F.E. Forbes Company Inc.

510-526-7933
www.feforbes.com
info@feforbes.com
100K
5M
75
36
Direct Lender
50K
2M
70
Direct Lender

714-908-5100
www.fbfloans.com
info@fbfloans.com
50K
5M
80
Direct Lender
LENDER NAME
Min $
Max $
Max Max
LTV% Term
Since 1990, direct lender for Texas hard money bridge loans. Property need not cash flow; stated income;
no prepayment penalty. Raw land, too! Hard money, soft terms.
Y
Direct lender. Commercial & residential property types considered. Fast common-sense underwriting & funding.
Loan sizes available from $50K to $2M. Broker friendly.
Y
NATIONWIDE
1
America's Alternative Lender. Fast, flexible funding. Brokers protected.
CA
Bridge loans for raw land, industrial/flex warehouse loans, farms and ranches, too. Twenty years' experience,
excellent reputation, quick response and brokers protected.
TX
Nationwide. Brokers protected. Creative underwriting and efficient closings. Loans in CA as low as $100K.
Will also buy and renovate properties.
NM OK TX
Crosswind Financial is a relationship-based direct private lender based in Los Angeles.

We finance California's top residential and commercial developers.
NATIONWIDE
All income-producing commercial properties considered.

No underground storage tanks permitted.
AZ CA GA IN NC OR WA
Nationwide direct lender offering quick underwriting and fast funding.

We like looking at all income-producing opportunities.
NATIONWIDE except: AK MI ND VT
Commercial real estate bridge loans. Small business loans (US only) for working capital/expansion using cash flow.
Direct Lender FL MA
Equity Secured Capital
Direct lender, specializing in financing non-owner occupied residential properties

(SFR, 1-4, 5+, condos). Fast closings and extremely competitive rates.
NATIONWIDE

condotels, B&B)
complex)
income producing
properties
29 Restaurants
30 Self-storage
AZ CA CO FL GA HI ID OR TX WA

subdivision)
oil change)
anchors; c-stores)
theaters, etc.)
RV park)
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
Private Lender INTERNATIONAL
Direct Lender
Crosswind Financial
5
6
7
10 Notes purchased
11 Joint ventures
12 Rehab/remodel/
renovation
13 Corporations,
green card
15 Nonrecourse
Purchase
Cash-out refinance
Acquisition and
development
Bridge loans
Blanket loans
Second mortgages
Mezzanine
One signature for quick approvals. Bank pricing, broker friendly. FBFLOANS.COM offers 3 easy steps to submit.
Complex clients welcome. You'll enjoy our full-service platform.
4
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information.
DISPLAY
1
2
3
4
DISPLAY
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DISPLAY
LENDER NAME
Minimum and
maximum loan size
property types and/
without notice.
PROPERTY TYPES
DISPLAY

65
DISPLAY
LOAN LIMITS
Underwriting Doesnt
Conform to Static Rules
The goal posts for commercial-property loan
approvals tend to move with the times
By Stephen A. Sobin
hanges in the economic climate often cause

changes in the guidelines used by commercial loan underwriters. When the economy
is robust and growing, lenders and underwriters are often more willing to bend the rules.
When the economy slows, however, lenders and
underwriters often tighten the reins and pull back
on their willingness to approve more difficult transactions. The past banking crisis caused many lenders
and their regulators to permanently change the
way they looked at borrowers and loan requests.
There are a number of current hot-button topics
that affect underwriting and loan approvals in todays
market. Having an understanding of these trends can
help brokers put their best foot forward when seeking
loan approvals for their clients.
Projections and equity

In years past, lenders were willing to base their underwriting and loan decisions on pro forma numbers or
projections of income and expense. If a property had
vacancies, for instance, a lender might have relied on
potential rents that the owner anticipated receiving
upon the signing of a lease. In addition, lenders in the
past also assumed that rental rates would continually
increase and would assume that future rents would
exceed current rents.
Almost all cash-flow or credit-based lenders today,
however, scrutinize rents and expenses carefully. They
look at in-place rents and not potential rents. They
look at projections, but base their decisions on past or
historical data.
If a projection shows full occupancy, but the historical data shows a 10 percent vacancy factor, underwriters
use the past data to underwrite the loan. Likewise, if a
projection shows high potential rents, but the historical
data shows lower in-place rents, the underwriter
considers the current market numbers.
Loans that rely on projection-based underwriting
are now more commonly considered by private, hard
money or bridge lenders. These lenders often consider
cash-flow transactions, or transactions that institutional lenders no longer consider.
It also used to be common to see lenders
offering high-leverage loans where borrowers made
downpayments of 10 percent or less. Other than
owner-occupied transactions financed through the
U.S. Small Business Administrations (SBA's) 7(a) and
504 programs, these types of low-downpayment
commercial-property loans are no longer commonly available.
66
Related Articles
For more articles on getting loans

approved
Lenders want to see that their borrowers have skin

in the game, or money invested in the project. If
borrowers have made a minimal investment in the
transaction, it is often easy for them to walk when
problems arise. Investors that have a sizable personal
stake in the deal usually work hard to make it work.
Broader look
Make Your Lender Your Partner,
Jerry Sager,
July 2016
Uncomplicated Underwriting,
Stephen A. Sobin,
May 2016
Help Your Hard Money Loans Blast Off,
Corey Curwick Dutton,
May 2015
Borrowers are used to preparing a profit-and-loss

statement detailing a particular propertys income,
expenses and cash flow. Lenders today, however, want
to look globally at the borrowers other properties,
other income and personal expenses to adequately
assess a borrowers overall cash-flow position.
If the subject property has an adequate cash flow,
but the owner owns other noncash-flowing properties, the likelihood for rejection is high. Residential
lenders always have used the debt-to-income ratio in
approving loans. Commercial lenders are starting to
focus on the overall cash flow as well.
A borrowers net worth, liquidity and credit score
always have been at the top of the list when a lender
or underwriter evaluates a transaction for approval.
Many lenders today expect to see borrowers' resumes
as well.
What experience do the borrowers have? Have they
managed similar properties before? Do they have
knowledge of the market, or are they investing out of
state for the first time?
3 Steps to Revitalize Your Loan Submissions,

Noah Grayson,
December 2014
Look Outside the Usual Lending Box,
Sanat Patel,
May 2014
ScotsmanGuide.com
Stephen A. Sobin is the president and founder of Select

Commercial Funding LLC, a nationwide commercial mortgage brokerage company. He is an industry veteran with
over 30 years of mortgage-lending experience. Sobin also is
a founding member of the InterCapital Group, a nationwide
alliance of commercial mortgage professionals.
Reach Sobin at sas@selectcommercial.com.


<< Continued
LOAN LIMITS
LENDER NAME

800-752-9533
www.fidelityca.com
FMC Lending
888-297-4440
www.fundmortgagecapital.com
Forman Capital LLC

561-588-0132 x1054
www.FormanCap.com
Submissions@FormanCap.com
FundingEdge
830-331-4030
www.fundingedge.com
cs@fundingedge.com

801-746-0800
www.gatewaycp.com
info@gatewaycp.com
Minimum and
maximum loan size
property types and/
without notice.
1
2
3
4
5
6
7
8
9
Min $
Max $
50K
15M
Max Max
LTV% Term
60
20
Direct Lender
50K
35M
75
30
Direct Lender
2M
50M
85
Direct Lender
50K
5M
60
10
Correspondent
500K
25M
10 Notes purchased
11 Joint ventures
12 Rehab/remodel/
renovation
13 Corporations,
green card
15 Nonrecourse
Purchase
Cash-out refinance
Acquisition and
development
Bridge loans
Blanket loans
Second mortgages
Mezzanine
50K
1M
866-890-3953
ChrisD@gcmac.com
65
20
Direct Lender
Gravity Capital LLC

801-441-3083
www.GravityCapLLC.com
info@gravitysc.com
Great Jones Capital
75K
6M
250K
5M
323-900-3000
www.hankeycapital.com
tkappe@hankeycapital.com
Island View Private Loan Fund LP

763-245-6035
www.ivplfund.com
jennifer.manier@ivplfund.com
LENDER NAME
80
Private Lender
50K
10M
949-296-9856
Hankey Capital LLC
70
Private Lender
2M
50M
80
Direct Lender
35K
5M
75
Hedge Fund
Min $
Max $
Max Max
LTV% Term
CA FL WA
We fund fast and consider all deals. Brokers are our business.
Over 30 years of experience in real estate lending and commercial development.

We have underwritten over $1B in commercial loans.
Y
Direct bridge & construction lender from $2M-$50M up to 80% LTV. Rates starting 8.5%. Land, SFR (NOO) and
foreign nationals OK. Closings in 5-14 days.
Y
NATIONWIDE except: AZ CA MN ND NV OR SD UT VT
GreenSpring Capital Inc., direct portfolio lender, offering first and second trust deeds on commercial and residential.
Up to 70% LTV on exception.
CA
25 years' experience in equity lending to individuals and companies not served by traditional banks.
24-hour conditional approvals.
CO DC MD NJ NY PA VA
Nationwide direct lender. Fast approvals and funding. We have private-lending and private-equity programs.
TX
Most commercial property types considered including land. BK's, foreclosures & discounted notes considered.
Oil & gas royalty loans available.
A trusted, direct balance-sheet lender since 2004 for bridge, mezzanine, preferred equity & stretch first loans.
Inquire or submit deals at: Submissions@FormanCap.com.
TX
Direct lender. Funding 1st & 2nd position loans up to 75% LTV on multifamily, mixed-use &
commercial properties. Rates 8.9% to 12%. No minimum DSCR. 50-year amortization.
NATIONWIDE

condotels, B&B)
complex)
income producing
properties
29 Restaurants
30 Self-storage
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
Direct Lender NATIONWIDE except: IL NY
202-810-5273
jordan@greatjonescap.com
GreenSpring Capital Inc.
75

subdivision)
oil change)
anchors; c-stores)
theaters, etc.)
RV park)
Equity-based loans on commercial-property value. Immediate decisions and fast funding. Long-term loans.
No prepayment penalties.
Private Lender NATIONWIDE
GCMAC
CA
PROPERTY TYPES
Lending up to 75% LTV on purchases with rates starting at 10%.

Renovation and new construction loans available!
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
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information.
67


<< Continued
Lancewood Capital
Logan Investments
866-839-0337
www.lancewoodcapital.com
818-755-0880
www.loganinvestments.com
rsentchuk@aol.com
Lone Oak Fund LLC

310-826-2888
www.loneoakfund.com
Mid Valley Financial
8
9
Min $
Max $
1M
50M
Max Max
LTV% Term
70
80

condotels, B&B)
complex)
income producing
properties
29 Restaurants
30 Self-storage
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
500K
15M

subdivision)
oil change)
anchors; c-stores)
theaters, etc.)
RV park)
Private Lender NATIONWIDE except: AK HI
100K
20M
65
Private Lender
250K
30M
60
Direct Lender
50K
3M
559-256-3622
30
CA
Interest rates start at 7.99%-10.99%, 2-4 points plus cost, terms 1-5 yrs., LTV 55%-65%, 1st, 2nd & 3rd trust deeds.
Rates & fees may vary due to position of lien, LTV & term.
Y
CA
Lone Oak Fund LLC is a direct portfolio lender offering first trust deeds on commercial properties. Fast closings.
7.9%-9.9% interest only. Up to 60% LTV. Brokers protected.
Direct Lender CA
Money360 Inc.
949-525-9311
www.money360.com
MVP Mortgage
702-227-0965
www.mvpmortgage.com
danny@mvpmortgage.com
Navesink River Capital

855-778-1000
info@navesinkrivercapital.com
New Providence Capital LLC
1M
15M
75
2M
15M
75
Direct Lender
200K
3M
75
NATIONWIDE
200K
3M
100K
3M
65
844-663-7687
www.onesourcebypcs.com
heather@onesourcebypcs.com
Pacific Private Money Loans

415-883-2150
www.PacificPrivateMoney.com
Kevin@PacificPrivateMoney.com
LENDER NAME
30K
25M
75
Direct Lender
250K
20M
70
Direct Lender
Min $
Max $
Max Max
LTV% Term
Reliable, private money for quick and painless financing of commercial purpose loans. Brokers protected.
Twelve-month fixed rate, interest only terms. NSLfinance.com
Y
Portfolio lender. Fix-and-flip with easy draw. 3 disbursements: 1st draw on closing - max 1/3 of holdback not to
exceed 80% of acquisition. Fast funding.
Y
CA
1
No minimum FICO; bankruptcy and foreclosure OK; quick, easy closing.
CA
Direct lender specializing in all types of real estate. Fast funding available up to 75% LTV. $200K-$3M.
CA
Commercial hard-money lender nationwide for income-producing properties. Broker friendly; no upfront fees;
call Daniel Stubbs at 702-227-0965 for quick approval.
Direct Lender
OneSource by PCS
Private Lender TX
424-279-3735
www.nslfinance.com
bob@nslfinance.com
214-444-9070
North Star Lending LLC
All scenarios considered on commercial property; 48-hour turn times with full package; broker friendly; loan sizes
from $250K to $20M. Quick approvals and funding.
2
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

information.
69
COVER
5
6
7
10 Notes purchased
11 Joint ventures
12 Rehab/remodel/
renovation
13 Corporations,
green card
15 Nonrecourse
Purchase
Cash-out refinance
Acquisition and
development
Bridge loans
Blanket loans
Second mortgages
Mezzanine
DISPLAY
DISPLAY
DISPLAY
800-342-8500
1
2
3
4
DISPLAY
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COVER
LENDER NAME
Minimum and
maximum loan size
property types and/
without notice.
PROPERTY TYPES
DISPLAY

DISPLAY
LOAN LIMITS
<< Underwriting continued from Page 66
Have the borrowers experienced any setbacks before? Importantly, how were these situations handled?
Did the borrowers do everything possible to avoid
lender losses?
Lenders understand setbacks in the past. The past
banking and economic crisis caused a lot of investors
to fail. Lenders do not reject a borrower outright because of past problems, but they expect a complete
and honest explanation of what happened. They ask
questions and want satisfactory responses.
Not in favor
Many institutional lenders no longer consider construction loans or loans to rehab a property. The lack
of in-place income and concern about reliance on
projections have made these loans difficult for lenders
that require cash flow.
Lenders often worry that a borrower will not complete the project as planned or might experience
trouble attracting tenants once completed. These
lenders do not want to be in the position they were
in some years ago when they were forced to take
back properties and liquidate them at a loss. This has
opened up the market considerably for private, hard
money and bridge lenders that are eager to consider
riskier loans at higher rates.
In addition, certain property types are potential
problems for lenders. Others have proven reliable year
after year.
70
The past banking crisis as well as federal

regulators have caused many institutional
lenders to continually update the way they
assess and assume risk.
Lenders often reassess the properties they consider

based on economic and market conditions. Apartment properties have performed consistently well
for investors and lenders. Many well-managed apartment properties in areas with strong demand factors
(jobs, transportation, etc.) maintain consistently low
vacancy factors.
Small, unanchored retail centers on the other hand,
are a source of concern these days. With online shopping
and the competition from large malls, many small strip
centers have high vacancy factors and declining rents.
Lenders and underwriters are cautious when looking at these properties because many of the tenants
are local (as opposed to national credit tenants), have
short-term leases and usually do not have strong
financial statements.
Single- or special-use properties also are difficult
for many lenders to consider. A bowling alley or
skating rink is almost a sure turndown from many

institutional or cash-flow lenders. The unpredictability
of the future success of the underlying business is
too much for the average lender. In addition, if a
single-use property is vacated, it could take many
months and lots of renovation before a new tenant
could resume paying rent.
n n n
The past banking crisis as well as federal regulators

have caused many institutional lenders to continually
update the way they assess and assume risk. Mortgage
brokers who understand the current hot buttons and
can address lenders concerns upfront have a much
higher chance of having their loans approved. Be prepared to address these topics in your loan-submission
package or cover letter to the lender. n


<< Continued
LOAN LIMITS
LENDER NAME
Partners Capital Finance

310-447-8899
www.partcap.com
bill@partcap.com
Minimum and
maximum loan size
property types and/
without notice.
888-231-8658
www.patchofland.com
commercial@patchofland.com

877-700-3703
Peninsula Capital Group

831-288-6000
www.pencapgroup.com
rkostkas@pencapgroup.com
Pinnacle Mortgage Company

713-781-5810
www.pinnacle-mtg.com
info@pinnacle-mtg.com
Pivotal Capital Group II LLC

949-535-1530
www.pivotalcapitalgroup.com
info@pivotalcapitalgroup.com
Popular Commercial Lending Group

888-950-9339
dyoung@popularcommercial.com
Prescient Capital Management LLC
Min $
Max $
1M
15M
100K
5M
Max Max
LTV% Term
75
24
50K
5M
1M
30M
25K
3M
844-FUND-PSG (386-3774)
www.psgfund.com
jdevito@psgfund.com
LENDER NAME
70
10
70
36

condotels, B&B)
complex)
income producing
properties
29 Restaurants
30 Self-storage
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
AZ CA CO ID MT NM NV OR TX UT WA WY
Partners Capital Finance is a direct portfolio lender that finances 1st TD on
commercial & business purpose residential properties in the Western US. Rates between 7.95-9.95%.
Y
NATIONWIDE except: AZ MN NV OR SD
Mortgage
Broker
CA
80
30

subdivision)
oil change)
anchors; c-stores)
theaters, etc.)
RV park)
PoL is a national alternative online lender focused on residential and commercial

rehab, refi, and bridge loans for companies needing to scale their business.
Direct private lender: no due diligence fees! We do our due diligence before we issue an LOI, not an LOI to do our due diligence.
Y
CA direct hard money lender. We welcome all commercial real estate property types. Fast & common-sense
underwriting and competitive terms. Call us!
Y
Direct Lender TX
100K
15M
90
Direct Lender
1M
10M
75
Correspondent
1M
9M
75
Direct Lender
100K
3M
65
Direct Lender
250K
20M
818-702-2551 x9
www.pmfundllc.com
gordon@pmfundllc.com
PSG Capital Partners Inc.
10 Notes purchased
11 Joint ventures
12 Rehab/remodel/
renovation
13 Corporations,
green card
15 Nonrecourse
Purchase
Cash-out refinance
Acquisition and
development
Bridge loans
Blanket loans
Second mortgages
Mezzanine
Private Lender CA
832-577-8838
www.pmfpartners.com
don@pmfpartners.com
Private Mortgage Fund LLC
70
Direct Lender
262-244-0797
www.pcm-funding.com
Private Mortgage Financing

Partners LLC
5
6
7
8
9
Private Lender
Patch of Land
1
2
3
4
PROPERTY TYPES
60
Private Lender
50K
10M
65
Y
CA
You can now easily submit loan applications online, easily upload supporting documents, financial
statements, etc. receive a funding decision in 24 hours or less.
CA
Prescient Capital consistently works with a select group of intermediaries around the country and these
relationships continue to bring prospective credit opportunities.
NATIONWIDE
PCLG is a nationwide mortgage banker and correspondent lender specializing in commercial permanent,
commercial bridge and agricultural financing, including hard-money loans.
NATIONWIDE
1st lien. NOO 1-4 unit residential flips, ground up construction, bridge or 2+ unit rental rehabs. Low rates, points,
fees. No appraisals, no personal guaranty, no PPP.
NATIONWIDE
PMF LLC provides 1-3 year bridge and interim financing for non-owner-occupied residential and all types of
commercial properties in California. Up to 60% LTV.
Y
Direct Lender CA
Min $
Max $
Max Max
LTV% Term
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
DISPLAY


information.
71

<< Continued
DISPLAY
RCN Capital
860-432-5858
www.RCNCapital.com
info@RCNCapital.com
Redwood Mortgage
800-659-6593
www.redwoodmortgage.com
rmc@redwoodmortgage.com
Min $
Max $
150K
4.5M
415-315-9534
www.reitless.com
loans@reitless.com
65
50K
2.5M
85
Direct Lender
100K
7.5M
65
214-227-9337
Riverdale Funding LLC

888-368-5116
info@riverdalefunding.com
Rodeo Capital Inc.

310-400-5631
RodeoCapital.com
Loans@RodeoCapital.com
RS Lending Inc.
1M
25M
75
408-298-8600 x230
www.saratogacapital.net
kirk@saratogacapital.net
SDC Capital Funding
250K
5M
750K
12M
65
65
36
Private Lender
750K
10M
85
10
Direct Lender
500K
5M
70
Direct Lender
100K
5M
75
Private Lender
250K
12M
888-734-3863
info@sfgfunds.com
LENDER NAME
Direct Lender
818-342-9555 x202
www.sdccapitalfunding.com
shawna@sdccapitalfunding.com
70
Private Lender
855-880-6050
credebt@realtyshares.com
Saratoga Capital Inc.
75
24
Direct Lender
Min $
Max $
Max Max
LTV% Term
We are a private lender that works directly with experienced real estate
professionals to finance the purchase of non-owner-occupied real estate. Brokers protected.
Y
NATIONWIDE except: AZ NV OR SD TN VT
NATIONWIDE
Direct, private lender since 1977. Brokers protected. No prepayment penalty. Metro areas preferred.
Private-money lender specializing in short-term commercial loans. Flexible, service-oriented staff and fast
closings help you realize profits sooner. Call us with a scenario!
NATIONWIDE except: MN OR SD UT

condotels, B&B)
complex)
income producing
properties
29 Restaurants
30 Self-storage
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
CO ID OR UT WA WY
Direct Lender CA
Private Lender
Revere Capital LLC
DISPLAY
Max Max
LTV% Term
Direct Lender
50K
300K
REITless
DISPLAY
8
9

subdivision)
oil change)
anchors; c-stores)
theaters, etc.)
RV park)
We specialize in short-term loans secured by real property. Broker friendly!

Fast closings! Loans available from $50K-$300K for 3-12 months.
Y
A direct lender specializing in originating $1M-$25M short-term commercial mortgage loans on a national basis.
Closings typically less than 14 days.
NATIONWIDE except: AK AZ CA MA MI MT ND NH NJ NV SD TN VT
Hard money direct lender. No financials required.
Not credit-driven. Fast approval and easy qualifications. Loans from $250K-$5M. All credit histories accepted!
Y
AZ CA CO DC DE FL GA HI ID IL KS MA MI ND NJ NM NV NY OH OR PA SD TN TX UT WA Rodeo Capital is a direct portfolio lender!

We provide 1st position debt to 65% LTV & 80% LTP on residential & commercial assets. We will consider JV & can provide a POF.
Y
NATIONWIDE
CA only. Direct equity based lender. $500K-$5M. 1-5 yr term. 2nds OK. Single, multifamily or mixed. As low as 7.5%.
Easy approval & funding in days.
Y
CA
SDC Capital Funding is a direct, real estate lender offering 1st and 2nd trust deeds on commercial properties in CA.
Fast closings. Brokers protected.
RealtyShares pursues a dual-pronged CRE debt strategy: i) as high-tech mortgage banker focused on
agency-eligible multifamily lending, and ii) on-platform hard money lending.
CA
For California properties, contact the San Diego office at 858-751-0556. E-mail us
at info@sfgfunds.com; visit www.SeattleFundingGroup.com and call us at 888-SFG-FUND.
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

information.
72
DISPLAY
DISPLAY
206-971-8699
www.pyattbroadmark.com
info@pyattbroadmark.com
5
6
7
10 Notes purchased
11 Joint ventures
12 Rehab/remodel/
renovation
13 Corporations,
green card
15 Nonrecourse
Purchase
Cash-out refinance
Acquisition and
development
Bridge loans
Blanket loans
Second mortgages
Mezzanine
DISPLAY
Pyatt Broadmark Management LLC
1
2
3
4
DISPLAY
LENDER NAME
Minimum and
maximum loan size
property types and/
without notice.
PROPERTY TYPES
DISPLAY

DISPLAY
LOAN LIMITS

LENDER NAME
Sharestates
212-201-0750
www.sharestates.com
mramin@sharestates.com
Singer Financial Corp.
DISPLAY
203-762-6094
www.stormfieldcapital.com
wcarpenter@stormfieldcapital.com

207-440-4345
www.TMFunding.com/Our-Team/Rich-Huizar/
rich@tmfunding.com
Taylor Derrick Capital

801-450-7815
www.taylorderrick.com
nick@taylorderrick.com
The Evergreen Advantage Management Inc.

310-587-3500
theevergreenadvantage@gmail.com
100K
10M
303-539-3000
www.tnsloans.com
mb@tnsloans.com
Max Max
LTV% Term
90
Direct Lender
none
1M
60
15
Private Lender
2K
10M
90
25
Direct Lender
100K
5M
65
Direct Lender
2M
100M
25K
1M
60
1M
10M
60
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
866-505-FUND (3863)
Western Development LLC
75K
5M
75
30
Direct Lender
50K
500K
703-988-4666
www.wdllc.biz
abennett@wdllc.biz
65
Min $
Max $
Max Max
LTV% Term
Taylor Derrick Capital manages a discretionary fund of pooled capital to provide reliable and flexible
financing in a quick and responsive manner.
Y
We are a direct lender specializing in business purpose bridge loans on non-owner-occupied investment properties.
Y
All NOO residential and commercial properties considered.

Y
Velocity is a direct, wholesale lender offering 'No Income Verification' financing for investment and
commercial props. Broker rebates & correspondent relationships available.
Y
Direct Lender DC DE MD VA
LENDER NAME
As a true private lender, Stormfield's bridge loan and hard money

products are designed to be flexible and fast.
We will consider all sorts of projects from fix-n-flips, to purchase money, to cash
out refi's. Creative underwriting and quick closings. Call Rich for more info.
NATIONWIDE
Private Lender CO ID KS MN MO NE NM OK UT WY
AZ CA CO HI ID UT
We are a licensed CA lender offering "Bankable Terms for Un-Bankable Borrowers."

We provide fast, non-conforming real estate and business loans for A to F credit borrowers.
NATIONWIDE except: CA ND NV SD
CT DC DE FL MA MD ME NC NH NJ NY PA RI VA VT
Res and com direct private lender with competitive rates and fast
closings. Rehab funds available - high LTVs. Brokers welcome & protected!
NATIONWIDE

condotels, B&B)
complex)
income producing
properties
29 Restaurants
30 Self-storage
We offer commercial mortgages and business loans secured by commercial RE. Funds available now.
Closing within 5-7 business days. Flexible terms offered. Brokers protected.
100

subdivision)
oil change)
anchors; c-stores)
theaters, etc.)
RV park)
DE NJ PA
75
CT DC DE FL GA IL MA MD ME NJ NY PA VA
60
Private Lender
250K
8M
NATIONWIDE
10 Notes purchased
11 Joint ventures
12 Rehab/remodel/
renovation
13 Corporations,
green card
15 Nonrecourse
Purchase
Cash-out refinance
Acquisition and
development
Bridge loans
Blanket loans
Second mortgages
Mezzanine
Mortgage
Broker
Private Lender
50K
1M
TNS Loans
DISPLAY
Min $
Max $
800-649-0311
kim@sfig.com
T and M Commercial Funding Inc.
5
6
7
8
9
888-268-7778
loans@southendcapital.com
Stormfield Capital Management
1
2
3
4
Submit an application online or call us for an immediate answer.

5
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
DISPLAY
DISPLAY
215-893-9722
www.singerfinancial.com
info@singerfinancial.com
Minimum and
maximum loan size
property types and/
without notice.
PROPERTY TYPES

information.
DISPLAY

DISPLAY
LOAN LIMITS
73
DISPLAY
Reference code SMG for a 10% discount!
Borrower & Investor

Forum on real estate
mezzanIne FInancIng
& suBordInated deBt
ATHAS CAPITAL GROUP IS HIRING
Athas Capital is the premier residential and commercial nonprime DIRECT lender. ACG is looking to expand
its wholesale base for our CA residential and nationwide (except MI, VT) commercial lending product.
If you are a qualified and motivated account executive looking to align yourself with a real company with real
funding ability, please send your inquiries and rsums to Kevin@athascapital.com. 877-877-1477 ext. 777
Field and Desk Rep positions available for California.
Structure, experience and expertise!
Incredible support staff!
We market for you!
Come be a part of the tremendous growth at ACG and align yourself with true capability and expertise.
November 01, 2016 | New York, NY
Bringing together senior-level executives from leading

firms within the owner-operator and lending
communities to discuss financing strategies
for new acquisitions, development and refinance.
Subscribe to our digital editions.
Its Fast. Its Easy.

And Its Free.
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www.imn.org/resubdebt16 | Call: 1-212-901-0542 | Email: amelvin@imn.org
74


<< Continued

800-369-9457
www.WilshireFP.com
sg@wilshirefp.com
DISPLAY
619-285-0777x205
World Business Lenders LLC

212-293-8235
www.wbl.com
afausel@wbl.com
Min $
Max $
Max Max
LTV% Term
250K
5M
36
100K
3M
70
15
Direct Lender
10K
2M
75
203-605-4082
www.weclosecommercialloans.com
worthavenuecapital@gmail.com
50K
10M
65
Mortgage
Broker
10 Notes purchased
11 Joint ventures
12 Rehab/remodel/
renovation
13 Corporations,
green card
15 Nonrecourse
Purchase
Cash-out refinance
Acquisition and
development
Bridge loans
Blanket loans
Second mortgages
Mezzanine
We specialize in bridge loans on income producing commercial projects, flexible terms & quick closings
with generous broker programs; call us today for same-day pre-approval.
Y
NATIONWIDE

condotels, B&B)
complex)
income producing
properties
29 Restaurants
30 Self-storage
Non-bank loans. Direct, portfolio lender specializing in small-balance bridge loans

on residential, multifamily and commercial real estate. Minimum loan outside of CA is $1M.
AZ CA OR TN WA

subdivision)
oil change)
anchors; c-stores)
theaters, etc.)
RV park)
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
Direct Lender
Worth Avenue Capital
5
6
7
8
9
Direct Lender
Windvest Capital
1
2
3
4
Business loans secured by real estate. Any position mortgage. 75% LTV on commercial/residential
(owner-occupied OK). 50% LTV on land. Annual business revenue >/= $500K.
Y
CT FL MA NH NJ NY RI VT
We specialize in closing hard money commercial loans within one week to 10 days and we
work with a myriad of sources to ensure that our clients receive the best service.

LENDER NAME
Min $
Max $
Max Max
LTV% Term
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
DISPLAY
DISPLAY
LENDER NAME
Minimum and
maximum loan size
property types and/
without notice.
PROPERTY TYPES

information.
With Loan Post,

lenders come to you.
Its simple. Its free.

Scotsman Guides free loan
service lets brokers post loan
scenarios and receive replies
directly from wholesale and
commercial lenders
Sign up for your free Loan Post
account and post your loan
scenario today.
:
Surveynd in g ro ll
W ill le ye ar ?
in th is 22
Page
pe ct s
Q & A: on th e pr os al es ta te
M BA m m er ci al re
of co : Page 16
fin an ce
26
panies
e com role
suranc nding
Life in bigger le
take a
37
s
hat lie
t fees
See wath upfron
bene
46
DISPLAY

ScotsmanGuide.com/loanpost
e to
Is it tim
een?
go gr
75
DISPLAY
LOAN LIMITS
<< Speed continued from Page 77
he old saw that time is money is particularly apropos in mortgage

origination. The speed with which a transaction is conducted can
have a direct impact on a clients bottom line.
A quick close means that an investor can begin enjoying sooner
the benefits of an appreciating property, or in the case of a refinance, the client
can pay off a costly existing mortgage faster and enjoy the interest savings.
Speed and simplicity are crucial to the clients ability to maximize potential
profits and other benefits.
Following are some simple strategies that commercial mortgage brokers can
follow to ensure financing deals are expedited, allowing their clients to enjoy
bigger margins.
1. Follow directions
In the mortgage world, keeping it simple often means following the path laid
out for you by your lender. More often than not, that path begins with a checklist provided by the lender detailing items that should be included in the
clients loan-application file.
At times, some items might seem of little value in determining the creditworthiness of a borrower. It is crucial, however, to note that hours have gone
into whittling down the list of required items to as few as possible. So, if
something has made it to the submission checklist, then it has been deemed
an important piece of documentation by your lender. Failing to supply one of
these important documents to your lending team wastes precious time.
In addition, with respect to the information that you do provide to the lender, be sure that your clients are as clear, precise and complete as possible. Nothing brings a deal to a halt more quickly than missing, incomplete or incorrect
documentation. A fully completed loan submission, however, closes in half the
time that it takes to fund a deal that is missing documents upfront. Funding a
loan in a matter of a few days is common when dealing with a borrower whose
application is thorough and complete. Lenders know the steps required at
their institutions better than anyone else, so it will only be beneficial to follow
their lead in navigating the lending waters at their company.
2. Spill the beans

Particularly in the hard money space, many borrowers have unique and sometimes complex circumstances surrounding their transactions. To save time, it
is always best to divulge, at the start of the process, any unique characteristics
that have been communicated to you by the borrower.

That can be difficult, especially in a credit-approval process capable of making even the most qualified borrower feel judged and vulnerable. As a broker,
it is natural to want to protect your borrower, but to an underwriter, nothing
appears more suspicious than an attempt to mask crucial information that is
necessary to the loan decision.
Conversely, the quickest way to earn lenders trust is to alert them upfront to
any peculiar aspects of your clients deal, even when it is negative information.
Ultimately, that saves time by preventing the lender from going into detective
mode to investigate anomalies in the loan file. The back and forth that can result
from such an investigation can cost the broker and borrower precious hours
and even days in the loan process. Because time is money, full disclosure upfront will pay major dividends in the end.
3. Move quickly
To navigate lending with speed and ease, lenders, brokers and investors must
truly work as a team, and the team can move only as fast as its slowest member.
So, when a request arrives for additional documentation or for an explanation
regarding a discrepancy in the loan-application file, respond quickly and with as
much clarity as possible. It can be worrisome to a lender when requests are met
with silence. Many lenders deem 24 hours to be a reasonable response time.
The more quickly you can respond, however, the sooner issues with a loan
file can be cleared up. In addition, a quick response communicates to the lender
that you deem the deal important and have a sense of urgency about getting
the deal funded.
Loan files that are incredibly clean still can take weeks to close if either the
broker or the borrower fails to move quickly throughout the process. Make sure
someone is always available to answer questions and provide information,
regardless of your work or vacation schedules.
4. Communicate special deadlines

Believe it or not, lenders will do whatever they can to accommodate the circumstances of their borrowers. They can ramp up the process, if need be, when a
broker or borrower is in a urgent situation.
This might mean prioritizing a transaction ahead of other less time-sensitive
loans, especially if this allows a deal to get done in a way that pleases the
broker and client. If you are going on vacation, for instance, or your borrower
Corey Fueston is an account manager at Civic Financial

Services, a private-money lender in Los Angeles servicing
California, Florida, Texas and select cities nationwide.
Civic Financial specializes in short-term financing
for non-owner-occupied investment properties
through private hard money and bridge loans.
Visit Civic at civicfs.com. Reach Fueston at
corey.fueston@civicfs.com.
Matrix: Construction Lenders

Search matrix: ScotsmanGuide.com/comconstr
LOAN LIMITS
1 Index used: LIBOR, WSJ, T-bills, COPI
2 Construction or rehab only,
max. term in months
3 Lending to Corp., LLC,
LP, legal entities
4 Interest-only offered
5 Floating rates offered
6 Prepayment penalty;
exit fee required
7 Line of credit style
financing offered
Advantage Capital Partners
Min $
Max $
813-341-3654 x137
www.aileroncap.com
Bismark Mortgage Co.
DISPLAY
425-283-5000 x104
www.bismarkmortgage.com
DavidP@bismarkmortgage.com
Bolour Associates
1M
12M
1M
15M
COVER
518-435-1119
www.cmnfunding.com
info@cmnfunding.com
100K
6M
305-361-9720
www.LondonFin.com
Ed@LondonFin.com
85
75
610-866-5959 x311
www.lhhinv.com
jbell@lhhinv.com
70
949-864-8085
www.ppbi.com
tcody@ppbi.com
75K
350K
100
10
11
21 Private money
12
13
Direct Lender
50K
100M
90
24
12
1M
50M
24
AR CA NV TX
10M
300M
80
500K
10M
80
75
Min $
Max $
Max Max
LTC% LTV%
17
18
19
20
21
Non-owner-occupied investment properties. Contact us at ehart@bridgelf.com or

call 714-264-4660 direct or 888-257-8051.
12
AL AR CO CT DC DE FL GA IA MA MD NC NH NJ NY OH PA SC SD TN TX VA
Financing builders, developers and
investors for ground up/vertical residential construction, fix-n-flip and SPEC loans. Competitive pricing and deferred interest payments.
36
INTERNATIONAL
36
70
80
CA
60
95
16
Short-term, spec. financing for home builders.
36
FL
We are not afraid of ground-up. We can obtain funding for many different property types.
Contact Amy at 518-435-1119 ext. 108 or ajohnson@cmnfunding.com.
500K
15M
15
Financing land acquisitions and ground-up commercial and non-owner-occupied residential properties in CA and AZ.
Rates start at 9% and 2.5% origination fee.
18
75
Private Lender
14
AL AZ CA CO CT DC FL GA IL LA MO NC NJ NV NY OH OR TN TX VA WA
Ground-up construction loans for hotels, ALFs,
and multi-use properties that qualify for SBA 504 or USDA B&I programs. Target loan amounts $5M-$25M.
80
Bank
LENDER NAME
WSJ Prime
70
Direct Lender
20 Agency lending programs:

HUD, SBA, USDA, FNMA
Colorado only. Must be small-business owner/user. (We do not lend on investment properties.)
Please contact Rick Hummell at rhummell@advantagecap.com
65
Direct Lender
Longhorn III Investments LLC
CO
70
Direct Lender
800-342-8500
London Financial Co. LLC
90
Direct Lender
800-752-0401
www.builderfinance.com
team@builderfinance.com
CMN Funding
19 Owner-occupied residential
construction/renovation
Gap funding allowed

Subordinate financing allowed
Participating financing offered
Recourse required
Land acquisition and
development (construction)
Private Lender AZ CA CO ID IL MI NC OR TX UT WA
888-257-8051
ehart@bridgelf.com
Builder Finance Inc.
90
Direct Lender
50K
1M
11
12
13
14
15
18
Direct Lender
323-677-0550 x12
1M
5M
314-725-0800
Max Max
LTC% LTV%
16 Construction take-out
17 Construction completion
18 Non-owner-occupied residential
South FL only. Specializing in construction loans for luxury single & multifamily homebuilders. Must be investment property.
Rates 12-14%; 1-3 yr. term; 1-2% origination fee.
LIBOR
48
NATIONWIDE
WSJP
Construction loans throughout the US & Canada. Loan amounts are $10M and above. All commercial
property types accepted including hotels, ALF & memory care.
18
CA
Southern California only. Tim Cody, SVP Construction Manager NMLS 463106. Portfolio residential and commercial
construction and bridge lender.
1
10
11
12
13
14
15
16
17
18
19
20
21

information.
DISPLAY
LENDER NAME
8 Mini-perm available
9 Conversion to permanent offered
10 Permanent loan commitment
required prior to closing
79
COVER
Minimum and
maximum loan size
property types and/
without notice.
DISPLAY
Construction lenders provide loans for

new construction, rehabilitation, renovation
and permanent financing of income-producing
properties. This matrix assumes the lender
offers both new construction and rehab/
renovation loans.
This extra step in communication

can prove to be the difference between
getting a loan closed and letting
a potentially profitable investment
opportunity slip away for one of your
clients. It is important to remember that
your success is your lender's success.
<< Speed continued from Page 78
5. Ask questions
has an expiring contract that cannot be

extended, let the lender know about
those circumstances, so that your
transaction can receive the immediate
attention that it needs to close on time.
If at any time during the lending

process something becomes unclear
for either you or your borrower, seek
out answers from those in a position
to help. Your lender should always be
available to assist when something
The benefits of having a lending

partner that you can trust and
that values you as a broker
are immeasurable.
might not be absolutely clear.
Uncertainty can cause the broker or investor to inaccurately interpret elements
of the deal and, in the process, create
unnecessary delays. The most important
job of a lender is to help brokers and
E S TA B L I S H E D , T R U S T E D , R E S U LT S
their clients navigate the lending process

and clearly understand the terms of the
loan the lender is providing.
It also is important to ask questions
to minimize the chances of your client
encountering any surprises or disappointments. Borrowers should never be in a
position of sitting at the closing table
and feeling pressured into signing for
a loan whose details they do not fully
comprehend. Transactions can move
quickly, so it is crucial for brokers to ask
questions any time that something
becomes unclear or uncertain.
6. Repeat the process
OVER $2 BILLION FUNDED
Redwood Mortgage
Highlights
is a Direct Portfolio Lender with over
Loans $100,000 to $7,500,000
35 years of experience making loans on

commercial, multi-family and residential
Rates Starting from 6.75%, 1.5 Points
investment properties in California.
Direct Lender - Single level decision making

First Mortgages
Second Mortgages
From 1 to 15 Years
No Prepayment Penalty
Broker Friendly / Brokers Protected
800-659-6593 redwoodmortgage.com
No. Cal-SF/Peninsula
Eric Relos 415-988-1566
eric@redwoodmortgage.com
NMLS 1061346
Cal BRE Lic. No. 01026633
No. Cal-East Bay

Jim ODea 650-575-0778
jimodea@redwoodmortgage.com
NMLS 241279
San Diego / Orange County

Michele Boehm 858-260-8232
michele@redwoodmortgage.com
NMLS 959047
So. Cal-No. Los Angeles

Barry Judis 818-294-7058
barry@redwoodmortgage.com
NMLS 317901
So. Cal-So. Los Angeles

Tim Burwell 310-272-6989
tim@redwoodmortgage.com
NMLS 250221
Notice: This is not an advertisement to extend consumer credit as defined by Sec. 1026.2, Reg Z.
Real Estate Broker, CA Bureau of Real Estate Lic. No.00619104 NMLS 232587
80
Just as there is a certain comfort level

with your favorite restaurant or your favorite pair of shoes, there is also an ease
that develops between lenders and
brokers. Once a broker becomes more
comfortable and familiar with a lenders
processes, each successive transaction
becomes more seamless.
The first deal with a new lender is
always the roughest. As in any business
relationship, there is a feeling-out
process and a period of getting to know
one another. Lenders learn brokers preferences and expectations, and brokers
become familiar with the loan-approval
steps required by the lender. Once
you get past this initial period, each
successive transaction should get
progressively easier and faster.
Foster relationships with lenders that
have served you well in the past. The
benefits of having a lending partner
that you can trust and that values you
as a broker are immeasurable.
n n n
Lending is inherently a team endeavor.

So, go out there and find a team that
works for you and repeatedly delivers.
If you follow some basic steps of
transparency and responsiveness when
working with your next lender, you
will be much more likely to find your
transactions on the fast track to closing. n
Matrix: Construction Lenders

Search matrix: ScotsmanGuide.com/comconstr

<< Continued
LOAN LIMITS
1 Index used: LIBOR, WSJ, T-bills, COPI
2 Construction or rehab only,
max. term in months
3 Lending to Corp., LLC,
LP, legal entities
4 Interest-only offered
5 Floating rates offered
6 Prepayment penalty;
exit fee required
7 Line of credit style
financing offered
Min $
Max $
LENDER NAME
250K
2M
Provident Bank
250K
12M
888-734-3863
info@sfgfunds.com
75
75
75
Mortgage
Broker
800-649-0311
kim@sfig.com
11
12
13
14
15
19 Owner-occupied residential
Gap funding allowed

Subordinate financing allowed
Participating financing offered
Recourse required
Land acquisition and
development (construction)
9
10
11
12
20 Agency lending programs:

HUD, SBA, USDA, FNMA
21 Private money
13
Y
CA
14
15
16
17
18
19
20
21
Dale Reed, VP Construction Manager NMLS 1168394: (951) 205-5366 / DReed@myprovident.com. See Directory for
a listing of loan officers or call 866-781-1142. California only.
65
Direct Lender
2M
100M
75
Bank

75
16 Construction take-out
17 Construction completion
18 Non-owner-occupied residential
18
All
For California properties, contact the San Diego office at 858-751-0556. E-mail us
at info@sfgfunds.com; visit www.SeattleFundingGroup.com and call us at 888-SFG-FUND.
36
NATIONWIDE
All property types considered. Outside the U.S., minimum loan amount $10M.

LENDER NAME
Min $
Max $
Max Max
LTC% LTV%
10
11
DISPLAY
DISPLAY
DISPLAY
951-300-4496
www.myprovident.com
DReed@myprovident.com
Max Max
LTC% LTV%
8 Mini-perm available
9 Conversion to permanent offered
10 Permanent loan commitment
required prior to closing
DISPLAY
Minimum and
maximum loan size
property types and/
without notice.
DISPLAY
Construction lenders provide loans for

new construction, rehabilitation, renovation
and permanent financing of income-producing
properties. This matrix assumes the lender
offers both new construction and rehab/
renovation loans.
12
13
14
15
16
17
18
19
20
21

information.
>> Subscribe to
our digital editions.
Its fast. Its easy.
And its free.
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Residential and Commercial editions each month.
Our digital magazines are available the first of the
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you can easily navigate your way through our publications and its free.
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The Leading Resource For Mortgage Originators
81
COLUMBIA PACIFIC ADVISORS

We are a FULLY CAPITALIZED BRIDGE LENDER established to provide, through our income strategy, financing on
cash flowing commercial real estate NATIONWIDE. Our target loan amount ranges between $5-$50 MILLION and we
typically close within 10-15 business days. Assets for consideration include affordable housing, senior housing, hotels and
all other major asset classes.
SAMPLES OF CLOSED DE ALS
Office in Portland, OR
Office in Orlando, FL
Office/Industrial in Federal Way, WA
in Portland, OR. Bridge through construction of

Under Armours West Coast Innovation Center.
Orlando, FL. Bridge through stabilization of tenants

and seasoning rents to qualify for refinance.
on 425 Acres of Land. Acquisition and value-add

of the Weyerhaeuser Corporate Headquarters.
Amount: $19.9MM
Type: 1st DOT
Purpose: Construction
Overview: 68,698 SF office building located
Amount: $7.75MM
Type: 1st DOT
Purpose: Acquisition
Overview: 65,583 SF office building located in
Amount: $50.0MM
Type: 1st DOT
Overview: 822,000 SF of Office/Industrial
W W W.COLUMBIAPACIFIC.COM
BILLY ME YER
206-734-3979
billym@columbiapacific.com
BL AKE RODGERS
206-576-1292
blaker@columbiapacific.com
WILL NELSON
206-576-0769
willn@columbiapacific.com
BRAD SHAIN
206-576-0092
brads@columbiapacific.com
CPA is a Registered Investment Adviser with the Securities and Exchange Commission. Registration does not imply any level of skill or training.
The following companies are proud to announce these closed loans.
Seattle, WA
206-734-3979
Property: Retail
Location: Honolulu, HI
Columbia Pacific Advisors closed the $10.25M

bridge loan for the acquisition of a 10,126 RSF
retail building in Honolulu, HI. The borrower
plans to reposition the property and sell. Walker
Dunlop brokered the deal.
RCN Capital
South Windsor, CT
860-432-5858 x 1616
www.rcncapital.com
Property: Single-family home

Purpose: Purchase & rehab
Location: Orlando, FL
Eileen Mazza
emazza@rcncapital.com
RCN Capital closed this $218K loan which allowed

the borrower to acquire this ranch-style home
in Orlando, FL. The borrower plans to make
necessary renovations to the property before
listing for resale.
Silver Hill Funding
Coral Gables, FL
888-988-8843
www.silverhillfunding.com
Property: Mixed-use
Purpose: Refinance
Location: New Haven, CT
Date Funded: July 2016
Billy Meyer
billym@columbiapacific.com
Michael Boggiano
info@silverhillfunding.com
Silver Hill (a division of Bayview Loan Servicing

LLC) helped the borrower refinance their
mortgage and pay off a small-business loan.
The loan closed in 29 days and was funded
through Silver Hills Streamline Program, with no
tax returns or 4506T required on small-balance
commercial multifamily deals.
OCTOBER FEATURED DEALS
APEX Mortgage Corp.

Property: Hotel
Purpose: Refinance
Location: Xenia, OH
Broker Fee: $15,300
A borrower was facing a ballooning mortgage

and needed funds fast to pay off their loan. APEX
was able to finance their request in the time frame
required by the borrower and pay off the note.
Horsham, PA
Bob Worthington
800-262-2739 x208
www.apexmtg.com

Property: Shopping center
Purpose: Purchase
Location: Phoenix, AZ
Date Funded: May 2016
Broker Fee: $18,375
This shopping center was purchased at auction

requiring expedited closing.
Seattle, WA
TR Hazelrigg, IV
loanrequest@avatarfinancial.com
866-891-0082
avatarfinancial.com
83

Property: Light industrial
Purpose: Refinance
Location: Portland, OR
Long-term owner-occupier of this property sought a

rate-and-term refinance when previous loan matured.
Cherrywood Commercials Core Program was the
perfect fit for his formalwear operations headquarters.
Diamond Bar, CA
Paul Cleary
info@cherrywood.com
800-819-4199
www.cherrywood.com
CMN Funding
Property: Multifamily
Purpose: Refinance
Location: Malden, MA
CMN helped the borrower refinance a small investment

property in Massachusetts. The borrower received cash
to retire existing debt, clean up some old debt and make
future investments. The loan was underwritten through
one of our streamlined programs.
Albany, NY
Stephen Frank
sfrank@cmnfunding.com
518-435-1119 x105
The loan helped the borrower to obtain funds for

the acquisition of Washington Crown Center, PA. The
borrower came to Emerald Creek for its competitive
rates and certainty of execution.
New York, NY
Jeff Seidler
jseidler@emeraldcreekcapital.com
800-313-2616
www.cmnfunding.com
Emerald Creek Capital

Property: Shopping mall
Location: Washington, PA
www.emeraldcreekcapital.com
LendingHome Funding Corp.

Property: Detached PUD
Purpose: Purchase
Location: Austin, TX
Date Funded: June 2016
Broker Fee: $20,500
LendingHome provided the mortgage broker with the

ability to efficiently finance this new property purchase at
terms that were ideal for both the broker and client.
San Francisco, CA
Kellen Kiilsgaard
kellen@lendinghome.com
415-801-4003
www.lendinghome.com
Lone Oak Fund LLC

Property: Vacation rentals
Purpose: Purchase
Location: Laguna Beach, CA
Date Funded: August 2016
Broker Fee: $75,000
84
$10M 1st trust deed for the purchase of 8 vacation-rental

villas in prime Laguna Beach. Investor cross-collateralized
two other free and clear commercial properties to obtain
100% financing for the purchase. Loan is priced at 7.9%
and 1 point for 12 months. No prepayment penalty.
Los Angeles, CA
Alexa Mizrahi
310-826-2888 x16
www.loneoakfund.com
SCOTSMAN GUIDE LEAD

Property: PUD
Purpose: Purchase
Location: Lake Elsinore, CA
Broker Fee: $7,350
Borrower was an LLC and the managing member

had a FICO score of 542, due to past foreclosure,
delinquencies and bankruptcy. We provided the
borrower a first position loan at 70% LTV and closed
in 7 business days. We were able to provide the LLC
with a stated/no-doc loan.
Los Angeles, CA
Pouyan Broukhim
877-700-3703
Borrowers needed to close quickly and provide a

strong offer to purchase an 8-unit apartment located
in the Bay Area, CA. Redwood Mortgage was able to
make the $3.7M loan and support the on-time closing.
Borrowers showed strong financials and acquired a
property with documented-income history.
San Mateo, CA
Michael Burwell
michael@redwoodmortgage.com
650-645-9728
Revere Capital has funded a $16,330,900 loan on a

333-unit multifamily portfolio in Northern California.
Dallas, TX
Clark Briner
214-227-9337
Redwood Mortgage
Purpose: Purchase
Location: Bay Area, CA
Revere Capital LLC

Location: Northern California
SCOTSMAN GUIDE LEAD

Purpose: Purchase
Location: La Jolla, CA
These 4-unit luxury condominiums rest in the heart of La

Jolla, CA. Located just steps from Windansea Beach, they
boast large entertainment decks and stunning views of
the Pacific. SFG stepped in as a crucial piece in helping
capture this $3,900,000 purchase as it became available.
Bellevue, WA
John Odegard
jodegard@sfgfunds.com
425-455-1733
This borrower was shut out by multiple lenders due

to lack of real estate collateral and trucking being a
restricted industry. With no time to wait for SBA, we
quickly funded $140,000 of unrestricted working capital
and required only a 1-page application and 6 months of
bank statements to close.
Los Angeles, CA
Matt Naughton
bizloans@southendcapital.com
888-268-7778 x4
www.seattlefundinggroup.com

Property: Trucking company
Purpose: Working capital
Location: Suwanee, GA
Date Funded: August 2016
Broker Fee: $2,569
85

Property: Office
Purpose: Cash-out refinance
Location: Boca Raton, FL
Broker Fee: $52,500
VMC funded a cash-out refi of a retail strip building with

our 'No Income Verification' program. This is a 30-year
fully amortized ARM with a 3-year fixed period. We never
request tax returns or income statements. Dont let bank
rejections or the fees of hard money keep you from
closing loans. Think Velocity.
SCOTSMAN GUIDE LEAD
Westlake Village, CA
Loan Origination Team
866-505-3863
Orange, CA
info@fbfloans.com
www.fbfloans.com
William Sonsma
714-908-5100
Bellevue, WA
jodegard@sfgfunds.com
www.seattlefundinggroup.com
John Odegard
425-455-1733
Purpose: Cash-out

Location: Los Angeles, CA
Property: SFR
Purpose: Construction

Location: Bellevue, WA
T and M Commercial Funding Inc.
SCOTSMAN GUIDE LEAD
Hackensack, NJ
jonathan@silverarchcp.com
Jonathan Weiner
201-254-2559
Auburn, ME
rich@tmfunding.com
www.tmfunding.com
Rich Huizar
877-714-0995
Property: Condominium
Purpose: Cash-out

Location: Chicago, IL
Property: Medical office

Purpose: Refinance

Location: Neptune Township, NJ
Broker Fee: $5,125
SCOTSMAN GUIDE LEAD
Los Angeles, CA
sg@wilshirefp.com
www.wilshirefp.com
Brian Murphy
800-369-9457
Property: Light industrial

Purpose: Refinance

Location: Los Angeles, CA
Broker Fee: $12,000
Indicates the lender and originator connection

was made via Scotsman Guide.
Advertise Here:
Show off your deal in the next issue.
To list your closed loan, contact advertising@scotsmanguide.com or call (800) 297-6061.
86
SCOTSMAN GUIDE LEAD
Events Directory
October 4-6
National Alliance of Commercial

Loan Brokers Annual Commercial
Loan Broker Conference
Las Vegas
naclb .org
October 5
RealShare New York

New York
globest.com/events
October 19-22
CREW Network
Convention
and Marketplace
New York
crewnetwork.org
October 27-28
California Mortgage
Association Fall
Seminar
Las Vegas
californiamortgageassocation.com
November 1
Information
Management Network
Borrower and Investor
Forum on Real Estate
Mezzanine Financing
and Subordinated Debt
New York
imn.org
October 5-6
RealShare National Investment

and Finance
New York
globest.com/events
October 5-7
Trigild Fall Lender

Conference
San Diego
trigild.com
November 2-3
Risk Management Association

Annual Risk Management
Conference
Dallas
rmahq.org
November 14-16
National Multifamily Housing

Council OPTECH Conference
and Exhibition
Dallas
nmhc.org
November 15-18
Information Management
Network Middle-Market
Multifamily Forum:
A Forum for Small and
Mid-Sized Apartment
Owners and Developers
Orlando, Fla.
www.imn.org
National Trust for Historic

Preservation PastForward
Conference
Houston
savingplaces.org/conference
November 16-17
RealShare Industrial
Plano, Texas
globest.com/events
October 19-20
December 1
RealShare Apartments
Los Angeles
globest.com/events
The following icons indicate the type of

Scotsman Guide Media presence at the event.
November 13-15
All Star Group

Commercial Real Estate
and Lending Conference
San Francisco
crelc.com
Scotsman Guide Media will have

a booth and/or staff in attendance.
Scotsman Guide Media

publications will be distributed.
87
Directory: Commercial Lenders

Online: ScotsmanGuide.com/comdir
A.S.K. INVESTMENTS INC.
PRIVATE LENDER
12235 Beach Blvd., Suite 29, Stanton, CA 90680 ......................................................... 800-834-6544

COMMENTS: Lending in CA only
Stanton, CA: Raelyn Maxwell ............................................................................................. 800-834-6544
ACRES CAPITAL
DIRECT LENDER
ALERA MANAGEMENT GROUP
www.aleramanagementgroup.com
5800 SW Meadows Road, Suite 230, Lake Oswego, OR 97035.......................................503-747-6910
COMMENTS: Direct lender. Quick funding for projects that fall outside of traditional bank guidelines.
Creative financing up to 70% LTV. NMLS 1209239

Oregon and Washington: Ben Wiltgen, EVP ....................................ben@aleramg.com .......503-747-6910
ALLIANCE PORTFOLIO PRIVATE EQUITY FINANCE
www.acrescap.com
865 Merrick Ave., 2nd Floor
Westbury, NY 11590
516-535-0015
mreasoner@acrescap.com
COMMENTS: ACRES Capital is a private lender operating nationwide and actively pursues CRE financing
opportunities with property investors in need of immediate access to flexible debt or equity
solutions to acquire, refinance and/or enhance distressed and non-distressed properties,
portfolios or notes.
Nationwide: Marty Reasoner, Partner, EVP Originations .... mreasoner@acrescap.com ...... 516-307-0056
West & Southwest: Don Sherman, Originations .................. dsherman@acrescap.com .......516-882-1661
Midwest: Kevin Farrell, Originations ........................................kfarrell@acrescap.com ...... 216-407-2622
DIRECT LENDER
PRIVATE LENDER
www.AlliancePortfolio.com
120 Vantis, Suite 515
Aliso Viejo, CA 92656
949-349-1322
jperry@allianceportfolio.com
ASSET SIZE: $100M
LOAN VOL:
2015: $40M
2016 Projection: $60M
COMMENTS: Direct lender. California only. Loan amounts from $100K - $5M. Residential, commercial &
construction. 1st & 2nd trust deeds. Rates starting at 8.99%. Flexible deal maker & brokers'
best friend.
South & Southeast: Dan Greenberg, Originations ............. dgreenberg@acrescap.com ......954-684-5564
ALLIED COMMERCIAL FUNDING CORP.
ADVANTAGE CAPITAL PARTNERS
5737 Kanan Road, Suite 135, Agoura Hills, CA 91301 .....................................................800-247-8212
DIRECT LENDER
190 Carondelet Plaza, Suite 1500
St. Louis, MO 63105
314-725-0800
LOAN VOL:
COMMENTS: Southern CA only. Direct lender, fast funding. All types of commercial, industrial property
and finished lots. Customized privately funded bridge and interim loans. Short-term and
amortized.
Agoura Hills, CA: Jerry Carll .................................................................................................818-706-1000
2015: $100M
COMMENTS: Advantage Capital Partners provides senior debt, subordinate debt, convertible debt, private
equity and venture capital in specific state territories.

AL, FL, IL, KY, LA, ME, MO, MS, NE, OR: Rick Hummell, Principal
................................................................................rhummell@advantagecap.com ...... 314-725-0800
AGOURA HILLS FINANCIAL
PRIVATE LENDER
www.AgouraHillsFinancial.com
28348 Roadside Drive, Suite 203A, Agoura Hills, CA 91301 ...........................................818-707-3452
COMMENTS: Broker friendly, close fast! NOO 1-4 residential, commercial, fix-n-flip to $950K.
We do not lend on owner occupied. Southern California only.

Southern California: Allyson Haim ..........................allyson@AgouraHillsFinancial.com .......818-707-3452
Southern California: Bentley Richards ................... bentley@AgouraHillsFinancial.com .......818-707-3452
AGRI CAPITAL INC.
DIRECT LENDER
www.agricapitalinc.com
23400 Road 24, Chowchilla, CA 93610 ..........................................................................559-825-6650
COMMENTS: Agri Capital provides farmers with access to private money capital when conventional
avenues are unavailable. Call us today for lending solutions!

CA: Scott Maxwell ............................................................... Scott@agricapitalinc.com ......559-352-5067
AGRICULTURAL FINANCE
ALPHA FUNDING SOLUTIONS LLC
DIRECT LENDER
29 Union Ave., Lakehurst, NJ 08733...............................................................................732-657-2014

info@alphafunding.com
COMMENTS: We specialize in lending for all of NJ, NYC (five boroughs), Long Island, NY, Westchester, NY,
Philadelphia, PA, CT, MD and South Florida.

Mark Callazzo, CEO, x308 .................................................... mark@alphafunding.com .......732-657-2014
Mike Strasser, VP Business Development, x304 ..............michael@alphafunding.com .......732-657-2014
AMERICAN SAVINGS LIFE INSURANCE CO.
INSURANCE CO.
www.NotSoHardMoney.com
935 E. Main St., Suite 100
Mesa, AZ 85203
877-942-1033
Fax 480-835-5355
AE@NotSoHardMoney.com
COMMENTS: We have been making NOT SO HARD MONEY Loans for over 60 years. We fund with our
own capital and we underwrite and service all our loans in-house. Loans from $250K-$8M+.
Up to 65% LTV. Foreclosures, BK, bad credit is OK. Non-recourse loans available.
AZ, CO, NM, NV, TX, UT: Anthony Turdo, Executive Manager
............................................................................ anthony@NotSoHardMoney.com ......888-526-3008
APEX MORTGAGE CORP.
MORTGAGE BANK
CORRESPONDENT
www.agricultural-finance.com/Beat-The-Banks/
31878 Del Obispo, Suite 118-244, San Juan Capistrano, CA 92675 ............................... 714-299-6209
COMMENTS: Beat the banks! Faster payoffs with our unbeatable credit line - phone us.
www.apexmtg.com
1300 Virginia Drive, Suite 400
Fort Washington, PA 19034
877-512-9622
COMMENTS: When your client needs a small-balance commercial mortgage, turn to the best. APEX
agricultural-finance.com/Beat-The-Banks/
AR, CA, NV, OR, UT, WA: David Murphy, Senior Mortgage Banker
.......................................................................... dmurphy@agriculturalfinance.info ...... 714-299-6209
AILERON CAPITAL MANAGEMENT
DIRECT LENDER
DIRECT LENDER
Mortgage is a nationwide direct portfolio lender with over 20 years of experience. We offer
programs that cover a wide credit range and can help your non-bankable borrowers obtain
the financing they need. Never any upfront fees and YSP available. Plus, we do all the
processing for you. Call 877-512-9622.
Fort Washington, PA: Ryan Boyle, x267 .................................... rboyle@apexmtg.com .......877-512-9622
www.aileroncap.com
5510 W. La Salle St., 3rd Floor, Tampa, FL 33607 ......................................................... 813-341-3654
Nationwide except: AK, AL, HI, MI, NV, VT, WV: Bob Worthington, x208
.................................................................................. bworthington@apexmtg.com .......877-512-9622
ASSET SIZE: $50M
ARBOR COMMERCIAL MORTGAGE LLC
LOAN VOL:
2015: $180M
COMMENTS: Aileron is an investment fund manager, providing SBA 504, USDA B&I, residential rehab and
short-term bridge loans up to $12M nationwide.

East Coast: Mike Maguire, Managing Director, x136 ........ mmaguire@aileroncap.com ...... 813-341-3654
West Coast: Joe Bonora, Managing Director, x137 .............. jbonora@aileroncap.com ...... 310-341-3645
DIRECT LENDER
go.arbor.com/multifamily
333 Earle Ovington Blvd., Uniondale, NY 11553 ......................................... 800-ARBOR-10 (272-6710)
COMMENTS: Top small-balance (<$5M) multifamily direct lender. Top 10 Fannie Mae/Freddie Mac lender;
dedicated FHA, CMBS and bridge platforms.

Nationwide: ................................................................................requests@arbor.com ...... 800-272-6710
88

ARTEMIS REALTY CAPITAL LLC
DIRECT LENDER
BANKUNITED SMALL BUSINESS FINANCE
BANK
www.artemisrealtycapitalllc.com
2525 E. Camelback Road, Suite 1050
Phoenix, AZ 85016
602-381-0238
www.BankUnited.com/sbf
877-893-7823
COMMENTS: Direct private portfolio lender. Brokers protected. We specialize in bridge loans on all asset
COMMENTS: Direct, nationwide SBA Preferred Lender specializing in SBA 7(a), 504, and USDA B&I.
Loans available: 1) construct, renovate, refinance, expand or acquire owner-occupied CRE;

2) business acquisition; 3) debt refinance; 4) equipment finance. Common-sense underwriting & uniquely superior service.
types. Quick closings!

AZ, CA, CO, FL, ND, NM, NV, OR, TX, UT, WA: Greg Nelson
......................................................................Greg@ArtemisRealtyCapitalLLC.com ...... 602-381-0238
AZ, CA, CO, FL, ND, NM, NV, OR, TX, UT, WA: Aaron Fox
....................................................................Aaron@ArtemisRealtyCapitalLLC.com ...... 602-381-0238
ATLAS HOSPITALITY GROUP
DIRECT LENDER
1901 Main St., Suite 175, Irvine, CA 92614 ...................................................................949-622-3409
LOAN VOL:
BAY MOUNTAIN CAPITAL
AZ, CA, CO, ID, MT, NM, NV, OR, TX, UT, WA, WY: Alan Reay, President
...................................................................................... alan@atlashospitality.com ......949-622-3409
AVANA CAPITAL
DIRECT LENDER
Phil Sanchez, Multifamily and Commercial Loans, x1 ......phil@baymountaincapital.com .......214-953-3188

PRIVATE LENDER
www.bismarkmortgage.com
10500 NE 8th St., Suite 700
Bellevue, WA 98004
425-999-4772
COMMENTS: See website for details.
David Perry ................................................................DavidP@bismarkmortgage.com ......425-999-4772
www.avanacapital.com
8194 W. Deer Valley Road, Suite 106-333
Peoria, AZ 85382
877-850-5130
avanateam@avanacapital.com
BIZCAPITAL
2015: $250M
COMMENTS: AVANA Capital, LLC is licensed in California under DBO license number 603K752 and in
LOAN VOL:
Arizona under CBK license number 0921662.

Nationwide: Sanat Patel, Managing Partner ......................... sanat@avanacapital.com ...... 877-850-5130
DIRECT LENDER
1200 Westlake Ave. N., Suite 1006
Seattle, WA 98109
866-891-0083
2015: $75M
COMMENTS: BizCapital is an SBA lender providing small-business loans ranging from $500K-$10M.
Parent company, Advantage Capital Partners, assists in providing creative capital solutions,
including conventional lending, subordinate debt and private equity to a variety of companies
and industries.
Nationwide: Sundip Patel, Managing Partner ..................... sundip@avanacapital.com ...... 877-850-5130
AL, FL, IL, KY, LA, ME, MO, MS, NE, OR: Rick Hummell, Principal
..................................................................................... rhummell@biz-capital.com ...... 314-725-0800
BLOOMFIELD CAPITAL
COMMENTS: Avatar is a direct lender offering bridge loans nationwide on income-producing properties.
For outstanding service, speak directly with a principal.

Nationwide: TR Hazelrigg, President, x102 .............................tr@avatarfinancial.com ......866-891-0083
Nationwide: Jerry Zevenbergen, CEO, x103 ....................... jerry@avatarfinancial.com ......866-891-0083
BANK OF NORTH CAROLINA
DIRECT LENDER
www.biz-capital.com
190 Carondelet Plaza, Suite 1500
St. Louis, MO 63105
314-725-0800
rhummell@biz-capital.com
ASSET SIZE: $150M
AVATAR FINANCIAL GROUP
PRIVATE LENDER
3710 Rawlins St., Suite 1390, Dallas, TX 75219 .............................................................214-953-3188

info@baymountaincapital.com
BISMARK MORTGAGE CO.
2015: $25M
COMMENTS: Specializing in hotel/motel financing in Western states.
LOAN VOL:
Nationwide: Business Development .................................................................................... 877-893-7823
BANK
DIRECT LENDER
280 N. Old Woodward, Suite 104
Birmingham, MI 48009
248-745-1700
deals@bloomfieldcapital.com
COMMENTS: Bloomfield Capital is a direct lender with a proven track record of success. We provide bridge
capital on the following asset classes: multifamily, retail, self-storage, office, hospitality,
industrial and more. Deal with a direct capital source and call Bloomfield today.
Nationwide: Brent Truscott, x202 ........................... btruscott@bloomfieldcapital.com .......248-745-1700
www.bankofnc.com
550 E. McBee Ave., Suite 200, Greenville, SC 29601 ......................................................404-274-7614
Denver Office: .............................................................. deals@bloomfieldcapital.com ......303-872-5666
ASSET SIZE: $6B
BOFI FEDERAL BANK
LOAN VOL:
2015: $60M
COMMENTS: Preferred SBA lender. Loans for real estate, equipment & business acquisition: c-stores,
daycares, hotels, etc. Construction loans for 2nd locations.
BANK
www.apartmentbank.com
4350 La Jolla Village Drive, Suite 140, San Diego, CA 92122 .........................................888-833-0555
ASSET SIZE: $4B
AL, FL, GA, KY, NC, SC, TN, VA: Mark E. Jackson, VP/Sr. Business Development Officer
.......................................................................................mjackson@bankofnc.com .......404-274-7614
BANKERS HEALTHCARE GROUP
Chicago Office: ............................................................ deals@bloomfieldcapital.com ...... 312-725-9544
DIRECT LENDER
www.bankershealthcaregroup.com/scotsman
201 Solar Street, Syracuse, NY 13204 ...........................................................................646-553-4240
COMMENTS: BHG lends exclusively to health care professionals, providing fast access to working capital.
Commission available for loans referred by brokers.

Shane Franz, Senior Business Development Manager .......BHGReferral@bhg-inc.com ......646-553-4240
LOAN VOL:
2015: $600M
COMMENTS: BofI Federal Bank is a nationwide multifamily lender. We are a wholesale shop that offers A,
B and C price products for multifamily and mixed-use.

Nationwide: Jeff Gollins, VP National Sales Manager ....jgollins@bofifederalbank.com ......858-649-2544
BOLOUR ASSOCIATES INC.
DIRECT LENDER
8383 Wilshire Blvd., Suite 920
Beverly Hills, CA 90211
323-677-0550
Fax 323-677-0552
COMMENTS: Creative solutions for complex needs. Quick execution by direct lender. Certainty of closing
by experienced team.
AZ, CA, NV, TX: Elliot Shirwo, Executive Vice President, x102 ....elliot@bolourassociates.com .........323-677-0550
89

BRIDGE CAPITAL LLC
DIRECT LENDER
CENTURY CAPITAL PARTNERS
PRIVATE LENDER
PMB 29, Box 10001, Saipan, MP 96950 ........................................................................ 670-322-2222

alison.jarvis@bccnmi.com
www.centurycapllc.com
336 W. Passaic St., Rochelle Park, NJ 07662 ................................................................877-335-5464
ASSET SIZE: $2.2B
COMMENTS: We provide flexible and innovative solutions drawing on 50 yrs.' experience. Specialist in NY/
LOAN VOL:
NJ area; will consider deals nationwide.
2015: $165M
NJ, NY: Victor Cohen, CFO, x102 ............................victor@centurycapitalfinance.com ...... 347-564-5090
COMMENTS: Bridge Capital LLC is a well-established direct asset-based lender specializing in quickly
expediting capital for loan opportunities globally.
NJ, NY: David Hecht, CEO, x101 .......................................... david@centurycapllc.com ...... 201-880-7850
International: Alison Jarvis, Loan Officer ........................... alison.jarvis@bccnmi.com ...... 702-997-3009
BRIDGE LOAN FINANCIAL
DIRECT LENDER
3121 Michelson Drive, Suite 110
Irvine, CA 92612
888-257-8051
ehart@bridgelf.com
DIRECT LENDER
20955 Pathfinder Road, Suite 370, Diamond Bar, CA 91765 .......................................... 800-819-4199
info@cherrywood.com
LOAN VOL:
COMMENTS: Cherrywood Commercial is a small-balance direct lender specializing in loans that do not
necessarily fit the bank-qualifying guidelines.
COMMENTS: California's portfolio lender with the financial resources to fund loans up to $10M on residential and
commercial properties. We know how to resolve the issues and get the deal closed on time. It is our
experience, reliability and excellent service that make Bridge Loan Financial unique!
CA, NV: Eric S. Hart, Borrower/Broker Services ........................... ehart@bridgelf.com ...... 714-264-4660
BUDGET MORTGAGE CORP.
CHERRYWOOD COMMERCIAL LLC
DIRECT LENDER
1849 Sawtelle Blvd., Suite 700, Los Angeles, CA 90025 ................................................ 800-225-6267
noah@budget.loans
COMMENTS: Visit our website for more info: www.budget.loans CalBRE Broker #01891885.
Paul Cleary, EVP, Production, x106 ................................................................... pcleary@cherrywood.com
CIVIC FINANCIAL SERVICES
DIRECT LENDER
www.civicfs.com
2015 Manhattan Beach Blvd., Redondo Beach, CA 90278 ............................................. 310-504-3618
ASSET SIZE: $150M
COMMENTS: Direct, private money lender specializing in the finance of non-owner occupied residential
properties. 75% LTV loans. Funding in 4-10 days.
Noah Furie............................................................................................................................ 888-242-3291
AZ, CA, CO, FL, GA, HI, ID, OR, TX, WA: Nathan Aquino, Lead Coordinator
.....................................................................................................info@civicfs.com ...... 424-336-7901
BUILDER FINANCE INC.
CMN FUNDING
DIRECT LENDER
55 E. 59th St., 6th Floor, New York, NY 10022 .............................................................. 800-752-0401

team@builderfinance.com
COMMENTS: Financing homebuilders, developers and investors for ground-up/vertical 1-4 residential,
SPEC and fix-n-flip. Competitive rates and deferred interest.

Lending in 22 states: Michael Maxwell, Head of Originations
...................................................................................... team@builderfinance.com ...... 800-752-0401
BUSINESS LOAN CAPITAL
COMMENTS: BLC is a nationwide direct lender specializing in SBA 504 purchase & refinance loans up to
90% LTV, SBA 504 interim & improvement loans, as well as conventional (non-SBA) commercial
purchase/refinance/refi cash-out financing on owner occupied commercial real estate.
Nationwide: David Manser, Director of Commercial Lending, x103
.......................................................................................dmanser@blclending.com .......877-774-4240
CACHE PRIVATE CAPITAL
DIRECT LENDER
www.cacheprivatecapital.com
126 W. Sego Lily Drive, Suite 270, Sandy, UT 84070 ..................................................... 855-724-3863
COMMENTS: CPC Diversified Fund provides borrowers certainty of funding by making nationwide bridge
loans on opportunistic real estate assets. Apply today!
CAPSTONE FINANCIAL
www.cmnfunding.com
1510 Central Ave., Suite 380
Albany, NY 12205
518-435-1119
Fax 518-435-1331
info@cmnfunding.com
COMMENTS: Since 1998 CMN is "A Leader in Commercial Financing Solutions." We offer direct & cor-
respondent lending programs for many property classifications. Loan types: stated, investor,
cash out, international, fix-n-flip, bridge, SBA, etc. Small & large balance loans from
$50K to $100M. Brokers welcome.
DIRECT LENDER
www.businessloancapital.com
15375 Barranca Pkwy., Suite B-209, Irvine, CA 92618 ...................................................877-774-4240
PRIVATE LENDER
www.capstonefi.com
3014 N. Hayden Road, Suite 115, Scottsdale, AZ 85251 ................................................480-336-2828
COMMENTS: Capstone, private lender focused on loans 50K-2M, small comm., resi investment & fix-n-flip,
bridge, special needs. Brokers protected! 1-3 year terms!
PRIVATE LENDER
Nationwide/International: Stephen Frank, President, x105

........................................................................................ sfrank@cmnfunding.com ....... 518-435-1119
COLONY AMERICAN FINANCE
DIRECT LENDER
www.colonyamericanfinance.com
1920 Main St., Suite 850, Irvine, CA 92614 ................................................................... 888-471-3487
COMMENTS: 5 & 10 yr. loan terms for liquidity to owners of stabilized rental portfolios. For shorter invest-
ments, we offer lines of credit for new purchases.

Joakim Mortensen, Managing Director
...................................................Joakim.Mortensen@colonyamericanfinance.com .......888 471-3487
COLUMBIA PACIFIC ADVISORS
DIRECT LENDER
1910 Fairview Ave. E., Suite 200, Seattle, WA 98102 ..................................................... 206-576-1292
ASSET SIZE: $150M
LOAN VOL:
2015: $100M
COMMENTS: We are direct nationwide lenders on any type of cash-flowing commercial real estate. We
underwrite quickly and fund fast. Brokers are welcome.
Nationwide: Tyler Stone, President ......................................... tstone@capstonefi.com ......602-692-2380
Nationwide: Blake Rodgers ............................................ blaker@columbiapacific.com ...... 206-576-1292
Nationwide: Warren Transgrud, CEO ..................................... warren@capstonefi.com ...... 480-540-1098
Nationwide: Billy Meyer ...................................................billym@columbiapacific.com ...... 206-734-3979
CELTIC BANK
Nationwide: Brad Shain ................................................... brads@columbiapacific.com ......206-576-0092
BANK
www.celticbank.com/referralprogram
268 South State St., Suite 300
Salt Lake City, UT 84111
877-861-7819
brokerhelp@celticbank.com
COMMENTS: 6th largest SBA lender in both $ volume and loan units. Our credit culture is as entrepre-
neurial as the businesses we finance. Celtic Bank offers SBA loans, CAPLines (asset-based
lending) as well as equipment leasing for small businesses nationwide.
COMMERCIAL LOAN CENTER LLC
DIRECT LENDER
www.clcllc.net
P.O. Box 1422, Blue Bell, PA 19422 ................................................................................800-959-2370
COMMENTS: Stated income OO & investment commercial properties. Purchase & rehab blanket loans
considered with additional income-producing cross collateral.

Nationwide except: AK, MI, ND, VT: Carl Shorley, Managing Director, x101
................................................................................................. cshorley@clcllc.net ......800-959-2370
90

CONCORD CHURCH LENDERS
MORTGAGE BROKER
F.E. FORBES COMPANY INC.
DIRECT LENDER
www.concordchurchfinance.com
P.O. Box 676356, Rancho Santa Fe, CA 92067 ............................................................. 800-926-0399
www.feforbes.com
1795 Solano Ave., Berkeley, CA 94707 .......................................................................... 510-526-7933
COMMENTS: Visit our website to prequalify and request a quote.
COMMENTS: Commercial & residential property types considered. Fast common-sense underwriting &
funding. Loan sizes available from $50K to $2M. Broker friendly.
Contact us via e-mail at concordacceptance@cox.net.

Nationwide: John Kucey ................................................. concordacceptance@cox.net ......800-926-0399
CA: Mark Forbes, Principal, x13 ..............................................mforbes@feforbes.com ...... 510-526-7933
CROSSWIND FINANCIAL
FIDELITY BANCORP FUNDING
PRIVATE LENDER
www.CrosswindFinancial.com
10990 Wilshire Blvd., Suite 440, Los Angeles, CA 90024 .............................................. 310-597-4001
COMMENTS: Crosswind Financial is a relationship-based direct private lender based in Los Angeles. We
finance California's top residential developers.

Loans over $500K: Jan Brzeski, Managing Director & Chief Investment Officer
...........................................................................jbrzeski@crosswindfinancial.com ...... 310-905-3055
Loans over $500K: Greg Hebner, Managing Director
.......................................................................... ghebner@crosswindfinancial.com ...... 310-409-4511
DIRECT LENDER
600 City Parkway, Suite 200
Orange, CA 92868
714-908-5100
info@fbfloans.com
COMMENTS: Bank pricing, broker friendly, responsive, same day LOIs & 3 easy steps to submit.
Always broker protection. We close loans. Call the experts in multifamily and commercial.
Nationwide lending. www.fidelitybancorpfunding.com. Residential (1-4), multifamily 5+,
commercial, SBA and owner occupied.
Loans over $500K: George Sears, Origination ..........gsears@crosswindfinancial.com ......310-409-0677
Nationwide: William Sonsma, President,

......................................................wsonsma@fbfloans.com .... Fax 714-908-5133 ...... 714-908-5100
DOMINION MORTGAGE CORPORATION
Nationwide: Main Office .............................. info@fbfloans.com ......................................... 714-908-5100
PRIVATE LENDER
www.dominfin.com
1990 S. Bundy Drive, Suite 640, Los Angeles, CA 90025 ............................................... 310-477-3041
FIDELITY MORTGAGE LENDERS INC.
COMMENTS: Dominion Mortgage & Dominion Healthcare Financial provide mortgage loans with 'make-
Nationwide: Keith Olson, Sr. Vice President, x133 ..................... keitho@dominfin.com .......310-477-3041
11952 Wilshire Blvd.

Los Angeles, CA 90025
800-752-9533
EAGLE LEDGE FOUNDATION INC.
ASSET SIZE: $250M
sense' underwriting and flexibility. Loans in CA as low as $100K.
DIRECT LENDER
www.eagleledgefoundation.org
5825 E. Burns Ave., Fresno, CA 93727 ......................................................................... 866-980-9435
COMMENTS: Nationwide direct lender to churches. Hard to fund, special structuring required okay.
Straight talk from a firm that delivers. 866-980-9435
DIRECT LENDER
COMMENTS: Equity-based loans on commercial property. Immediate decisions and fast funding. Long-
term loans. No prepayment penalties.

CA: Larry Frank ................................................................................................................... 800-752-9533
FIRST CHATHAM BANK
Nationwide: Thomas Fontana, Co-founder

...................................tfontana@eagleledgefoundation.com ... Fax 866-980-9435 ......209-363-6262
BANK
111 Barnard St., Savannah, GA 31401 ................................................. DCampbell@FirstChatham.com
Nationwide: Chester Reid, Co-founder

..........................................creid@eagleledgefoundation.org ... Fax 866-980-9435 ......559-930-0878
COMMENTS: Nationwide, SBA and USDA lending, offering quick underwriting and fast funding with
ELLIS EQUITY LENDERS
Nationwide: Dana Campbell, VP, Business Development Officer

.............................................................................. DCampbell@FirstChatham.com ...... 912-424-2557
DIRECT LENDER
common-sense lending.
www.ellismanagementco.com
2825 Wilcrest Drive, Suite 300, Houston, TX 77042 ............................................. 713-952-8022 x105
FMC LENDING
COMMENTS: Specializing in bridge loans on commercial property, farms and ranches. 100% deposit
www.fundmortgagecapital.com..................................................................................888-297-4440
DIRECT LENDER
refund if not funded. Brokers welcome and protected.

NM, OK, TX: Barney VH .................................................................. bvh@ellislend.com ...... 800-816-7583
ENDEAVOR CAPITAL LLC
DIRECT LENDER
COMMENTS: Commercial, construction, conventional, private-money lending for all property types. Bridge
& term loans; make-sense underwriting; 10-day close.

Northern California: James Pierce, Vice President ........ jp@fundmortgagecapital.com ...... 888-297-4440
www.endeavor.com
404 South Huntington Ave.
Boston, MA 02130
617-971-9700
Fax 617-522-6101
Nationwide: Bob Michaelson, Vice President ........... bobm@fundmortgagecapital.com ...... 888-297-4440

Southern California: Jeremy Bloom, Vice President ....jbloom@fundmortgagecapital.com ....... 888-297-4440
FORMAN CAPITAL LLC
COMMENTS: Americas Alternative Lender providing immediate access to short- and intermediate-term
commercial loans for more than 15 years. Endeavor offers fast, flexible funding for bridge
loans, asset-based working capital, construction financing and note acquisitions. Brokers
protected.
New England and Florida: Chris Anderson, Principal ..........canderson@endeavor.com .......617-971-9700
New England and Florida: Tony Borghi, Principal ..................acborghi@endeavor.com .......617-971-9700
New England and Florida: Kurt Stenhouse, Principal ........ kstenhouse@endeavor.com .......617-971-9700
EQUITY SECURED CAPITAL
ASSET SIZE: $120M
DIRECT LENDER
www.equitysecured.com
1250 Capital of TX Hwy S., Bldg. 3, Suite 400
Austin, TX 78746
512-633-1816
info@equitysecured.com
DIRECT LENDER
1501 Corporate Drive, Suite 240, Boynton Beach, FL 33426 .......................................... 561-588-0132
Submissions@FormanCap.com
COMMENTS: Forman Capital is a trusted, direct balance-sheet lender for commercial real estate properties
located throughout the United States.

Nationwide: Brett Forman, Founder & CEO, x1018 ............. bforman@formancap.com ...... 561-588-0132
FREEDOM CAPITAL LLC
CORRESPONDENT
www.freedomcapital.biz
P.O. Box 93545, Phoenix, AZ 85070-3545.....................................................................480-656-2688
COMMENTS: Bank loans from $100K to $12M. Office condos, restaurants, light-industrial, manufacturing,
converted SFR, retail centers, self-storage, car repair, more. Full doc; 0.5% to 2.5% broker
fee. Construction/renovation available.
Nationwide: Jim Howell ........................................................ Jim@FreedomCapital.biz ......480-656-2688
ASSET SIZE: $50M

COMMENTS: Since 1990, direct lender for Texas hard money bridge loans. Property need not cash flow;
stated income; no prepayment penalty. Raw land, too! Hard money, soft terms.
Texas: Vince DiMare, Principal .......................................vdimare@equitysecured.com .......512-633-1816
91

FUNDINGEDGE
CORRESPONDENT
HANKEY CAPITAL LLC
DIRECT LENDER
234 W. Bandera Road, Suite 313

Boerne, TX 78006
830-331-4030
cs@fundingedge.com
www.hankeycapital.com
4751 Wilshire Blvd., Suite 110, Los Angeles, CA 90010 .................................................323-900-3000
COMMENTS: AG and ranch financing $100K-$22M. Private-money and conventional programs on all
CA: Tania Kappe, VP .........................................................tkappe@hankeycapital.com .......323-801-7186
COMMENTS: Hankey Capital is a direct lender originating short-term bridge and construction loans in the
$2M-$50M range secured by real estate located in CA.
types of property $100K-$5M+. Business financing $5K-$5M.

Texas - AG & Ranch: AG Services ........................................... loan@fundingedge.com ......830-331-4030
CA: Priyesh Bhakta, VP ..................................................pbhakta@hankeycapital.com ......323-692-8443
Nationwide - Biz & Commercial: Customer Service ................... cs@fundingedge.com ....... 210-249-2111
HOME BANK OF CALIFORNIA
GATEWAY CAPITAL PARTNERS
www.gatewaycp.com
331 S. Rio Grande, Suite 202, Salt Lake City, UT 84101 ................................................ 801-746-0800
www.homebankofcalifornia.com
4493 Ruffin Road
San Diego, CA 92123
858-270-5881 x229
COMMENTS: Gateway Capital Partners is a leading private-equity firm that specializes in business and
COMMENTS: SBA 7(a) & 504, flexible portfolio U/W, hard to place CRE & 1-4, will consider short sales,
PRIVATE LENDER
real estate investments.
GBC BUSINESS CAPITAL
BANK
www.geobanking.com
2601 Iron Gate Drive, Suite 102, Wilmington, NC 28412 .................................................910-777-5103
Nationwide: Marc Gilson, SBA Regional Manager ..............mgilson@geobanking.com .......910-777-5103

Nationwide: Shannon Haggerty, SBA Sales Assistant .... shaggerty@geobanking.com ....... 910-777-5110
GCMAC
foreclosures & modifications, competitive rates and fees, Foreign Nationals accepted, no
limit on # properties owned (1-4), title can be held in an entity (Trust, Corp.,LLC, Part.), fast
response and funding.
Southern California: Dale Heyden, Sr. Vice President, x229
..................................................................... dheyden@homebankofcalifornia.com ......858-270-5881
HUNT MORTGAGE GROUP
COMMENTS: SBA lending nationwide. PLP lender. No concentration issues.
DIRECT LENDER
BANK
DIRECT LENDER
www.huntmortgagegroup.com
230 Park Ave., 19th Floor, New York, NY 10169 ..............................................................212-317-5700
COMMENTS: Commercial lender with agency and proprietary funding: multifamily, affordable housing,
retail, office, senior living/healthcare, manufactured housing, industrial and self-storage.
507 W. Rhapsody Drive, San Antonio, TX 78216 ............................................................866-890-3953

ChrisD@gcmac.com
Nationwide: William T. Hyman, Senior Managing Director/agency lending group

......................................................................william.hyman@huntcompanies.com .......212-317-5750
COMMENTS: 25 years' experience in equity lending to individuals and companies not served by traditional
Western U.S.: Rick Warren, Managing Director/small-loan team

...........................................................................rick.warren@huntcompanies.com ......949-221-6684
banks. Fast response; 24-hour conditional approvals.

Texas: Chris Dickson .................................................................... chrisd@gcmac.com ...... 866-632-1775
ISLAND VIEW PRIVATE LOAN FUND LP
GLOBAL CREDIT UNION
www.ivplfund.com
2139 Chuckwagon Road, Suite 315, Colorado Springs, CO 80919..................................763-245-6035
BANK
HEDGE FUND
www.globalcu.org
1520 W. 3rd Ave., Spokane, WA 99201 ......................................................................... 509-455-4652
COMMENTS: Lending 75% of as-is value with rates starting at 10% and loan amounts up to $5M on
COMMENTS: Global Credit Union has a long history and expertise in commercial lending. Our team has the
Nationwide: Josh Manier, Managing Director .....................josh.manier@ivplfund.com ......952-345-3445
ID, WA: Rick Green, VP of Member Business Lending ........... rick.green@globalcu.org ......509-455-4652
ID, WA: John Bigovich, Business Lending Officer ............. john.bigovich@globalcu.org ......509-455-4623
ID, WA: Mike Yocum, Business Lending Officer .................. mike.yocum@globalcu.org ......509-455-4662
GRAVITY CAPITAL LLC
DIRECT LENDER
www.gravitycapllc.com
531 East 770 North, Orem, UT 84097 ........................................................................... 801-441-3083
ASSET SIZE: $10M
LOAN VOL:
2015: $20M
Nationwide: Malek Adair, Loan Sales Associate .................malek.adair@ivplfund.com ...... 719-930-7625

Nationwide: Jennifer Manier, Sales Manager ................jennifer.manier@ivplfund.com ......763-245-6035
Nationwide: Scott Oberholser, Document Specialist ... scott.oberholser@ivplfund.com ...... 719-301-8732
KENNEDY FUNDING FINANCIAL
DIRECT LENDER
930 Sylvan Ave., Suite 110
Englewood Cliffs, NJ 07632
800-342-8500
COVER
experience, background and tools to grow your business.
1-4 unit properties. Fix-n-flip and new construction considered!
COMMENTS: We fund fast and consider all deals. Brokers are our business.
Nationwide except IL & NY: Loan Submissions ............................. info@gravitysc.com ...... 801-441-3083
GREAT JONES CAPITAL
PRIVATE LENDER
1710 Connecticut Ave., Third Floor, Washington, DC 20009 ........................................... 202-810-5273
COMMENTS: Over 30 years of experience in real estate lending and commercial development.
We have underwritten over $1B in commercial loans.

CO, DC, MD, NJ, NY, PA, VA: Jordan Hepner, Managing Director
.................................................................................... jordan@greatjonescap.com ...... 202-810-5273
GREENSPRING CAPITAL INC.
PRIVATE LENDER
2429 W. Coast Highway, Suite 210
Newport Beach, CA 92663
949-296-9856
Fax 949-229-7790
COMMENTS: Kennedy Funding Financial is a real estate secured lender with loans starting at $1M.
Nationwide: Gregg Wolfer, Chief Operating Officer ..............gw@kennedyfunding.com ......800-342-8500
KEY CAPITAL MORTGAGE
DIRECT LENDER
22 W. State St.
Media, PA 19063
844-450-6685
COMMENTS: Key Capital Mortgage specializes in the commercial real estate loans that do not fit the
criteria of traditional banks. Rates start at 7.5% for a 30-year, fully amortizing loan. No FICO
score min and YSP available. Contact a Key representative today!
Jim DeSimone, Sales Director ........................... jdesimone@keycapitalmortgage.com .......401-255-1384
Mark Barnish, Account Executive ........................mbarnish@keycapitalmortgage.com ...... 610-892-5101
Tom Wiker, Account Executive .................................twiker@keycapitalmortgage.com ...... 610-892-5103
COMMENTS: With 32 years of RE lending experience, GreenSpring Capital, Inc. continues to build its busi-
ness on its trusted relationships. We fund commercial and residential loans from $50K to
$10M. Our creativity, speed and experience set us apart from our competitors.
CA, FL, WA: Eric Keillor, CEO and President, x1
........................................ekeillor@greenspring-capital.com ....Cell 714-814-4248 ......949-296-9856
92

LANCEWOOD CAPITAL
PRIVATE LENDER
MISSION FEDERAL CREDIT UNION
BANK
500 Summit Lake Drive, Valhalla, NY 10535 ..................................................................866-839-0337

missionfed.com/commercial-real-estate-lending
5785 Oberlin Drive, Suite 333, San Diego, CA 92121 ..........................................800-500-6328 x2189
Nationwide except AK, HI: Tino Martins, Director of Commercial Lending

............................................................................tmartins@lancewoodcapital.com ......866-839-0337
COMMENTS: Financing for purchase or refinance of multifamily and commercial properties located in San
LIBERTY SBF
San Diego County, CA: Frank Poole, Commercial Loan Officer

......................................................................................... frankp@missionfed.com ...... 858-546-2189
DIRECT LENDER
www.LibertySBF.com
2 Penn Center, 1500 JFK Blvd., Suite 250, Philadelphia, PA 19102 ................................ 877-977-2543
COMMENTS: National lender. Permanent & bridge financing for CRE properties. $1M to $15M. Hotel,
multifamily, retail, office & manufactured housing.

Philadelphia, PA: Adam P. Wildstein, Managing Director ...awildstein@libertysbf.com ...... 610-816-0206
Diego County. Fixed rates as low as 4.5%!
MONEY360 INC.
DIRECT LENDER
www.money360.com
999 Corporate Drive, Suite 110, Ladera Ranch, CA 92694 ............................................. 949-525-9311
COMMENTS: When the bank says no, we say yes.
Los Angeles, CA: Teddy Blum, Managing Director .....................tblum@libertysbf.com ...... 213-256-0561
Nationwide: Gary Bechtel, President ............................. garybechtel@money360.com ...... 949-525-9311
LOGAN INVESTMENTS
MVP MORTGAGE
PRIVATE LENDER
www.loganinvestments.com
12725 Ventura Blvd., Suite B
Studio City, CA 91604
818-755-0880
rsentchuk@aol.com
LOAN VOL:
www.mvpmortgage.com
8880 W. Sunset Road, Suite 200B, Las Vegas, NV 89148 .............................................. 702-227-0965
COMMENTS: Commercial hard money lender nationwide for income-producing properties. Broker friendly;
no upfront fees; call us for quick approval.
2015: $35M
Nationwide: Daniel B. Stubbs, Senior Vice President ......... danny@mvpmortgage.com ...... 702-227-0965
COMMENTS: Logan opened in 1991 specializing in real estate loans in the secondary market, more com-
monly known as hard money loans. We do 1st, 2nd, 3rd and even 4th trust deeds with loan
amounts from $100K to $20M. Loan terms vary from 6 months to 5 years. All money is from
private investors.
California: Ron Sentchuk, President ............................................. rsentchuk@aol.com ...... 818-755-0880
LONDON FINANCIAL CO. LLC
DIRECT LENDER
NAVESINK RIVER CAPITAL
DIRECT LENDER
83 South St., Suite 302
Freehold, NJ 07728
855-778-1000
COMMENTS: A direct private commercial lender specializing in providing bridge loans quickly to entities
965 Crandon Blvd., Key Biscayne, FL 33149 .................................................................. 305-361-9720
and businesses that cannot obtain conventional financing from traditional lending institutions. Loans are available from $75K-$2M for 1-3 years. For immediate response, call
855-778-1000.
South Florida: Jack London ..........................................................jack@londonfin.com ...... 305-962-3410
LONE OAK FUND LLC
DIRECT LENDER
DIRECT LENDER
NEW PROVIDENCE CAPITAL LLC
PRIVATE LENDER
www.loneoakfund.com
11611 San Vicente Blvd., Suite 640
310-826-2888 x16
www.newprovidencecapital.com
4809 Cole Ave., Suite 335, Dallas, TX 75205.................................................................214-444-9070
COMMENTS: Lone Oak Fund LLC offers first trust deeds on commercial properties throughout California.
Mark Pitzer, Partner ............................................... mark@newprovidencecapital.com ....... 214-212-8118
COMMENTS: New Providence lends in major cities in Texas, funding both residential and commercial loans
for refinance, acquisition and repositioning.
Loan amounts up to $30M and up to 60% LTV. Quick closings, no prepayment penalty, no
personal guaranty. Minimal paperwork and in-house appraisals.
Loan Origination: Alexa Mizrahi, Loan Officer, x16 ................alexa@loneoakfund.com ...... 310-826-2888
Loan Origination: Johanna Traynor, Loan Officer, x18 .......johanna@loneoakfund.com ...... 310-826-2888
Loan Origination: Therese Charkut, Loan Officer, x19 ....... therese@loneoakfund.com ...... 310-826-2888
LONGHORN HOLDINGS LLC
DIRECT LENDER
www.nslfinance.com
6300 Wilshire Blvd., Suite 1420, Los Angeles, CA 90048 .............................................. 424-279-3735
ASSET SIZE: $3M
COMMENTS: We pride ourselves in efficient loan underwriting and quick decisions and funding.
NORTHEAST BANK
BANK
www.northeastbank.com
200 Berkeley St., 17th Floor, Boston, MA 02116 ............................................................ 508-202-3125
2015: $100M
COMMENTS: Longhorn Holdings is a real estate-focused private investment firm based in Dallas, TX,
which invests in high-yield debt, value-add acquisitions, developments and new ventures.
Since its inception, Longhorn has closed and funded over 1,000 loans.
Nationwide: Jeff Bell, x311 ...............................................................jbell@lhhinv.com ......610-866-5959
MID VALLEY FINANCIAL
DIRECT LENDER
CA: Bob Benjy, Manager ............................................................. bob@nslfinance.com ...... 424-279-3735
www.lhhinv.com
17103 Preston Road, Suite 250
Dallas, TX 75248
610-866-5959 x311
jbell@lhhinv.com
LOAN VOL:
NORTH STAR LENDING LLC
DIRECT LENDER
ASSET SIZE: $800M

LOAN VOL:
COMMENTS: SBA 7(a) & USDA lending nationwide. Broker referrals welcomed and protected. Creative,
cash flow & logic-based lending with focus on saying "yes".

Nationwide: Eric Bancroft, SBA BDO ...........................ebancroft@northeastbank.com ...... 508-202-3125
7644 N. Palm Ave., Fresno, CA 93711 ........................................................................... 559-256-3622

larryk@mvloans.com
ASSET SIZE: $100M
COMMENTS: All property types considered.
California only: Larry Korth, President ........................................ larryk@mvloans.com ......559-256-3622
93

OCEAN CAPITAL
DIRECT LENDER
www.ocean-capital.com
2 Altieri Way
Warwick, RI 02886
877-337-3757
Fax 401-739-9591
tlively@oceancapitalonline.com
DIRECT LENDER
www.patchofland.com
1964 Westwood Blvd., Suite 350
424-299-4291
COMMENTS: We are an alternative online lender focused on residential & commercial rehab, refi & bridge
loans for companies seeking to scale their business.
COMMENTS: Paying up to a 5% referral fee for SBA 7a and USDA B&I loans through our preferred broker
program. Please contact Taylor Lively at 401-773-9716 for details. Nationwide SBA PLP
lender; Credit scores as low as 640. Up to 85% financing. 1.25x DSCR.
Taylor Lively, Credit Analyst ........................................ tlively@oceancapitalonline.com .......401-773-9716
ONESOURCE BY PCS
PATCH OF LAND
DIRECT LENDER
Nationwide ex. AZ, MN, NV, OR, SD: David Mallel ..................david@patchofland.com ...... 424-299-4291
PB FINANCIAL GROUP CORP.
6380 Wilshire Blvd., Suite 1610, Los Angeles, CA 90048............................................... 877-700-3703
LOAN VOL:
www.onesourcebypcs.com
26901 Agoura Road
Calabasas, CA
844-663-7687
heather@onesourcebypcs.com
PRIVATE LENDER
2015: $90M
COMMENTS: Brokers protected. Service-oriented and quick answers. Approvals within 4-8 hours and
quick closings. Rates from 8.5%. Loan terms up to 10 years

California: Pouyan-Peyman Broukhim, Account Executive, x102 .... info@calhardmoney.com ......... 877-700-3703
PENINSULA CAPITAL GROUP
ASSET SIZE: $1B

COMMENTS: OneSource by PCS, a true private money equity lender. Home of the "Single Loan, Dual
Purpose Fix & Flip with Easy Draw ." Three disbursements: first draw at closing - maximum
1/3 of holdback, not to exceed 80% of acquisition. Fast funding. Broker friendly!
California: Heather Marton, SVP, Lending and Production ....heather@onesourcebypcs.com.........818-676-3326
MORTGAGE BROKER
www.pencapgroup.com
1010 Cass St., Unit D-8, Monterey, CA 93940 ............................................................... 831-288-6000
COMMENTS: CA direct hard money lender. We welcome all commercial real estate property types. Fast &
common-sense underwriting and competitive terms. Call us!
California: Michael Jin, Sr. Account Executive .............michael@onesourcebypcs.com ...... 818-676-3338
California: Richard S. Kostkas ........................................ rkostkas@pencapgroup.com ....... 831-221-5110
PACIFIC ENTERPRISE BANK
PINNACLE MORTGAGE COMPANY
BANK
DIRECT LENDER
17748 Skypark Circle, Suite 100, Irvine, CA 92614 ........................................................ 949-623-7585

thalbmaier@pacificenterprisebank.com
2825 Wilcrest, Suite 570, Houston, TX 77042 ................................................................ 713-781-5810

info@pinnacle-mtg.com
COMMENTS: Collateral focused. Eligible: prior losses, pers credit, business type, BK, special purpose. All
COMMENTS: Fast closing.
loan types offered in CA. Only 7(a) loans outside CA.

AZ, CA, CO, NV, OR, UT, WA,: Tobias Halbmaier, SVP
..................................................................thalbmaier@pacificenterprisebank.com ......949-623-7585
PACIFIC PREMIER BANK
BANK
www.ppbi.com
17901 Von Karman Ave., Suite 1200, Irvine, CA 92614 ................................................. 949-864-8000
PIVOTAL CAPITAL GROUP II LLC
DIRECT LENDER
111 Corporate Drive, Suite 270, Ladera Ranch, CA 92694 ............................................. 949-535-1530
info@pivotalcapitalgroup.com
COMMENTS: 1st lien. NOO 1-4 unit residential flips, ground-up construction, bridge or 2+ unit rental
rehabs. Low rates, points, fees. No personal gty, no PPP.
ASSET SIZE: $2.8B

COMMENTS: Nationwide SBA Preferred Lender. CRE and MFR financing available in Western US.
Construction lending available in Southern California.

Nationwide: Diane Heyden, SVP/Director of SBA Lending ............ dheyden@ppbi.com ......949-864-8516
California: Tim Cody, SVP/Director of Commercial Lending .............. tcody@ppbi.com ......949-864-8085
PACIFIC PRIVATE MONEY LOANS
TX: Jim Murnane, President ....................................................jim@pinnacle-mtg.com .......713-781-5810
DIRECT LENDER
1555 Grant Ave., Novato, CA 94945 ...............................................................................415-883-2150

Kevin@PacificPrivateMoney.com
COMMENTS: All scenarios considered on commercial property; 48-hour turn times with full package;
broker-friendly; loan sizes from $500K to $20M.
Brad Rust, Co-President ....................................... BradRust@pivotalcapitalgroup.com ...... 949-535-1533

Southern California: Brian Long, V.P. of Originations
.............................................................................BrianL@pivotalcapitalgroup.com ..... 949-535-0996
Southern California: Michael Ricigliano, V.P. of Originations
........................................................................ MichaelR@pivotalcapitalgroup.com ...... 949-535-2215
PMC COMMERCIAL TRUST
REIT
www.pmctrust.com
17950 Preston Rd., Suite 600, Dallas, TX 75252 ...........................................................800-486-3223
COMMENTS: SBA PLP direct lender in business since 1979. Up to 85% financing on CRE. Many property
types with expertise in hotels. Referral fees up to 2%.
Western states: Kevin Green, Business Development, x108

............................................................................ Kevin@PacificPrivateMoney.com .......415-883-2150
Nationwide: Laurie Ivy, SVP, Lending, x3207 ............................... l.ivy@pmctrust.com ...... 972-349-3207
PARTNERS CAPITAL FINANCE
POPULAR COMMERCIAL LENDING GROUP
PRIVATE LENDER
www.partcap.com
11661 San Vicente Blvd., Suite 609
310-447-8899
Fax 310-207-8100
bill@partcap.com
ASSET SIZE: $100M
LOAN VOL:
COMMENTS: Partners Capital Finance is a direct portfolio lender that finances 1st TD on commercial &
business purpose residential properties in the Western US. Rates between 7.95-9.95%.
Bill Lanting, VP Loan Origination, x208 ............................................bill@partcap.com ......310-592-4400
CORRESPONDENT
10808 S. River Front Parkway, Suite 353, South Jordan, UT 84095 ..............................888-950-9339
COMMENTS: PCLG is a private-capital group focused on bridge/perm commercial loans including farm
and church loans. Submit loans to loans@popularcommercial.com.
PRESCIENT CAPITAL MANAGEMENT LLC
DIRECT LENDER
www.pcm-funding.com
200 South Wacker Drive, Suite 3100
Chicago, IL 60606
888-593-4440 x2
COMMENTS: Borrowers typically have a deadline they are trying to solve when they approach Prescient
Capital. We offer borrowers speed and certainty of execution: loans $1M-$9M, commercial
real estate, 1st lien, LTV not to exceed 75%, clear exit, nationwide, owner occupied & investment real estate.
Nationwide: Steve Young, Co-Portfolio Manager ............... syoung@pcm-funding.com ...... 262-244-0797
94

PRIVATE MORTGAGE FINANCING PARTNERS LLC
DIRECT LENDER
COMMENTS: We are currently looking for wholesale reps with a current broker base.
Fax resume to 949-269-0403 or e-mail it to jdevito@psgfund.com.

California only: John DeVito ...................................................... jdevito@psgfund.com ......949-290-6876
ASSET SIZE: $20M
2015: $8M
DIRECT LENDER
www.psgfund.com
31878 Del Obispo St., Suite 118-338, San Juan Capistrano, CA 92675 .....844-FUND-PSG (386-3774)
www.pmfpartners.com
32416 Autumn Forest Court
Magnolia, TX 77354
832-577-8838
don@pmfpartners.com
LOAN VOL:
PSG CAPITAL PARTNERS INC.
PYATT BROADMARK MANAGEMENT LLC
COMMENTS: Our new crowd funding platform is here! You can now easily submit loan applications online,
easily upload supporting documents, financial statements, etc. receive a funding decision
in 24 hours or less. All as part of our current website. We lend on commercial real estate
nationwide.
Nationwide: Don Konipol, Managing Director .......................... don@pmfpartners.com ...... 832-577-8838
Nationwide: Mitch Vicknair, Managing Director ..............mvicknair@pmfpartners.com ......936-588-8501
DIRECT LENDER
www.pyattbroadmark.com
2800 One Union Square, 600 University St., Seattle, WA 98101 ....................................206-971-0800
ASSET SIZE: $42M
COMMENTS: Customer-service-focused direct lender providing short-term loans.
ID, OR, WA: Bryan Graf, Lending Manager ..................... bryan@pyattbroadmark.com ...... 206-971-8699
PRIVATE MORTGAGE FUND LLC
PRIVATE LENDER
RCN CAPITAL
www.pmfundllc.com
23586 Calabasas Rd., Suite 100, Calabasas, CA 91302
COMMENTS: Private Mortgage Fund LLC provides one to three year bridge and interim financing for NOO
residential and commercial properties in California.

Gordon Van Dueck, x9 ............................................................gordon@pmfundllc.com .......818-702-2551
PROVIDENT BANK
BANK
www.myprovident.com
3756 Central Ave., 3rd Floor
Riverside, CA 92506
866-781-1142
Fax 951-300-4112
DIRECT LENDER
www.RCNCapital.com
75 Gerber Road East
South Windsor, CT 06074
860-432-5858
info@rcncapital.com
ASSET SIZE: $75M
LOAN VOL:
2015: $108M
COMMENTS: RCN is a national, direct private lender. We provide short-term commercial loans from $50K
to $2.5M+, to fund the purchase and rehab of non-owner-occupied residential and commercial properties, provide bridge loans and issue real estate-backed lines of credit. Brokers
protected.
ASSET SIZE: $1.6B
Nationwide: Eileen Mazza, Product Marketing Coordinator, x1616

...................................................................................... EMazza@RCNCapital.com ......860-432-5858
COMMENTS: Portfolio lender, California only. Broker packages welcome. For further information, please
Nationwide: Michael Barker, Lending Program Specialist, x1349 .......................................860-432-5858
visit our website at www.myprovident.com. Provident Savings Bank, F.S.B., NMLS #449980
CA (MF & Cm'l +Construction): Dale Reed, VP, Construction Manager NMLS 1168394
.......................................................................................DReed@myprovident.com ......951-300-4496
CA (MF & Cm'l +Construction): Greg Erikson, VP, Commerical Sales Manager NMLS 1301450
...................................................................................GErikson@myprovident.com ....... 951-782-6114
CA (Multifamily/Commercial): Gina Koenen, VP, Commercial Loan Officer NMLS 613320
...................................................................................GKoenen@myprovident.com ...... 951-403-0567
CA (Multifamily/Commercial): Lisa Waterbury, VP, Commercial Loan Officer NMLS 768858
............................................................................... LWaterbury@myprovident.com ......909-240-0436
CA (Multifamily/Commercial): Stacy Loreto, VP, Commercial Loan Officer NMLS 913152
.....................................................................................SLoreto@myprovident.com ......323-240-0836
CA (Multifamily/Commercial): Bryan Greenwood, VP, Commerical Loan Officer NMLS 1031605
.............................................................................BGreenwood@myprovident.com ...... 949-812-2975
REDWOOD MORTGAGE
DIRECT LENDER
1825 S. Grant St., Suite 250
San Mateo, CA 94402
800-659-6593
Fax 650-364-1665
rmc@redwoodmortgage.com
ASSET SIZE: $400M
COMMENTS: Private, direct mortgage lender for more than 35 years, funding all investment and owner/
user commercial and multifamily property types. CA metro areas only. Brokers protected.
Call for special commercial matrix pricing for loans just outside institutional guidelines.
Manager: Steve Belleville, Director Sales & Marketing .... steve@redwoodmortgage.com ...... 650-645-9727
CA (Multifamily/Commercial): Martin Hershey, VP, Commercial Loan Officer NMLS 1101006

................................................................................. MHershey@myprovident.com ......310-844-5902
No. Cal - SF/Peninsula: Eric Relos, Account Executive ...eric@redwoodmortgage.com ...... 650-241-3669
CA (Multifamily/Commercial): Kegan Sharp, VP, Commercial Loan Officer NMLS 1088743

......................................................................................KSharp@myprovident.com ...... 619-908-2010
So. Cal - North LA: Barry Judis, Sr. Account Executive ... barry@redwoodmortgage.com ....... 818-294-7058
CA (Multifamily/Commercial): Mario Navarrete, VP, Commercial Loan Officer NMLS 1519947

...............................................................................MNavarrete@myprovident.com ......562-544-5634
NoCal (Multifamily/Commercial): Catherine Xu, VP, Commerical Loan Officer NMLS 1226874
...........................................................................................CXu@myprovident.com ......408-202-6561
CA (Construction/Multifamily/Commercial): Brian Arbeiter, VP, Construction Loan Officer NMLS 459897
.................................................................................. BArbeiter@myprovident.com ...... 909-754-7137
CA (Multifamily/Commercial): Vara Tilkes, VP, Commercial Loan Officer NMLS 1413774
......................................................................................VTilkes@myprovident.com ...... 626-482-7523
NoCal (Multifamily/Commercial): Fred Cebalo, VP, Commercial Loan Officer NMLS 1428607
.................................................................................... FCebalo@myprovident.com ......925-596-5847
No. Cal - East Bay: Jim O'Dea, Sr. Account Executive .... jimodea@redwoodmortgage.com ........650-575-0778
So. Cal - South LA: Tim Burwell, Sr. Account Executive .....tim@redwoodmortgage.com .......310-540-2777
San Diego / Orange County: Michele Boehm, Account Executive
........................................................................... michele@redwoodmortgage.com ......858-260-8232
REITLESS
PRIVATE LENDER
2825 E. Cottonwood Parkway, Suite 500, Salt Lake City, UT 84121 ................................888-510-5182
brokers@reitless.com
ASSET SIZE: $1M
LOAN VOL:
CA (Multifamily/Commercial): Mark Boyle, VP, Commercial Loan Officer NMLS 747797

..................................................................................... MBoyle@myprovident.com ...... 714-319-4690
COMMENTS: We specialize in short-term loans, secured by real property with a focus on fix-n-flips.
CA (Multifamily/Commercial): Dawn Cooper, VP, Commercial Loan Officer NMLS 1487433

....................................................................................DCooper@myprovident.com ...... 310-882-8004
Nationwide except: AZ, NV, OR, SD, TN, VT: Stephanie Holt ......... sholt@reitless.com .......415-315-9917
Loans available from $50K-$300K for 3-12 months.

Nationwide except: AZ, NV, OR, SD, TN, VT: Grant Nelson ........gnelson@reitless.com ...... 888-510-5182
REVERE CAPITAL LLC
PRIVATE LENDER
2000 McKinney Ave., Suite 2125, Dallas, TX 75201........................................................214-227-9337

info@reverecapital.com
COMMENTS: Direct, balance-sheet lender. Guaranteed a quick close on all asset types nationwide.
Interest only, 1-3 year loans with no prepayment.

Nationwide: Clark Briner, Principal ......................................... info@reverecapital.com ...... 214-227-9337
95

RIVERDALE FUNDING LLC
DIRECT LENDER
207 Mockingbird Lane, Suite 402
Johnson City, TN 37604
888-368-5116
COMMENTS: A private, hard money, direct lender providing commercial real estate loans from $250K up to
$5M. Our loans are secured by the value of the property, not by personal credit scores. Additional services: bridge loans, mezzanine loans. We buy commercial property & apartments.
Ben Dunavent ..........................................................bdunavent@riverdalefunding.com ...... 888-368-5116
Jeff Jenkins ................................................................jjenkins@riverdalefunding.com ...... 888-368-5116
SEATTLE FUNDING GROUP LTD.
DIRECT LENDER
188 106th Ave. NE, Suite 600
Bellevue, WA 98004
888-SFG-FUND (734-3863)
Fax 425-454-7655
info@sfgfunds.com
COMMENTS: Seattle Funding Group is one of the "true" private-money portfolio lenders that funds with
its own money. We don't use credit lines, private investors or any other form of third-party
approval. When you call, you work with a principal decision-maker. No prepayment penalty.
Lending in AK, CA, CO, HI, ID, NV, OR, TX, UT and WA. For California properties, contact
Charles at the San Diego office, 4711 Viewridge Ave., Suite 270, San Diego, CA 92132.
Jared Montgomery ............................................. jmontgomery@riverdalefunding.com ...... 888-368-5116
AK, CO, HI, ID, NV, OR, TX, UT & WA: John Odegard, President ...jodegard@sfgfunds.com ........ 425-455-1733
RODEO CAPITAL INC.
AK, CO, HI, ID, NV, OR, TX, UT & WA: Kent Rowe, VP, Sr. Underwriter
............................................................................................. krowe@sfgfunds.com ...... 425-455-1733
PRIVATE LENDER
AK, CO, HI, ID, NV, OR, TX, UT & WA: Ron Lorentsen, Sr. Underwriter
.......................................................................................rlorentsen@sfgfunds.com ...... 425-455-1733
RodeoCapital.com
11601 Wilshire Blvd., Suite 2410
310-400-5631
Loans@RodeoCapital.com
CA: Charles Salas ...................................................................... chuck@sfgfunds.com ...... 858-751-0556
SHARESTATES
COMMENTS: Direct portfolio lender, providing senior position debt to 65% LTV & 85% LTP on residential &
commercial assets. Will consider JV & can provide a POF
RS LENDING INC.
DIRECT LENDER
501 2nd St., 7th Floor, San Francisco, CA 94107 .......................................................... 855-880-6050
ASSET SIZE: $5M
LOAN VOL:
2015: $1.5M
COMMENTS: Our commercial financing addresses the full capital stack, including debt and preferred
equity. The result is higher leverage and lower average cost.

Nationwide: Brian Esquivel, Director Commercial Products ...................brian.esquivel@realtyshares.com
PRIVATE LENDER
COMMENTS: Sharestates is a direct online lender specializing in res & com loans. Our online lending
platform delivers cheaper, faster loans to investors.

CT, DC, FL, GA, IL, MA, MD, ME, NJ, NY, PA, VA: Michael Ramin, Business Development
...................................................................................... mramin@sharestates.com ......516-509-8409
PRIVATE LENDER
433 Hackensack Ave., 12th Floor
Hackensack, NJ 07601
866-451-2932
COMMENTS: Nationwide bridge loan lender; $1M to $70M; multifamily, condominiums, office, mixed-use,
www.lending.sabalfin.com
4675 MacArthur Court, 15th Floor
Newport Beach, CA 92660
949-517-0824
lending@sabalfin.com
retail, warehouse, industrial, hospitality and land. Quick closings to companies in need
of funding outside the scope of traditional banks and lenders. Acquisition, restructuring,
construction, working capital.
Nationwide: Jonathan Weiner, Director ................. jonathanweiner@silverarchcp.com ...... 866-451-2932
COMMENTS: Nationwide, small-balance lender ($1M-$5M) with a skilled real estate and finance team.
Sabal Term Lending uses SNAP, an online technology, to make the loan application and
closing processes more efficient, and provide users with real-time data. At Sabal, small
balance term lending is a big deal!
Jason Hull, Head of Term Loan Production ............................ jason.hull@sabalfin.com ...... 949-517-0824
SARATOGA CAPITAL INC.
www.sharestates.com
11 Middle Neck Road, Suite 400A, Greak Neck, NY 11021 ............................................. 212-201-0750
SILVER ARCH CAPITAL PARTNERS LLC
SABAL FINANCIAL GROUP LP
DIRECT LENDER
DIRECT LENDER
Nationwide: Brendan O'Brien, Director ....................brendanobrien@silverarchcp.com ...... 866-451-2932

Nationwide: Allan Wolfson, Associate Director ...........allanwolfson@silverarchcp.com ...... 866-451-2932
SILVER HILL FUNDING
DIRECT LENDER
4425 Ponce de Leon, Fifth Floor, Coral Gables, FL 33146 ..............................................888-988-8834
www.saratogacapital.net
66 E. Santa Clara St., San Jose, CA 95113 ....................................................................408-844-4810
COMMENTS: Silver Hill provides direct funding nationwide for small-balance commercial mortgages from
COMMENTS: CA only. Direct equity based lender. $500K-$5M. 1-5 yr term. 2nds OK. Single, multifamily
Nationwide: Michael Boggiano ...........................................info@silverhillfunding.com ......888-988-8834
or mixed. As low as 7.5%. Easy approval & funding in days.

Multifamily in CA: Kirk Kozlowski, President ........................ kirk@saratogacapital.net ......408-844-4810
Single-Family in CA: Kirk Kozlowski, President .................... kirk@saratogacapital.net ......408-844-4810
SDC CAPITAL FUNDING
PRIVATE LENDER
www.sdccapitalfunding.com
P.O. Box 572559, Tarzana, CA 91357............................................................................. 818-342-9555
$250K-$1M.
SINGER FINANCIAL CORP.
PRIVATE LENDER
www.singerfinancial.com
1708 Locust St., Philadelphia, PA 19103 ........................................................................ 215-893-9722
COMMENTS: A private financial institution. Commercial mortgages and business loans secured by real
estate. DE, NJ and PA. A true creative lender.

DE, NJ & PA: Paul Singer, President ....................................paul@singerfinancial.com ...... 215-893-9722
COMMENTS: SDC Capital Funding has over 40 years of bridge lending and real estate development experience.
We provide quick closings at competitive rates.

CA: Shawna Phelan, Loan Originator, x202 .............. shawna@sdccapitalfunding.com ...... 818-342-9555
SOUTH END CAPITAL CORP.
DIRECT LENDER
17412 Ventura Blvd., Suite 271
Encino, CA 91316
888-268-7778
COMMENTS: We are a licensed CA lender offering stated non-conforming commercial real estate loans,
no credit, bridge/rehab residential investor loans and collateralized and uncollateralized

business loans for A to F credit borrowers. We lend nationwide, offer responsive service and
pay broker rebates.
Corporate Inquiries: Noah Grayson, Managing Director, x5 ....noah@southendcapital.com ........888-268-7778
Operations Inquiries: Richard Sabrowske, Executive Vice President, x1
..................................................................................... rich@southendcapital.com ...... 888-268-7778
New Loan Submissions: Joel Soforenko, National Sales Director, x2
......................................................................................joel@southendcapital.com ...... 888-268-7778
Private Business Loans: Matthew Naughton, Vice President, x4
.................................................................................... matt@southendcapital.com ...... 888-268-7778
96

STORMFIELD CAPITAL MANAGEMENT
DIRECT LENDER
www.stormfieldcapital.com
2 Hollyhock Road, Wilton, CT 06897 ..............................................................................203-762-6094
ASSET SIZE: $25M
LOAN VOL:
2015: $25M
BANK
145 S. State College Blvd., Suite 600

Brea, CA 92821
800-463-0687
ASSET SIZE: $80B
COMMENTS: Stormfield Capital specializes in directly originating bridge loans and hard money loans
secured by commercial and residential investment real estate.

Wesley Carpenter, Partner .................................... wcarpenter@stormfieldcapital.com ...... 203-762-6094
Timothy Jackson, Partner .........................................tjackson@stormfieldcapital.com ...... 203-762-6095
SUMMIT FINANCIAL AND INVESTMENT GROUP LLC
UNION BANK
MORTGAGE BROKER
www.sfig.com
10421 South Jordan Gateway, Suite 600
South Jordan, UT 84095
801-944-4320
COMMENTS: Par with 0.5% rebate to referral source.
CA, OR, WA: Charles Adam, VP, Sr. Commercial Loan Officer
...............................................................................charles.adam@unionbank.com .......714-990-7417
CA, OR, WA: David Farkas, VP, Sr. Commercial Loan Officer
.................................................................................david.farkas@unionbank.com .......818-316-3156
CA, OR, WA: Esvin Galeano, VP, Sr. Commercial Loan Officer
...............................................................................esvin.galeano@unionbank.com ...... 714-990-7338
CA, OR, WA: Ron Hernandez, Director, Sr. Commercial Loan Officer
..............................................................................ron.hernandez@unionbank.com ......858-451-0238
COMMENTS: Ground-up construction loans, bridge loans, renovation/rehab loans. Acquisition, develop-
ment, permanent loans. Recourse and nonrecourse available. No land-only loans. Preferred
minimum loan $1M. Brokers protected.
CA, OR, WA: David Moehring, VP, Sr. Commercial Loan Officer
............................................................................david.moehring@unionbank.com .......714-987-5101
CA, OR, WA: Steven Myers, VP, Sr. Commercial Loan Officer
............................................................................... steven.myers@unionbank.com .......714-990-7412
International: J. Kim Powell ...................................................................sfig@sfig.com ......800-649-0311
CA, OR, WA: Alan Risch, VP, Sr. Commercial Loan Officer ....alan.risch@unionbank.com .......310-806-9232
T AND M COMMERCIAL FUNDING INC.
CA,OR, WA: Chuck Weinhardt, VP, Sr. Commercial Loan Officer

.......................................................................... chuck.weinhardt@unionbank.com ......949-553-6885
PRIVATE LENDER
www.tmfunding.com/our-team/rich-huizar/
259 Minot Ave., Auburn, ME 04210................................................................................ 877-714-0995
CA, OR, WA: Brandon Bemis, VP, Sr. Commercial Loan Officer
.............................................................................brandon.bemis@unionbank.com ...... 425-452-1887
COMMENTS: Specializing in small-balance commercial, residential fix-n-flips and multiunit properties.
CA, OR, WA: Rich Marcus, VP, Sr. Commercial Loan Officer .....rich.marcus@unionbank.com .........503-225-3032
Creative financing specialists & in-house underwriting!

Nationwide: Rich Huizar, Commercial Loan Officer .....................rich@tmfunding.com ...... 877-714-0995
CA, OR, WA: Jeffrey Pineda, VP, Sr. Commercial Loan Officer
...............................................................................jeffrey.pineda@unionbank.com ...... 925-947-2485
TAYLOR DERRICK CAPITAL
CA, OR, WA: Dan Williams, VP, Sr. Commercial Loan Officer
.................................................................................dan.williams@unionbank.com ...... 415-705-5055
PRIVATE LENDER
www.taylorderrick.com
357 W. 200 S., # 200, Salt Lake City, UT 84101
UNIVERSAL BANK
COMMENTS: Taylor Derrick Capital manages a discretionary fund of pooled capital to provide reliable and
3455 Nogales St., West Covina, CA 91792..................................................................... 626-854-2818
flexible financing in a quick and responsive manner.

AZ, CA, CO, HI, ID, UT: Nick Etherington, Director of Underwriting .....nick@taylorderrick.com ......... 801-450-7815
THE EVERGREEN ADVANTAGE MANAGEMENT INC.
COMMENTS: We are a direct lender specializing in business-purpose bridge loans on non-owner-occupied
investment properties. We respond to you within 24 hours.

Nationwide: Jesse Brunner, Vice President .........theevergreenadvantage@gmail.com ...... 310-587-3500
TMC FINANCING
ASSET SIZE: $350M

COMMENTS: Over 300 years of combined experience coupled with a bank that has been servicing its
customers in Southern California for over 60 years.
DIRECT LENDER
1424 Fourth St., Suite 777, Santa Monica, CA 90401 .................................................... 310-587-3500
DIRECT LENDER
www.tmcfinancing.com/sguide
1720 Broadway, 3rd Floor, Oakland, CA 94612 ..............................................................888-989-8855
COMMENTS: TMC provides SBA 504 commercial real estate financing for owner-occupied properties in
SAVINGS & LOAN
VALLEY REPUBLIC BANK
BANK
www.valleyrepublicbank.com
5000 California Ave., Suite 110, Bakersfield, CA 93309 ..................................................661-371-2024
COMMENTS: California AG real estate loans parcels down to 5 acres with a home. Vineyard properties,
orchards, cattle and equestrian and other AG uses.

CA: Marilyn Love, Underwriter .................................................... m.love@vrbank.com .......661-371-2024
VELOCITY MORTGAGE CAPITAL
DIRECT LENDER
Southern California: Jennifer Davis, SVP, Business Development

....................................................................................... jdavis@tmcfinancing.com ......310-499-8921
30699 Russell Ranch Road, Suite 295
Westlake Village, CA 91362
866-505-FUND (3863)
Southern California: Diana Hallal, SVP, Business Development ..... dhallal@tmcfinancing.com .........818-855-8420
LOAN VOL:
Nevada: Ann Santiago, SVP, Business Development .............. ann@tmcfinancing.com ...... 702-250-5961
COMMENTS: Velocity provides 'No Income Verification' financing for investment and commercial proper-
CA & NV at up to 90% LTV and below-market, long-term rates.

Northern California: Rich Grant, Executive Vice President ...... rich@tmcfinancing.com ...... 415-989-8855
TNS LOANS
PRIVATE LENDER
www.tnsloans.com
1101 W. Mineral Ave., Suite 101, Littleton, CO 80120 ....................................................303-539-3000
LOAN VOL:
2015: $40M
COMMENTS: All NOO residential and commercial properties in Colorado considered.
CO, ID, KS, MN, MO, NE, NM, OK, UT, WY: Mike Bonn, President ... mb@tnsloans.com ......303-539-3000
2015: $600M
ties. We're a direct, wholesale lender, designed for investors that want an alternative to
hard money rates and fees. We charge no origination points. We offer broker rebates and
correspondent relationships.
Loan Originations: Nationwide .........................................info@velocitymortgage.com ......866-505-3863

National Sales Director - West: Jason Haye, Nationwide ...... jhaye@velocitymortgage.com ....... 866-505-3863
VP, Regional Manager - North: Kyle Nguyen, AK, AZ, CA, HI, ID, MT, NV, OR, UT, WA
............................................................................ knguyen@velocitymortgage.com ......866-505-3863
VP, Regional Manager - South: Justin Landesman, AL, AR, CO, GA, IA, KS, KY, LA, MO, MS, NE, NM, OK,
TN, TX, WI, WV, WY ....................................... jlandesman@velocitymortgage.com ......866-505-3863
VP, Regional Manager - East: Troy Kane, CT, DC, DE, FL, IN, MS, MD, ME, NC, NH, NJ, NY, OH, PA, RI, SC,
VA ............................................................................tkane@velocitymortgage.com ......866-505-3863
Director Of Western Loan Operations: Kathy Rodriguez, Nationwide
.........................................................................krodriguez@velocitymortgage.com ......866-505-3863
97

WESTERN DEVELOPMENT LLC
DIRECT LENDER
www.westerndevelopment.biz
3610 South Place, Alexandria, VA 22309 .......................................................................703-988-4666
COMMENTS: Call for an immediate answer. No upfront lender fees.
DC, DE, MD, VA: Arthur Bennett ....................................................abennett@wdllc.biz ......703-988-4666
WILSHIRE FINANCE PARTNERS INC.
DIRECT LENDER
www.WilshireFP.com
1990 South Bundy Drive, Suite 630
866-575-5070
loans@wilshirefp.com
WINDVEST CAPITAL
DIRECT LENDER
3131 Camino Del Rio N., Suite 310
San Diego, CA 92108
619-285-0777 x 205
COMMENTS: We specialize in bridge loans, flexible terms & quick closings with generous broker pro-
grams. Our team is very easy to work with, call us today for same-day pre-approval on your
apartment, industrial, mixed-use or office loans. Speed, service and solutions since 1994.
Tim Gillis, Senior Portfolio Manager, x205 ............................. tim@windvestcorp.com ...... 619-285-0777
Andre Jimenez, President, x203 ........................................ andre@windvestcorp.com ...... 619-285-0777
Jennifer Lara, Customer Service, x0 ................. customerservice@windvestcorp.com ...... 619-285-0777
COMMENTS: Non-bank loans. Bridge loans secured by 1st trust deeds and mortgages on multifamily and
commercial real estate. Loans up to $5M. Minimum loan amount outside of CA is $1M.
Direct portfolio lender.
WORLD BUSINESS LENDERS LLC
DIRECT LENDER
120 W. 45th St., 29th. Floor, New York, NY 10036 .........................................................800-339-6005

sg@wbl.com
Brian Murphy, Senior Vice President ................................... bmurphy@wilshirefp.com ...... 310-256-2238
COMMENTS: Business loans secured by real estate. Any position mortgage. 75% LTV on commercial/
residential (owner-occupied OK). 50% LTV on land.

Nationwide: Aaron Fausel, VP, Manager .......................................... afausel@wbl.com ...... 212-293-8235
WORTH AVENUE CAPITAL LLC
MORTGAGE BROKER
www.weclosecommercialloans.com
171 Old Sachems Head Road, Guilford, CT 06437 .........................................................203-605-4082
LOAN VOL:
2015: $11.5M
COMMENTS: My company specializes in closing hard money commercial loans within 7 to 10 days.
CT, FL, MA, NH, NJ, NY, RI, VT: Michael M. Ciaburri, Principal
............................................................................. worthavenuecapital@gmail.com ......203-605-4082
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On most loans, instead of financials, six months
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