Real Estate Loan Programs
Hard Money Loan
is a specific type of asset-based loan financing through which a borrower receives funds secured by real property. Hard money loans are typically issued by private investors or companies. Interest rates are typically higher than conventional commercial or residential property loans because of the higher risk and shorter duration of the loan.
a. Most of the time for fix n flips. Most lenders will give 65% LTV, some 70% LTV , a few maybe 75% LTV, rarely give you 80% LTV ( loan to Value) b. 100% of the repair costs. c. Most charge 2 to 4 points upfront fee (2% to 4%). d. Time is usually anywhere from 3, 6, or 12 months.
Private Money Loan
a commonly used term in banking and finance. It refers to lending money to a company or individual by a private individual or organization. While banks are traditional sources of financing for real estate, and other purposes, private money is offered by individuals or organizations and may have non traditional qualifying guidelines. There are higher risks associated with private lending for both the lender and borrowers. There is traditionally less "red tape" and regulation.
Bridge Loan
A bridge loan is a type of short-term loan, typically taken out for a period of 2 weeks to 3 years pending the arrangement of larger or longer-term financing. A bridge loan is interim financing for an individual or business until permanent financing or the next stage of financing is obtained. Money from the new financing is generally used to "take out" (i.e. to pay back) the bridge loan, as well as other capitalization needs.
Bridge loans are typically more expensive than conventional financing, to compensate for the additional risk. Bridge loans typically have a higher interest rate, points (points are essentially fees, 1 point equals 1% of loan amount), and other costs that are amortized over a shorter period, and various fees and other "sweeteners" (such as equity participation by the lender in some loans). The lender also may require cross-collateralization and a lower loan-to-value ratio. On the other hand, they are typically arranged quickly with relatively little documentation.
Silent Partner Equity
Money partner puts up all the money for equity participation for example. They for give 1 million dollars for a 30% equity share in the property. Where they get 30% of the profits then you get 70%. You do all the work on the real estate property.
DSCR Loans
The debt service coverage ratio (DSCR), also known as "debt coverage ratio" (DCR), is the ratio of operating income available to debt servicing for interest, principal and lease payments. It is a popular benchmark used in the measurement of an entity's (person or corporation) ability to produce enough cash to cover its debt (including lease) payments. The higher this ratio is, the easier it is to obtain a loan. The phrase is also used in commercial banking and may be expressed as a minimum ratio that is acceptable to a lender; it may be a loan condition. Breaching a DSCR covenant can, in some circumstances, be an act of default.
No Doc Loan
A No-Doc or Low-doc loan (abbr: No/Low Documentation Loan) refers to loans that do not require borrowers to provide documentation of their income to lenders or do not require much documentation. It is a financial product commonly offered by a mortgage lender to consumers who cannot qualify for normal loan products because of fluctuating or hard-to-verify incomes, such as the self-employed, or to serve long time customers with strong credit.[1] Applicants are often required to provide a substantial down payment, i.e. a larger deposit either through equity in security or personal savings.
Self-employed, unemployed, seasonal workers, and new immigrants generally struggle to meet strict requirements to qualify for loans. A loan with few to no documentation or credit history requirements is easier to qualify for, but generally carries a significantly higher interest rate.
Bank lender Financing
80/20 Loan. Like traditional bank financing. Credit report is pulled. You have to meet certain lender requirements. Terms length
can be 5years, 7 years, 10 years, 15 years, 20 years or 30 years(most right now will not do the 30 years). Fixed Rate Interest or Adjustable rate interest.
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Asset-based loan — a similar type of commercial loan based on real estate, indicating the loan will be based upon a percentage of the property's appraised value, as the key criteria
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Private money — refers to lending money to a company or individual by a private individual or organization
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Bridge loan — a similar type of commercial loan based on real estate
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Non-conforming loan — a loan that fails to meet bank criteria for funding
Property Types
Multifamily like a 4 plex to 10 units, etc. Single Family, Apartment Buildings, Office Buildings, Medical Building. Hotels, Motels, Malls, Strip Plaza, Store Units, Gas Stations, Construction land development, New home building, industrial like warehouse, Mixed Use Property, Land purchase, Special purpose properties include amusement parks, bowling alleys, parking lots, stadiums, theaters, zoos, and much, much more. Property Portfolio Buy, Mortgage note buy, Tape deal buys.
The Right Way to Finance or Refinance Your Next Commercial Property
Rather than pull your hair out wondering how you’re going to afford the space to house your business, come to Westport Commercial and let us take care of everything. We specialize in commercial real estate financing, and best of all is the fact that we’re familiar with both large and small transactions. See what it’s like to not have to settle for your next commercial property.
Options for Every Scenario
Over the years we’ve been in business, we’ve learned how to put together commercial real estate packages for large and small transactions with both recourse and non-recourse options. Examples of some of the business real estate lending options we offer include:
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FHA and HUD financing for brand new properties, remodeling and acquisitions, specifically for hospitals, senior housing and multifamily rental homes.
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Conventional loans, if you need basic commercial property lending for an owner-occupied or investment property.
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Mezzanine and equity financing for those who need financing that’s well-tailored to their specific needs.
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Commercial Mortgage Backed Securities, also known as CMBSs, which is when gathered business properties are shifted into a trust before you have the option of selling them to investors in the form of bonds.
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Constructing lending, if you’d rather build your business property from scratch. Loan limits range from $10,000,000 to as much as $100,000,000.
Bridge Loans
You might be looking for a new commercial property because you’re in the midsts of selling your current one. If so, you may require a bridge loan either in addition to commercial real estate financing or instead of commercial real estate lending. Either way, you’ll have the funds you need to buy your new property while waiting to sell your old one, providing you with a stable bridge over uncertain financial waters.
Westport Commercial representatives are here to provide you with any assistance you might need. Be sure to let us know if you’d like more info about business real estate financing.
Turn to Our Stated Income Commercial Real Estate Loan Programs
At Westport Commercial, we understand that your business may need money for a variety of purposes such as debt consolidation, refinancing, working capital, property purchases and property improvements. One way to get that money is through a stated commercial real estate loan.
Types of Property That You Can Finance
With the loans, you finance a piece of real estate that you own. For instance, if you own an apartment building or a warehouse, you can get a certain percentage of its worth. Other property types covered include restaurants and real estate (both retail and office).
Here’s a more-detailed look at property types and how much you can expect to get for each.
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If you own an auto service place, a self-storage business, a warehouse or office space, you can expect a loan-to-value ratio (LTV) of up to 65 percent.
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If you have an investment property with up to four units not occupied by you, your LTV may be up to 70 percent.
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If you own multifamily or mixed-use properties of five units or more, your LTV could be as high as 75 percent. However, for that 75 percent, you need a credit score of at least 700 and need to meet a few other qualifications.
What You Need to Qualify
When you apply for stated income commercial real estate loans, you must show a few documents. For example, you must submit a W-2 or self-employed income financials. You should also have a credit score of at least 600.
Why Stated Income Commercial Real Estate Loans?
With our stated income commercial real estate loans, you could close on a loan up to $500,000 in as little as two weeks. No matter the type of commercial property you own, odds are good we will accept it. Loan terms are for up to 25 years, and the loans are fully amortized.
Talk with us today about getting a loan!
What Are Your Options?
When it comes to real estate financing for commercial properties, we offer a variety of options. They include:
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Bridge Loans – Our bridge and hard money loans come with high LTVs, low variable rates and can reach up to $100,000,000. With interest-only amortization, you’ll quickly acquire the working capital you need.
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Church Financing – Whether you need to expand your facilities, refinance debt, acquire land or finance a new construction project, we can customize a solution that’s just right for your religious organization.
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CMBS – A commercial mortgage backed security is designed with you in mind. By taking commercial properties and securitizing them into a pool, we are able to keep them in trusts and sell them to investors. This allows us to offer low rates and fixed terms.
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Construction Loans – Our construction loans are often restructured for permanent financing. Amounts begin at $10,000,000 and can reach $100,000,000 or more.
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Conventional Programs – Our conventional programs are for mobile home parks, multifamily units, self-storage facilities and other similar properties.
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Equity and Mezzanine Financing – By tailoring solutions to your specific needs, we pull from capital sources that include high net worth investors to bring you the funds you need most.
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FHA and HUD Loans – With funds that reach $50,000,000, our FHA and HUD loans are made for multifamily units, hospitals and healthcare properties. This includes acquisition, new construction or rehabilitation of the property.

Houston
From Wikipedia, the free encyclopedia
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This article is about the largest city in the U.S. state of Texas. For other uses, see Houston (disambiguation).
Houston, Texas
City of Houston
Top to bottom, left to right: Downtown Houston, Sam Houston Monument at Hermann Park, Johnson Space Center, Uptown Houston, Museum of Fine Arts, Texas Medical Center, Buffalo Bayou
Nickname(s):
Space City (official) more ...
Location within and around Harris County
Houston
Location within Texas
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Coordinates: 29°45′46″N 95°22′59″WCoordinates: 29°45′46″N 95°22′59″W
CountiesHarris, Fort Bend, Montgomery
IncorporatedJune 5, 1837
Government
• TypeMayor–council
• BodyHouston City Council
Area
• City671.70 sq mi (1,739.69 km2)
• Land640.47 sq mi (1,658.80 km2)
• Water31.23 sq mi (80.88 km2)
• Metro1,062 sq mi (2,750 km2)
Elevation80 ft (32 m)
Population
• City2,100,263
• Estimate
(2019)[4]
2,320,268
• RankUS: 4th
• Density3,622.77/sq mi (1,398.76/km2)
770xx, 772xx (P.O. Boxes)
Major airportsGeorge Bush Intercontinental Airport (IAH), William P. Hobby Airport (HOU)
Websitewww.houstontx.gov
Houston (/ˈhjuːstən/ (listen) HEW-stən) is the most populous city in the U.S. state of Texas, fourth most populous city in the United States, most populous city in the Southern United States, as well as the sixth most populous in North America, with an estimated 2019 population of 2,320,268.[7] Located in Southeast Texas near Galveston Bay and the Gulf of Mexico, it is the seat of Harris County and the principal city of the Greater Houston metropolitan area, which is the fifth most populous metropolitan statistical area in the United States and the second most populous in Texas after the Dallas-Fort Worth metroplex, with a population of 7,066,141 in 2019.[8]
Comprising a total area of 637.4 square miles (1,651 km2),[9] Houston is the eighth most expansive city in the United States (including consolidated city-counties). It is the largest city in the United States by total area, whose government is not consolidated with that of a county, parish or borough. Though primarily in Harris County, small portions of the city extend into Fort Bend and Montgomery counties, bordering other principal communities of Greater Houston such as Sugar Land and The Woodlands.
The city of Houston was founded by land investors on August 30, 1836,[10] at the confluence of Buffalo Bayou and White Oak Bayou (a point now known as Allen's Landing) and incorporated as a city on June 5, 1837.[11][12] The city is named after former General Sam Houston, who was president of the Republic of Texas and had won Texas' independence from Mexico at the Battle of San Jacinto 25 miles (40 km) east of Allen's Landing.[12] After briefly serving as the capital of the Texas Republic in the late 1830s, Houston grew steadily into a regional trading center for the remainder of the 19th century.[13]
The arrival of the 20th century saw a convergence of economic factors which fueled rapid growth in Houston, including a burgeoning port and railroad industry, the decline of Galveston as Texas' primary port following a devastating 1900 hurricane, the subsequent construction of the Houston Ship Channel, and the Texas oil boom.[13] In the mid-20th century, Houston's economy diversified as it became home to the Texas Medical Center—the world's largest concentration of healthcare and research institutions—and NASA's Johnson Space Center, where the Mission Control Center is located.
Houston's economy since the late 19th century has a broad industrial base in energy, manufacturing, aeronautics, and transportation. Leading in healthcare sectors and building oilfield equipment, Houston has the second most Fortune 500 headquarters of any U.S. municipality within its city limits (after New York City).[14][15] The Port of Houston ranks first in the United States in international waterborne tonnage handled and second in total cargo tonnage handled.[16] Nicknamed the "Bayou City" "Space City", "H-Town", and "the 713", Houston has become a global city, with strengths in culture, medicine, and research. The city has a population from various ethnic and religious backgrounds and a large and growing international community. Houston is the most diverse metropolitan area in Texas and has been described as the most racially and ethnically diverse major metropolis in the U.S.[17] It is home to many cultural institutions and exhibits, which attract more than 7 million visitors a year to the Museum District. Houston has an active visual and performing arts scene in the Theater District and offers year-round resident companies in all major performing arts.[18]
Contents
History[edit]
Main articles: History of Houston and Timeline of Houston
Historical affiliations
Republic of Texas 1836–1846
United States of America 1846–1861
Confederate States of America 1861–1865
United States of America 1865–present
The Houston area is located on land that was once home of the Karankawa (kə rang′kə wä′,-wô′,-wə) and the Atakapa (əˈtɑːkəpə) indigenous peoples for at least 2,000 years before the first known settlers arrived.[19][20][21] These tribes are almost nonexistent today; this was most likely caused by foreign disease, as well as competition with various exploration groups ihe 18th and 19th centuries.[22] However, the land remained largely uninhabited until settlement in the 1830s.[23]
The Allen brothers—Augustus Chapman and John Kirby—explored town sites on Buffalo Bayou and Galveston Bay. According to historian David McComb, "[T]he brothers, on August 26, 1836, bought from Elizabeth E. Parrott, wife of T.F.L. Parrott and widow of John Austin, the south half of the lower league [2,214-acre (896 ha) tract] granted to her by her late husband. They paid $5,000 total, but only $1,000 of this in cash; notes made up the remainder."[24]
The Allen brothers ran their first advertisement for Houston just four days later in the Telegraph and Texas Register, naming the notional town in honor of President Sam Houston.[12] They successfully lobbied the Republic of Texas Congress to designate Houston as the temporary capital, agreeing to provide the new government with a state capitol building.[25] About a dozen persons resided in the town at the beginning of 1837, but that number grew to about 1,500 by the time the Texas Congress convened in Houston for the first time that May.[12] The Republic of Texas granted Houston incorporation on June 5, 1837, as James S. Holman became its first mayor.[12] In the same year, Houston became the county seat of Harrisburg County (now Harris County).[26]
In 1839, the Republic of Texas relocated its capital to Austin. The town suffered another setback that year when a yellow fever epidemic claimed about one life out of every eight residents. Yet it persisted as a commercial center, forming a symbiosis with its Gulf Coast port, Galveston. Landlocked farmers brought their produce to Houston, using Buffalo Bayou to gain access to Galveston and the Gulf of Mexico. Houston merchants profited from selling staples to farmers and shipping the farmers' produce to Galveston.[12]
The great majority of slaves in Texas came with their owners from the older slave states. Sizable numbers, however, came through the domestic slave trade. New Orleans was the center of this trade in the Deep South, but slave dealers were in Houston. Thousands of enslaved blacks lived near the city before the American Civil War. Many of them near the city worked on sugar and cotton plantations,[27] while most of those in the city limits had domestic and artisan jobs.[citation needed]
In 1840, the community established a chamber of commerce in part to promote shipping and navigation at the newly created port on Buffalo Bayou.[28]
Houston, c. 1873
By 1860, Houston had emerged as a commercial and railroad hub for the export of cotton.[26] Railroad spurs from the Texas inland converged in Houston, where they met rail lines to the ports of Galveston and Beaumont. During the American Civil War, Houston served as a headquarters for General John Magruder, who used the city as an organization point for the Battle of Galveston.[29] After the Civil War, Houston businessmen initiated efforts to widen the city's extensive system of bayous so the city could accept more commerce between Downtown and the nearby port of Galveston. By 1890, Houston was the railroad center of Texas.[citation needed]
In 1900, after Galveston was struck by a devastating hurricane, efforts to make Houston into a viable deep-water port were accelerated.[30] The following year, the discovery of oil at the Spindletop oil field near Beaumont prompted the development of the Texas petroleum industry.[31] In 1902, President Theodore Roosevelt approved a $1 million improvement project for the Houston Ship Channel. By 1910, the city's population had reached 78,800, almost doubling from a decade before. African Americans formed a large part of the city's population, numbering 23,929 people, which was nearly one-third of Houston's residents.[32]
President Woodrow Wilson opened the deep-water Port of Houston in 1914, seven years after digging began. By 1930, Houston had become Texas' most populous city and Harris County the most populous county.[33] In 1940, the U.S. Census Bureau reported Houston's population as 77.5% white and 22.4% black.[34]
When World War II started, tonnage levels at the port decreased and shipping activities were suspended; however, the war did provide economic benefits for the city. Petrochemical refineries and manufacturing plants were constructed along the ship channel because of the demand for petroleum and synthetic rubber products by the defense industry during the war.[35] Ellington Field, initially built during World War I, was revitalized as an advanced training center for bombardiers and navigators.[36] The Brown Shipbuilding Company was founded in 1942 to build ships for the U.S. Navy during World War II. Due to the boom in defense jobs, thousands of new workers migrated to the city, both blacks and whites competing for the higher-paying jobs. President Roosevelt had established a policy of nondiscrimination for defense contractors, and blacks gained some opportunities, especially in shipbuilding, although not without resistance from whites and increasing social tensions that erupted into occasional violence. Economic gains of blacks who entered defense industries continued in the postwar years.[37]
In 1945, the M.D. Anderson Foundation formed the Texas Medical Center. After the war, Houston's economy reverted to being primarily port-driven. In 1948, the city annexed several unincorporated areas, more than doubling its size. Houston proper began to spread across the region.[12][38]
In 1950, the availability of air conditioning provided impetus for many companies to relocate to Houston, where wages were lower than those in the North; this resulted in an economic boom and produced a key shift in the city's economy toward the energy sector.[39][40]
The increased production of the expanded shipbuilding industry during World War II spurred Houston's growth,[41] as did the establishment in 1961 of NASA's "Manned Spacecraft Center" (renamed the Lyndon B. Johnson Space Center in 1973). This was the stimulus for the development of the city's aerospace industry. The Astrodome, nicknamed the "Eighth Wonder of the World",[42] opened in 1965 as the world's first indoor domed sports stadium.
During the late 1970s, Houston had a population boom as people from the Rust Belt states moved to Texas in large numbers.[43] The new residents came for numerous employment opportunities in the petroleum industry, created as a result of the Arab oil embargo. With the increase in professional jobs, Houston has become a destination for many college-educated persons, most recently including African Americans in a reverse Great Migration from northern areas.
In 1997, Houstonians elected Lee P. Brown as the city's first African American mayor.[44]
In June 2001, Tropical Storm Allison dumped up to 40 inches (1,000 mm) of rain on parts of Houston, causing what was then the worst flooding in the city's history. The storm cost billions of dollars in damage and killed 20 people in Texas.[45] By December of the same year, Houston-based energy company Enron collapsed into the largest U.S. bankruptcy (at that time), a result of being investigated for off-the-books partnerships which were allegedly used to hide debt and inflate profits. The company lost no less than $70 billion.[46]
In August 2005, Houston became a shelter to more than 150,000 people from New Orleans, who evacuated from Hurricane Katrina.[47] One month later, about 2.5 million Houston-area residents evacuated when Hurricane Rita approached the Gulf Coast, leaving little damage to the Houston area. This was the largest urban evacuation in the history of the United States.[48][49] In September 2008, Houston was hit by Hurricane Ike. As many as 40% of residents refused to leave Galveston Island because they feared the type of traffic problems that had happened after Hurricane Rita.
During its recent history, Houston has flooded several times from heavy rainfall, which has been becoming increasingly common.[50] This has been exacerbated by a lack of zoning laws, which allowed unregulated building of residential homes and other structures in flood-prone areas.[51] During the floods in 2015 and 2016, each of which dropped at least a foot of rain,[52] parts of the city were covered in several inches of water.[53] Even worse flooding happened in late August 2017, when Hurricane Harvey stalled over southeastern Texas, much like Tropical Storm Allison did sixteen years earlier, causing severe flooding in the Houston area, with some areas receiving over 50 inches (1,300 mm) of rain.[54] The rainfall exceeded 50 inches in several areas locally, breaking the national record for rainfall. The damage for the Houston area is estimated at up to $125 billion U.S. dollars,[55] and it is considered to be one of the worst natural disasters in the history of the United States,[56] with the death toll exceeding 70 people. On January 31, 2018, the Houston City Council agreed to forgive large water bills thousands of households faced in the aftermath of Hurricane Harvey, as Houston Public Works found 6,362 homeowners' water utility bills had at least doubled.[57][58]
Houston has also been the site of numerous industrial disasters and construction accidents. In 2019, OSHA found that Texas was the leading state in the nation for crane accidents.[59] In Houston, a 2008 crane collapse at a refinery killed 4 people and injured 6. The crane that collapsed was one of the largest cranes in the nation, possessing a 400-foot boom that can lift more than a million pounds.[60] Due to the industrial infrastructure in and around Houston, natural disasters like Hurricane Harvey have also led to numerous toxic spills and disasters, including the 2017 Arkema plant explosion.