Property Types

Following are the property types that we can lend on

 

Multifamily – Structures containing five or more dwelling units with common area facilities such as entrances, lobby, elevators, stairs, mechanical space, walks or grounds.

Churches – Churches are the heart of the community. Large or small they can be in traditional or non traditional church buildings. Some churches will have schools on site in order to provide an opportunity for private education based on faith.

Retail – Retail buildings are designed for retail sales and display and usually have display or decorative fronts. This retail classification encompasses a wide variety of uses including, but not limited to: markets, convenience stores, drugstores, department stores, big box retailers, barber shops, laundromats, etc.

Light Industrial – Light industrial is characterized by a small size facility where no heavy manufacturing or specialized industrial process takes place. Office space within light industrial ranges from 3% to 25% of the total area. Buildings must include sufficient plumbing and lighting to accommodate personnel. Common uses found in light industrial properties may include: cabinet making, assembly processes, home service industries, etc. Absent from these properties is any type of heavy machinery, welding operations, cranes or hazardous materials.

Land– Raw land or income producing agricultural land with cattle.

Mixed-Use – Mixed-use properties must contain at least one commercial unit (retail, office etc.) and at least one residential unit. Common types of mixed-use properties include a ground floor retail or office unit with apartment(s) above, all within the same building. The primary use at the property must be for residential purposes in order for it to be considered Tier 1 mixed-use. The mixed-use property type can be classified in any tier depending on the percentage of the multi-family component and the type of commercial use.

Office– Office buildings are buildings designed for general commercial occupancy and are normally subdivided into smaller units. Office use implies a general business use that does not include retail, manufacturing or warehouse type operations.

Self Storage – Mini-warehouses are warehouses subdivided into a mixture of cubicles of generally small size, designed primarily to be rented for small self- storage or noncommercial storage and may include some office-living space.

Warehouse – Warehouse buildings are designed primarily for storage purposes. An amount of office space included is usually commensurate with the quality of the building but typically rages from 3% to 12% of the total area. Plumbing and lighting are usually limited due to anticipated light personnel load. The design of the building usually includes a light frame with large open interior areas. Cold storage and transit warehouses (truck terminal) are included in this category.

Automotive & Gas Stations – Automotive is a somewhat broad category and encompasses a variety of uses that support the automotive segment. Included within this category are auto repair shops, used car lots, quick-lube facilities, tire repair shops, etc. The type and size of building will vary with the use. Many buildings are designed specifically for the auto trade characterized by overhead doors, car lifts and usually a small office area. We will require an updated Phase-1 (environmental report) on these kind of properties.

Flagged & Non-flagged Hospitality – Hotels with national franchise affiliation are considered “flagged.” Hotels must be in good standing with their affiliated franchise to maintain this tier. Hotel or motels with private label considered “non-flagged”.

Industrial – Where the principle structure is designed for manufacturing processes, heavy assembly or involves the use of heavy machinery. It contains an average amount of office space commensurate with the quality of the building and the intended use. Their heavy frames, walls and floors, specialized manufacturing processes and power or utility-service characterize industrial facilities.

Day Care – Day Care Centers are early childhood, handicapped, adult, and senior care facilities; or developmental centers, such as kindergartens, nurseries, or children’s pre-schools. They have light kitchen facilities, activity rooms and multiple rest rooms, and are more residential in character than schools.

Health Care – Included in this category are all Assisted Living or Nursing Home types of operations where a license is required to operate the business. Quality and service levels vary considerably. Also included in this category are hospitals and medical treatment facilities, such as out patient care or walk-in emergency medicine.

Restaurants – Restaurants are constructed for the purpose of preparation and sale of food and/or beverages, which include cafeterias, bars, and taverns, where design is of restaurant type.


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