SERVICES FOR BORROWERS
Miramar arranges loans on residential, commercial, Industrial, construction projects and land. This is not at all unique to the private lending community. What is unique to Miramar is our experience and ability to structure and close the complicated and unusual. We will lend Nationwide, predominantly in larger markets outside of California.
You will find our Loan to Value (LTV) ratios in line with other lenders in that our land is (about) 50% and improved properties may go up to (about) 70%. These LTV thresholds tend to hold more true with improved and income generating real estate. Conversely, every land or construction loan request is unique and must be underwritten on its own merits, strengths and challenges. As a result the LTV and lending thresholds will vary from deal to deal.
All of this said you will find that the best way to get meaningful, expedited feedback on any loan request is to call us directly. We have cell phones and we are not afraid to use them. We recognize that our strongest assets are speed, experience and straightforwardness. We encourage our Clients to call us directly to discuss potential loan submissions at (858) 755-0144.
Many of the loans arranged by Miramar Financial are secured by properties residential in nature, which include single-family residential, condominium, multi-family etc. Recognize that as “non-consumer” lenders, we do not secure loans on primary residences, unless the loan proceeds are for business (non-consumer) purposes.
As we are commercial lenders by definition many of our transactions are secured by commercial real estate other than residential. Over the years these have run the full range including office space, retail, light industrial, heavy industrial, churches, restaurants, hospitality, golf courses, marinas and more.
We made our first construction loan over 30 years ago. At that time we carved a fairly unique niche as private money lenders managing construction funds.
Since that time we have arranged construction financing on everything from condominiums to churches. We also finance infrastructure improvements for subdivisions or onsite and offsite improvement of raw land. Miramar has the experience to underwrite and structure a transaction that will get you to “breaking ground”.
Important to note is that we routinely arrange construction loans on unfinished or broken projects. Known as “finish out” loans, we lend borrowers the funds required to finish a stalled or underfunded project. This is somewhat unique to the real estate lending industry as very few lenders will consider these transactions given the perceived risk potential.
Much of our portfolio includes land loans. Having been arranging these transactions for 30 years plus, we certainly speak the language. We have closed loans for single family home sites, multi-family parcels, commercial parcels, land to be subdivided, land being subdivided, mapped property, agricultural and more.
Miramar arranges the purchase of “existing” debt whether they are secured by Mortgages or Trust Deeds. We have handled hundreds of these transactions and have the background to structure the purchase of even the most complicated Notes, performing or not. We also make loans secured by these existing debts