First Source Funding

FIRSTSOURCE maintains affiliations with numerous funding sources throughout the country.  These sources include Banks as well as Institutional and Private Investors.  Commitments are used to fund capital equipment acquisitions. apartments, office buildings, residential developments, land loans, shopping centers, and other more unique projects.  FIRSTSOURCE (FSF) has continued to maintain a reputation of quality, integrity, creativity and honesty in the commercial finance industry.

Product information is outlined below.  Please call (704) 552-5913 to discuss how we can help you with your commercial needs.

HARD MONEY LOANS

FSF finances the hard-to-do projects and borrowers.  We specialize in land development, restaurants, golf courses, bankrupt properties, foreclosures and high-risk situations.  The borrower who has an unusual situation which requires capital as quickly as possible is our specialty.

Typical Lending Criteria

Loan Amounts: $2,000,000 - $20,000,000

Project Type: All property types considered, excluding construction

Region: National

Collateral: First Mortgage on subject property (additional collateral, if necessary).

Typical Rate and Term

Interest Rates: 12% - 16%

Closing Points: 2% - 10% (depending on loan size and quality)

Commitment Fee:  Up to 1% with a minimum of $1,500 paid prior to commencement of due diligence.  Commitment fee credited against closing points.

Loan to Value Ratio:  50% - 65% (greater LTV’s will be considered on a case by case basis)

Term:  1 to 3 year interest only

Extensions: Available on a case by case basis

Personal Guarantees: Always required

Third Party Reports

And Expenses: Borrower pays for third party reports including appraisals, environmental and engineering, if necessary; as well as closing costs and lenders legal.

Timing for closing: Can close in as little as thirty days.

HOTEL, MOTEL AND OTHER INCOME PRODUCING PROPERTY

FSF can provide financing for qualified income producing properties.  Projects must demonstrate verifiable income and expense numbers to support debt.

PROJECT TYPES: Hotel, Motel, Office Buildings, Shopping Centers, Industrial Parks.

Loan Amount:  $2,000,000 to $20,000,000

Rate:  7% to 10% fixed

Term:   10-20 years

Guarantees:  Recourse and Non-recourse

Lender Fee:  Varies on a deal by deal basis

Area: Continental United States

EQUIPMENT LEASING AND LOANS

Amounts:  Minimum   $500,000.00
Submittal: All transactions submitted as full disclosure.
Terms: Up to 96 months (dependent upon equipment age and type.
Rates:  7.0% (FMV Lease) and up (credit dependent)
Equipment Types:  Mfg. Equipment, Construction, Rolling Stock, CNC, Injection Molding

WORKING CAPITAL LINES OF CREDIT (Secured by Accounts Receivable and Inventory)

Lines of Credit:  $1,000,000 to $5,000,000
Interest Rate:  Prime plus 2% plus a monthly service fee
Available Structures: 1)Specific Invoice Basis, or 2)Availability or Bulk Basis
Typical Advance: 80% of eligable A/R, 50% Inv.
Industries Served: Service companies, Manufacturers, Distributors, Health Care Providers