Gomberg Report Preferred RE What New Financing Recent Deals Interest Rates
Gomberg Express Program
Gomberg Nationwide 80 Program
Gomberg Nationwide 90 Program

Available from other lenders
Fannie Mae DUS Program
Small Loan Program
Nationwide Commercial
Loan Program
Construction Loans
Rooming Houses
Construction Loans

Most local banks offer construction programs.  Most lenders will lend 75% of the purchase price, and up to 100% of the rehab money rolled into one mortgage.  It is usually not longer than a 2-year note and interest only basis.  Some lenders convert the construction into a permanent loan.  On condominium transactions, release provisions are built into the loan.  The lenders usually require 30% sell out to start the release provision.  Some markets require 25% of the project to be pre-sold with reservations before construction starts. The rate is usually based on prime+ or LIBOR+ and varies depending on the risk, the borrower and the transaction size.  This program is available for commercial loans, usually at a lower LTV.  Recent construction transactions originated by Gomberg Financial include:

$3,375,000 construction loan for a 15-unit condominium building in West Roxbury, MA.  The loan included both hard and soft costs, and has an interest rate of Prime + one-half, fixed for 2 yrs.  No pre-sales were required prior to construction.  The loan was placed with a local Boston area bank.
No picture
$3,300,000 construction loan for a 7-house subdivision in Cohasset, MA.  The interest only note has a fixed interest for 2 yrs. at 6.5%.  The loan includes a $1,400,000 construction line of credit.
$2,500,000 construction loan for 10-house subdivision in Hingham, MA.  The loan includes a $600,000 line of credit to be used to construct one or two custom built or speculative houses.  The construction loan will be used to retire existing debt and complete all infrastructure improvements.

Since it's founding in June of 1998 Gomberg Financial Services has originated over 430 commercial loans.

If you would like more information on any of our commercial loan programs, please contact our office by phone (781-631-7929) or send us an email.