In 2003, PERL launched the Chicago Commercial Mortgage Group, a new commercial lending division. CCMG targets the needs of commercial investors while maintaining a close personal relationship with every customer. CCMG has originated over $50 million in loans, with a focused concentration in Illinois, Wisconsin, Michigan, Florida, Arizona, and California.
What’s the difference between a commercial and a residential mortgage?
A residential mortgage is limited to no more than four units per building,
whereas a commercial mortgage secures financing for a wide array of property
types. In addition, the residential loan process is standardized
through guidelines established by Freddie Mac and Fannie Mae, while the
commercial loan process varies with each lender and relies more heavily
on a building’s cash flow.
How much equity is required for a commercial mortgage?
Every commercial lender requires applications to hold a minimum 20% in
equity in the property. This translates to a maximum loan-to-value
(LTV) ratio of 80%. Exceptions to this rule exist when two separate
properties are cross-collateralized, or a seller is willing to “take back”
paper.
Why choose the Chicago Commercial Mortgage Group?
CCMG provides the lowest rates and best terms available because, unlike
a traditional bank, CCMG can generate a wide array of products from its
large network of commercial lenders. CCMG does the mortgage shopping
for you – and always finds the best solutions. CCMG’s network ranges from
publicly owned banks to privately held investment groups, and their seasoned
specialists hold over 25 years of commercial lending experience –
and are eager to find creative solutions for your real estate and business
needs.
*For answers to more frequently asked questions, please visit www.chi-cmg.com.
Commercial Mortgage Specialists
TERRY POGOFSKY
President
773.413.6233
Email: Terry
SALVADOR VILLALOBOS
888.777.4007
Email: Salvador
MATT COCHRAN
773.413.6210
Email: Matt
YONI POGOFSKY
773.413.6253
Email: Yoni
Chicago Commercial Mortgage Group
773.413.6200
2936 W. Belmont
Chicago, IL 60618
www.chi-cmg.com