Property Geographic Area Details

Massachusetts, New Hampshire, Rhode Island

Loan Amounts

$150,000 to $5,000,000

Interest Rates

12% to 13%

Max Loan-To-Value

85%

Max Loan-To-Cost

90%

Origination Fees

2% to 3%

Loan Terms

6 months to 24 months

Lien Position

  • 1st

Loan Purpose

  • Investment Acquisition
  • Investment Refinance
  • Improve Subject Property
  • Value Add Project
  • Development Project

Property Occupancy

  • Vacant
  • Tenant Occupied 100%
  • Owner Occupied Commercial

Property Types and Loan Types

Collateral Types

  • Residential Property
  • Commercial Property

Property Types

  • 2-4 Units Residential
  • Auto Repair
  • Commercial Condominium
  • Commercial Land
  • Condominium
  • Gas Station
  • Hotel
  • Industrial
  • Manufactured Home
  • Mixed-Use
  • Motel
  • Multifamily
  • Parking Lot
  • Residential Land
  • Retail
  • Single Family Residence
  • Storage Facility

Loan Types

  • Private Money
  • Hard Money
  • Commercial Bridge
  • Residential Bridge
  • Residential Fix and Flip
  • Residential Rehab and Rent
  • Commercial Ground-Up Construction
  • Residential Ground-Up Construction
  • Mezzanine

Specialty Loan Types

  • Land Development
  • Condo Conversion
  • Partner Buyout
  • Foreclosure Bailout
  • Primary Residence Business Purpose Cash Out
  • Subdivisions

Details and Requirements

Typical Closing Time (Days)

14

Fastest Closing Time (Days)

2

Works With

  • Brokers
  • Borrowers

Payment Structure

  • Interest Only

Pre Payment Penalty

yes

3 Months

Will lend to a foreign national

no

Will Allow Junior Position Mortgage(s) Behind Our Senior Mortgage

yes

Will Consider Collateralizing Multiple Properties in One Loan

yes

Will Consider Equity Joint Venture

no

Borrower Entity Types Considered

  • LLC

Appraisal Required for Residential Property

Sometimes

Appraisal Required for Commercial Property

Sometimes

Broker Price Opinion (BPO) Accepted for Residential Property

Sometimes

Broker Price Opinion (BPO) Accepted for Commercial Property

Sometimes

Fees

Deposit Required

$1,500.00 to $1,500.00

Processing Fee

$995

Extension Fee

WE NEVER CHARGE EXTENSION FEES

Appraisal Fee

Borrower pays directly to appraiser if necessary. Typically only need on loans over $350,000

Renovation Construction Draw Fee

Per Draw $250

Minimum Origination Fee Amount

$5,000

Fees which are mandatory for all new borrower clients

  • Deposit
  • Renovation or Construction Funds Draw Fee

Fees which are charged upfront prior to loan closing

  • Deposit

Fees which are paid to a third party company

  • Appraisal Fee

Year Established

2014

Office Locations

665 Hancock Street, Suite 2, Quincy , Massachusetts 02170

111 Boston Post Road, Suite 212, Sudbury, Massachusetts 01776

Primary Capital Source

  • Own Funds

Alternative Capital Sources

  • Friends & Family

Loan Structure for Majority of Loans

  • Own Balance Sheet

Alternative Loan Structures

  • Multiple Lender Participation
  • A/B Note Participation with Private Investor

Percentage of company’s lending business focused on private mortgage

100%

Percentage of Loans Secured by Commercial Property

20%

Percentage of Loans Secured by Residential Property

80%

Percentage of Residential Property Loans Which are Fix and Flip

50%

Percentage of Residential Property Loans Which are Buy and Hold

30%

Percentage of Loans Secured by Land

5%

Total Number of Loans Funded to Date

121

Total Loan Volume Funded to Date

$72,000,000

2017 Number of Loans Funded

40

2017 Loan Volume Funded

$19,300,000

Michael Garrity

Managing Partner

20 Years in the Boston Market

Michael is the operating partner for CLF. Michael has been in the Boston real estate market for over 20 years. Our goal is to provide the best possible lending services to local borrowers.

Michael Philbin

Co-Founder

Boston Developer since 2002

Michael (Mick) Philbin is a co-founder of CLF but his passion is developing. Mick oversees construction budget approvals, draw inspections and works directly on all deals involving permitting, variances and zoning opinion letters.