Commercial Real Estate Funding Made Easy

Cressida Direct is a nationwide, direct lender, specializing in financing commercial properties nationwide. We provide short-term bridge loans up to $20M and mini-perm loans up to $75M.  Our open-door lending platform allows us to deliver fast and flexible loans tailored to the specific needs of each client. Our common-sense approach, clear communication and referral source-friendly process define the Cressida Direct customer experience.

Please note: We do NOT consider land or ground-up construction loans.

Property Geographic Area Details

Bridge Loans: Primary, Secondary markets Nationwide. Mini-Perm: Nationwide except ND, SD, NV, HI, ID, MT, VT, WV, WY.

Loan Amounts

$250,000 to $75,000,000

Interest Rates

3.85% to 9.5%

Max Loan-To-Value

80%

Origination Fees

1% to 4%

Loan Terms

12 months to 360 months

Lien Position

  • 1st

Loan Purpose

  • Investment Acquisition
  • Investment Refinance
  • Improve Subject Property
  • Use Equity to Invest in Another Property
  • Invest in a Business
  • Business Working Capital

Property Occupancy

  • Vacant
  • Tenant Occupied 100%
  • Tenant Occupied Partial
  • Owner Occupied Commercial
Minimum Occupancy Percentage

55%

Property Types and Loan Types

Collateral Types

  • Commercial Property
  • Business

Property Types

  • Auto Dealership
  • Auto Repair
  • Car Wash
  • Casino
  • Cinema
  • Commercial Condominium
  • Gas Station
  • Gym
  • Industrial
  • Mixed-Use
  • Mobile Home Park
  • Multifamily
  • Office
  • Portfolio of Commercial Properties
  • Portfolio of Residential Properties
  • Retail
  • Storage Facility
  • Theater

Loan Types

  • Commercial Bridge
  • Commercial Long-Term

Specialty Loan Types

  • Partner Buyout
  • Bankruptcy Resolution
  • Foreclosure Bailout
  • Commercial Permanent Financing

Purchase Loan

Max Loan-To-Purchase Price

80%

Borrower Must Have Property Under Contract

yes

Will Provide Proof of Funds Letter

no

Will Consider Lending on Purchase from Auction

no

Allowed Source of Borrower’s Equity

  • Own Cash
  • Partner
  • Equity in Subject Property
  • Equity in Another Investment Property
  • Crowdfunding
  • Family

Details and Requirements

Typical Closing Time (Days)

30

Fastest Closing Time (Days)

25

Works With

  • Brokers
  • Borrowers

Payment Structure

  • Interest Only
  • Amortized
  • Interest Reserve

Payment Structure Details

P&I, PITIA, Interest Only

Pre Payment Penalty

yes

Application of Pre Payment Penalties depend on loan program and can range from a step-down to fixed to a minimum interest earned structure.

Will lend to a foreign national

yes

Lending to a Foreign National is allowed in many of our solutions. It will depend on the loan program.

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

no

Will Consider Collateralizing Multiple Properties in One Loan

yes

Will Consider Equity Joint Venture

no

Borrower Entity Types Considered

  • Individual(s)
  • LLC
  • Limited Partnership
  • Trust
  • Corporation

Documentation Required

  • Credit Report
  • Tax Returns
  • Bank Statements
  • Financial Statements
  • Loan Application

Personal Guaranty (Recourse) Required

Sometimes
We are mostly a full recourse lender but may consider non-recourse with standard carve outs depending on the property and loan request.

Credit Check Required

yes

Minimum Credit Score Required

650

Credit Check Description

Our bridge lending loan products may be less interested in overall FICO score but will still be considered when doing a risk analysis and determining terms.

Appraisal Required for Commercial Property

Always Before Funding

Broker Price Opinion (BPO) Accepted for Commercial Property

Never

Fees

Deposit Required

$0 to $0

If required, any Good Faith Deposit is to go towards any third party services required for the loan (E.g. appraisals, legal, title, etc). In these cases, it is always incumbent upon and the responsibility of the borrowing entity to invest in the services needed to underwrite their commercial or investment loan.

Fees which are mandatory for all new borrower clients

  • Deposit

Additional Details

Fees & Costs involved in our loan programs will vary depending on nature of loan product (whether a bridge, mini perm, or portfolio/1-4 unit loan platform). With adequate initial information all borrowers will receive, at no cost, a Letter of Terms or Intent outlining the major loan related fees and costs. *Initial Good Faith Deposit fees will be required on Bridge loan requests (amount dependent on size and nature of request). *Initial Good Faith Deposit fees will be required on all Mini Perm loans > $3,000,000 (amount dependent on size and nature of request) *There will be NO initial Good Faith Deposit on all Mini Perm and 1 - 4 unit portfolio/single asset loans < $2,500,000 *If required, any Good Faith Deposit is to go towards any third party services required for the loan (E.g. appraisals, legal, title, etc). In these cases, it is always incumbent upon and the responsibility of the borrowing entity to invest in the services needed to underwrite their commercial or investment loan.

Commercial Real Estate Bridge Loans

  • Loan Amounts:  $1,000,000 – $20,000,000
  • Geography: Nationwide (Primary & Secondary Markets)
  • Property Types: Most property types considered (Limited Hospitality, Special Use, Retail)
    • Ineligible Property (we do NOT consider): Land, Ground Up, Non-Profits, Cannabis-related, Gas Stations, Restaurants, Assisted Living Facilities
  • Lien Position: 1st Trust Deeds Only
  • Purposes: Acquisition, Refinance (incl Cash Out), BK restructuring, Performing/NPL, Discounted Note Payoffs, Partner Buy Outs, Private Lender Financing
  • Occupancy: Mostly Investor User
  • Terms: 1 – 2 Years Interest Only (3 – 5 Yr Non IO possible)
  • LTV: Up to 70%
  • Interest Rates: Starting at 5.50%
  • Credit Score: No Minimum FICO requirement
  • Recourse: Recourse & Non-Recourse (Risk Dependent)
  • Lender Fee: Up to 2%
  • Broker Fee: Up to 2% (Can include 1/2 YSP), Payable at close
  • Close: Approximately 30 days from signed LOI

Mini Perm Commercial Real Estate Loans

  • Loan Amounts:  $200,000 – $75,000,000
  • Geography: Nationwide (Primary & Secondary Markets)
  • Property Types: Multi-Family, Mixed-Use, Retail, Office, Self Storage, Warehouse, Light Industrial, Auto Repair & Body Shops, Mobile Home Parks, 1-4 Units, Office Condos, Day Cares (limited), Restaurants/Taverns (on hold), Grocery/C Stores
    • Ineligible Property (we do NOT consider): Land, Ground Up, Non-Profits, Cannabis-related, Gas Stations, Special Use, RV Parks
  • Lien Position: 1st Trust Deeds Only
  • Purposes: Purchase, R/T Refinance, Cash Out Refinance, Rehab
  • Occupancy: Investor & Owner User
  • Terms: 3 Year, 5 Year, 10 Year, & 30 Year Fixed (Interest Only Available)
  • LTV: Up to 80% (< $2.5MM loans), Up to 70% (>$2.5MM loans)
  • Interest Rates: Starting at 4.70%
  • Credit Score: Mid Score of 660 (Exceptions to 650 possible)
  • Recourse: Recourse & Non-Recourse (Risk Dependent)
  • Lender Fee: Up to 2%
  • Documentation: Full Doc – Limited Doc (No Tax Returns) – Bank Statements

Cressida Direct is a nationwide, direct lender, specializing in financing CRE owner occupied and investment projects. We know that commercial properties considered small by their loan size often represent a big potential impact to business owners, investors and communities. That’s why Cressida Direct has designed a lending platform to address this under-served niche, bringing back smart, small-balance, mini perm commercial property loans.

With a history of over 50 combined years experience financing real estate transactions, our team has the lending expertise that makes the difference in recognizing and funding viable projects. Cressida Direct can apply both global and asset-based underwriting for owner occupied and investor commercial property transactions, with flexible borrower options on terms, prepayments, amortization and cash-outs. Because we are a non-bank lender, no depository relationships are required.

Our common-sense approach, clear communication and referral source-friendly process define the Cressida Direct customer experience.

Together with our partners, Cressida Direct helps small-business owners and investors finance the opportunities that drive the financial strength and quality of life in their communities.

License

CFL Lic. 01946151

Company Size (Number of Employees)

15

Year Established

2013

Office Locations

Cressida Capital Corp - Phoenix Branch - Biltmore Center
2390 E Camelback Road, Suite 130, Phoenix, AZ 85016

Cressida Capital Corp - C.W. Business Center at LAX - Headquarters
8939 S. Sepulveda Blvd. , Los Angeles, CA 90045

Primary Capital Source

  • Own Funds
  • Debt Fund We Manage

Alternative Capital Sources

  • Family Offices
  • Single Capital Partner
  • Other Private Lending Companies
  • Private Equity Funds
  • Hedge Funds
  • Life Insurance Companies

Loan Structure for Majority of Loans

  • Own Balance Sheet

Percentage of company’s lending business focused on private mortgage

50%

Company’s Other Business Activities Besides Private Mortgage Lending

  • Commercial Mortgage Brokerage
  • Commercial Mortgage Banking
  • Business Finance

Percentage of Loans Secured by Commercial Property

80%

Percentage of Loans Secured by Residential Property

15%

Percentage of Residential Property Loans Which are Fix and Flip

5%

Percentage of Residential Property Loans Which are Buy and Hold

10%

Percentage of Loans Secured by a Business (not real estate)

5%

Percentage of Commercial Property Loans Which are Ground-Up Construction

5%

Percentage of Residential Property Loans Which are Ground-Up Construction

5%

Percentage of Residential Property Loans Which are Long-Term Rental (5+ years)

90%

Total Number of Loans Funded to Date

500

Total Loan Volume Funded to Date

$323,500,000

2017 Number of Loans Funded

64

2017 Loan Volume Funded

$35,645,000

2018 Number of Loans Funded

56

2018 Loan Volume Funded

$31,245,000

2019 Number of Loans Funded

72

2019 Loan Volume Funded

$63,428,000

2020 Number of Loans Funded

9

2020 Loan Volume Funded

$10,000,000

Chris Cleveland

VP & Business Development

Chris Cleveland – VP, South Region & Nationwide Chris Cleveland heads up the South Region for Cressida Direct, including Arizona and Texas. Chris brings 15 years of prior residential and commercial lending experience and knowledge to the company. Email: chrisc@cressidacapital.com Direct: 623-244-8294

Dean Stehlik

EVP, Business Development

Dean Stehlik is the EVP, Business Development, for Cressida Direct. He heads up the Cressida Capital business development team and strategic alliances.

Blake Hamilton

VP, Western & Mid-Atlantic Region

VP, Western & Mid-Atlantic Region With his 10+ years in the lending world, Blake Hamilton heads up the Western and Mid-Atlantic Regions for Cressida Direct.

Mel Simonovich

SVP, Midwest Region

Mel Simonovich leads the team in the Midwest Region, a region that includes Wisconsin, Illinois, Minnesota, Indiana, etc. His brings 35 years of both commercial and residential lending experience with him.

Ed Myska

EVP, West Region

Ed brings over 30+ years experience as a commercial banker/lender. He has worked for several regional banks including Grandpoint Bank, Citizens Business Bank and First Coastal Bank.

Before You Contact Us

Our Minimum Loan Amount Is

$250,000

What We Do

  • CRE Birdge Loans up to $20M
  • Mini-Perm Loans up to $75M
  • LTV up to 80% for Mini-Perm Loans
  • BK Resolution & Foreclosure Bailout

Not Available

  • NO Land
  • NO Ground-Up Construction
  • NO Cannabis-Use Properties
  • NO Assisted Living Facilities

Loan Request

Short Description of your Loan Request or Property Address

This information is about yourself, not the subject property.

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(temp use, storage, billboard, parking, etc.)

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If Borrower is not seeking additional funds for the renovation, change the Loan Type to Purchase or Acquisition.

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(temp use, storage, billboard, parking, etc.)

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how will the loan be paid off?

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