$500,000 to $3,000,000
Our marketplace supports the following property types:
Loan advance rates are contingent on loan terms, such as cash-out, loan strategy,
subordination, FICO, and other characteristics.
6 to 24 months; longer terms will be considered on a case-by-case basis.
First-position trust deeds and mortgages.
United States. Generally, primary and secondary MSAs (excluding South Dakota and
Minnesota). Rural locations (defined in long-form underwriting standards) are excluded.
Generally loans with fixed notes rates of 9.0% or higher.
Interest is on the full loan commitment.
Renovation/Tenant improvements and leasing commissions/Interest: Funds to be held in a “fund control” escrow account controlled by Aryming or Aryming-approved vendor, and subject to third-party progress inspections.
We allow pari passu and B-piece participations, second liens, or for the lender to take an investment position in Borrower Entity; however, such positions cannot be transferred or sold without Aryming approval and right of first refusal.
All subordinate liens must be co-terminus with or mature after the first lien.
Interest-only or amortizing loans are acceptable.
Full recourse in the form of a personal guaranty is required. Personal guaranties are required from an individual or individuals with a minimum combined equity stake of 50% in the borrowing entity. Recourse will be joint and several. Full recourse includes repayment, environmental indemnity, and completion guaranties for all renovation work.
May be allowed on a case-by-case basis.
Lender must use documents provided or approved by Aryming. For table funding, the documents will be in the lender’s name and then simultaneously assigned to Aryming. For funding into origination, the documents will be in Aryming’s name.
A preliminary title report is required. Prior to closing, a long-form title commitment with a final title policy or a closing protection letter (agent authorization letter in NY) with ISAOA language must be received.
All valuations must include two approaches to value (sales comparison and income), including interior and exterior photos, and provide an insurable value.
Aryming requires an approved third party to manage the renovation draw process, including inspections. Upon submission of draw requests (monthly), the approved third-party renovation management firm will conduct progress inspections and recommend approval for the release of funds. Aryming will hold renovation funds and reimburse the borrower for work completed.
Aryming will be the master servicer with a third party retained as the sub-servicer.
U.S. single purpose entity (SPE) required; non-SPEs may be considered on a case-by-case basis.
Credit report dated within four months required. Average FICO score of the guarantor must be 600 or higher
Borrower and guarantor must both be at least one year removed from discharge/dismissal, but may be acceptable with certain mitigating circumstances.
Required for all borrowers and guarantors.
A Certificate of Good Standing as a U.S.-domiciled company or trust is required.
Aryming requires all of the following to be provided:
The following conditions must be met:
An ALTA survey is not required on loans less than $3,000,000.
A database search is required for all loans. A Phase I is not required unless environmental issues are uncovered and warrant further investigation.
Current rent roll and the most recent property financials are required.
Generally not required.
May be required in high-risk zones.
Zoning report or zoning letter issued by third party or municipality is required in all cases where a recent or proposed change in use exists.
Aryming requires the following current, executed agreements to be provided:
Assignment of leases and rents; assignment of property management and leasing agreements.
Leases, tenant estoppel certificates, and subordination and non-disturbance agreements (SNDAs) are required for tenants (i) leasing greater than 20% of total rentable square feet, (ii) representing over 30% of revenue, or (iii) with remaining term greater than three years.
Tenants that have yet to move in will not be counted in current income.
Aryming may require additional items as needed.